Del Toro Insurance, Miami FL

Many of the terms used in the insurance business can be confusing. To help you understand some of these terms a little better, we have presented a glossary for you to browse. Please understand that specific terms and conditions apply to every insurance policy, and these terms and conditions may limit the coverage available for any given accident or loss - they may even modify the meaning of some of the terms listed here. It is very important for you to note that the precise coverage afforded is subject to applicable underwriting guidelines and to the terms, conditions and exclusions of the policies issued.

ALL - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O
P - Q - R - S - T - U - V - W - X - Y - Z

B

Basic Limits - state mandated minimum amounts of liability coverage to be provided by insurance. Many consumers feel more comfortable purchasing higher limits of coverage.

B.I. (Bodily Injury liability insurance) - A coverage protecting against injury to the body of a person. The term is usually specifically defined in the policy and these individual definitions have variations, however, it normally applies to injuries the insured causes to others.

Bind, bind coverage, binder - An insurance agent is usually authorized by the insurance company to bind coverage, stating that certain specified coverage is in force with a specific insurance company as of a particular date and time (or immediately). A binder is a statement that coverage is in force. Its purpose is to provide temporary coverage (in our case, no more than 5 calendar days) until an actual insurance policy can be issued.

Broker - A term generally used to describe one who places business with more than one company, and who has no exclusive contract requiring that his business first be offered to a single company. Unlike the agent, who is considered to represent his company, the broker usually is considered as representing the insured. Many states require that companies license agents rather than selling through brokers. This ensures that the company has responsibility for the actions of their representatives.