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

P

Paid in full policy - When an applicant pays for the entire policy premium prior to policy inception, it is called a paid in full policy. There is sometimes a discount associated with paying in full, and any installment charges from paying over time would be avoided.

Physical Damages coverage (auto) - Auto physical damage coverage insures against loss resulting from damage to an auto owned by the insured and it also provides coverage if the car is stolen. Auto physical damage coverage is property insurance.

Pleasure Rental - this optional coverage provides a replacement for the coverage strongly recommended at the rental car counter. It provides protection for the renter in case of accident or theft of the vehicle. In some states, it will also provide excess liability coverage over that provided in the rental contract.

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

Policy Period - The period during which a policy contract affords insurance protection.

Property Damage, or PD - A coverage protecting the legal liability of the policyholder for damage on account of injury to or destruction of property of another.

Premium - An amount of money paid to an insurance company in return for insurance protection.

Prior Proof - Proof that the insured and/or driver listed on the policy had an insurance policy prior to being written through a new insurance company. Also referred to as transfer proof.