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

N

Named Driver Exclusion - A form signifying that there is limited or no coverage under the policy for persons listed on the form.

No-Fault auto insurance - Loosely, no-fault insurance means that each policyholder has a right to recover financial losses from his or her own insurance company, regardless of whose fault caused the accident. Strictly, no-fault auto insurance applies only to accidents under a state no-fault law that (1) requires insurance companies to pay policyholders regardless of fault and (2) restricts the ability of accident victims to sue others for their injuries.

Nonrenew(al) - When an insurer decides not the renew a policy at the end of a policy period. This is not a cancellation but a nonrenewal. The insurer "nonrenews" the policy.