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Definitions
Florida independent agents trust Progressive Insurance
Auto Plus Insurance Agency  -  www.WizardInsurance.com
Accident:  A sudden and unintended impact at a specific time and location. Accidents are an unfortunate
part of life almost every driver will experience at some time. A good policy with adequate coverage provides
for monetary compensation related to accidents.

Actual Cash Value (ACV):  The value to replace an object less depreciation. This is the formula most often
used to determine the value of a vehicle after a loss and is part of the basic principles of a policy. Less
common are policy types that value a vehicle by a stated or agreed amount.

Binder:  Document indicating coverage in effect prior to issuance of a policy. A binder is sufficient proof in
most circumstances. If a
Florida FR-44 for DUI drivers or a Florida SR-22 requirement becomes necessary,
the DMV requires proof to be provided by the company in an electronic format.

Bodily Injury Liability:  Coverage that protects the policyholder in the event bodily injury occurred to
another.  It is critical to secure the right amount of coverage to properly protect against lawsuits should you
injure someone in an at-fault accident.

Broker:  A person or entity which facilitates the transaction of insurance between the policyholder and  
company.
Florida Auto Plus Insurance is classified as a resident licensed insurance agency in Florida.

Certificate of Financial Responsibility:  A document indicating insurance coverage required by and
submitted to a governing authority.
Florida form SR-22 and Florida form FR-44 are the two common
documents used to provide proof of insurance to the Florida DMV. Certification of responsibility through
these documents are only required for drivers meeting certain criteria.

Clue Report:  An acronym for claims loss underwriting exchange and utilized in the underwriting process.
Information uncovered in the CLUE report may affect the premium rate. It is important to ask
questions
regarding car insurance quotes and the reports used to calculate rates. Incorrect information on reports can
lead to an unfair rate being applied.   

Collision Insurance:  Physical damage coverage for an automobile in the event another object is struck.
This is one of the basic types of coverage available on a policy. It’s important to learn the
basics of car
insurance before making a purchase. An educated consumer always has an advantage.

Comprehensive Physical Damage:  Coverage for an automobile from physical damage or loss resulting
from something other than a collision e.g. theft, fire.

Declarations Page:  The part of a contract that identifies the characteristics of a specific risk. Lots of
documents and papers are part of your policy but the declarations page is the most important. Keep them in
a safe place and hold on to previous ones as your policy renews. Companies typically increase discounts the
longer you have continuous insurance without a lapse. Have the proof you need to
keep your car insurance
cost low for life.

Deductible:  The portion of damages paid by the policyholder before the policy contract begins to pay.
Choosing a deductible that best suits your needs will depend on your budget and tolerance for risk. When
shopping for a quote, compare the same coverages and deductibles for a proper comparison.

Electronic Funds Transfer:  A convenient and automatic method of remitting premium to the company.
Companies tend to retain their policies longer when this method of payment is utilized. Most will offer a quote
with a discount for this payment method.

Endorsement:  A change to the initial contract. Many different types of changes on the policy will result in a
premium adjustment which is applied pro-rata. If the garaging address on the policy changes from
Tallahassee to a
car insurance policy in Miami, the premium will increase but only for that period while in
Miami.

Exclusion:  A situation or event that is not covered by the policy. Understanding exactly what is and what is
not covered in your policy will help you at the time of an accident or loss. Understanding all the basics will
encourage a pleasant policy experience.

Hard market:  A condition in the insurance marketplace where available insurance is in short supply and
expensive.

Lapse:  A termination of a policy due to nonpayment of premium.

Lien holder:  The person or entity which has a legal claim to someone else’s property.

Medical Payments:  A reimbursement for medical or funeral expenses due to bodily injury from an accident
without regard to fault.

Named Non-Owner Policy:  A policy for someone who does not own a motor vehicle but drives someone
else’s car or is mandated to secure a policy to maintain a driver license.  

No-Fault Auto Insurance:  Coverage which pays for medical and funeral expenses due to bodily injury
after an accident regardless of fault.

Uninsured Motorist Coverage:  Optional coverage that provides benefits for bodily injury in the event an
at-fault driver has no liability limits or was a “hit and run” driver.
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