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
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S

SR22 - A form provided by the insurance company to the state Department of Motor Vehicles which confirms that the insured has insurance, and remains inforce until notified otherwise by the insurance company. This form is usually required for drivers who are caught driving without insurance, or who have had a DUI (Driving Under the Influence) violation. There is often a fee or surcharge imposed by the insurance company for providing this guarantee to the state.

Stated amount value - When an applicant feels that his/her vehicle is worth more than the normal value for a vehicle of that make and age, a professional appraisal is usually done to document that belief, and the vehicle will then be insured to the appraised value. This is called a "stated amount" valuation.

Subrogate, subrogation - When the insurer pays the insured for a loss, the insurer takes over the insured’s right to collect damages from the other party responsible for the loss through a process called subrogation. The insurance company may subrogate against the party directly responsible for the loss. If you are hit by an uninsured driver, your insurance company would pay for your loss (if you purchased Uninsured Motorist protection), and then possibly negotiate with the uninsured driver.