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

I
Identification card - a card provided by the insurance company that should be kept in the vehicle. It provides proof of coverage should the insured be asked by law enforcement personnel.

Insurance - A system by which a risk is transferred by a person, business, or organization to an insurance company (insurer), which reimburses the insured for covered losses and provides for sharing the costs of losses among all insureds.

Insurance company - Also known as an insurer, an organization that sells insurance policies that protect insureds against financial hardship caused by financial loss.

Insurance policy - A contract that states the rights and duties of the insurance company and the insured.

Insurance rate - The price of insurance for each unit of exposure. The rate is multiplied by the number of exposure units to arrive at a premium. In automobile insurance, the unit of exposure is one vehicle insured for one year.

Insurance Regulation - Insurance is regulated by the individual states. Each state has an insurance department headed by an insurance commissioner. All insurance commissioners are members of the National Association of Insurance Commissioners.

Insured - A person, business, or organization that is covered by an insurance policy.

Insuring Agreement - A provision in an insurance policy stating, in broad terms, the promises made by the insurance company. An insurance policy provides coverage only if the claim is within the scope of the promise expressed in an insuring agreement.