Term
| Personal Auto Policy (PAP) |
|
Definition
| Easy-to-read auto policy that provides broad coverage for both owned and non-owned autos, used, maintained or operated by the insured and family. |
|
|
Term
| Florida Financial Responsibility Law |
|
Definition
| State law that requires owners or operators of autos to provide evidence that they have the funds to pay for automobile losses for which they might become liable. Insurance is the usual method for providing this evidence to the state. |
|
|
Term
| Personal Injury Protection (PIP) |
|
Definition
| A coverage provided in Auto policies in the state of Florida that provides coverage for the insured's own injuries on a first-party basis, without regard to fault. This is a required coverage and must be carried by all owners of motor vehicles in Florida. |
|
|
Term
|
Definition
| Line of insurance, which includes coverages that are designed to protect the insured against a loss of income resulting from injury or sickness. |
|
|
Term
|
Definition
| The section of an insurance contract which shows, who is insured, what property or risk is covered, when and where coverage is effective and how much coverage applies. |
|
|
Term
| Uninsured Motorist Coverage |
|
Definition
| Automobile coverage designed to provide protection for the insured should he or she be in an accident in which the driver at fault has no insurance (or not enough insurance) to cover the loss. |
|
|
Term
|
Definition
| Usually defined to include physical harm, sickness, disease, or death resulting from any of these. |
|
|
Term
|
Definition
| A type of physical damage insurance, which covers loss due to the insured object striking another object. Collision may also include upset of the insured object. |
|
|
Term
|
Definition
| Found in most liability contracts. Supplementary Payments provide "extra" coverage over and above the insured's limit of liability. Included are defense costs, first aid, bond premiums, accrued interest on judgments, etc. |
|
|
Term
|
Definition
| In Disability or Health insurance, a period of time between issuance and acceptance before sickness benefits begin. |
|
|
Term
|
Definition
| The transfer to the insurance company of the insured's right to collect for damages. |
|
|
Term
| Extended Non-Owned Coverage Endorsement |
|
Definition
| A Personal Auto Policy endorsement that extends liability coverage to named individuals for a non-owned automobile, which is furnished for their regular use. |
|
|
Term
| Towing and Labor Endorsement |
|
Definition
| An endorsement that can be added to an auto policy to cover towing and the costs of labor performed at the site of the disablement. |
|
|
Term
|
Definition
| An endorsement that can be added to the Personal Auto Policy to provide coverage for a named individual who does not own an auto. |
|
|
Term
| Miscellaneous Type Vehicle Endorsement |
|
Definition
| An endorsement, which may be added to the Personal Auto Policy to cover motorcycles, motor homes, golf carts, mopeds and other recreational vehicles. |
|
|
Term
| Safe Driver Insurance Plan |
|
Definition
| An Automobile insurance rating program, which applies the lowest rates to operators with the best driving records. Points are assigned for accidents and traffic violations, with higher rates resulting as points increase. |
|
|
