AUTOMOBILE INSURANCE: A TYPE OF INSURANCE WHICH PROTECTS THE INSURED AGAINST LOSSES INVOLVING AUTOMOBILES. DIFFERENT COVERAGE CAN BE PURCHASED DEPENDING ON THE NEEDS AND WANTS OF THE INSURED.

BUSINESS AUTO INSURANCE: A POLICY WHICH PROVIDES LIABILITY AND PHYSICAL DAMAGE COVERAGE ON COMMERCIAL VEHICLES OR PRIVATE PASSENGER TYPE VEHICLES USED IN THE DAILY ACTIVITIES OF THE BUSINESS.

BUY-SELL AGREEMENT: AN AGREEMENT FUNDED BY A LIFE INSURANCE POLICY AMONG PARTNERS OF A BUSINESS WHICH SAYS THAT UNDER STATED CONDITIONS (DISABILITY OR DEATH) THE PERSON WITHDRAWING FROM THE BUSINESS OR HIS HEIRS ARE LEGALLY OBLIGATED TO SELL THEIR INTEREST TO THE REMAINING PART-OWNERS AND THEM IN TURN ARE OBLIGATED TO BUY AT AN AGREED FIXED PRICE STATED IN THE AGREEMENT.

COMMERCIAL PROPERTY/BUSINESS PERSONAL PROPERTY: A FORM OF INSURANCE DESIGN TO PROTECT OWNERS AND OPERATORS OF BUSINESSES FROM LOSSES TO PROPERTY DUE TO SPECIFIED CAUSES OF LOSS.

FLOOD INSURANCE: A FORM OF INSURANCE DESIGNED TO REIMBURSE PROPERTY OWNERS FROM LOSS DUE TO THE DEFINED PERIL OF FLOOD.

GENERAL LIABILITY: A FORM OF INSURANCE DESIGN TO PROTECT OWNERS AND OPERATORS OF BUSINESSES FROM A WIDE VARIETY OF LIABILITY EXPOSURES SUCH AS LIABILITY ARISING OUT OF ACCIDENTS RESULTING FROM THE PREMISE OR THE OPERATIONS OF AN INSURED, PRODUCTS SOLD BY THE INSURED, OPERATIONS COMPLETED BY THE INSURED AND CONTRACTUAL LIABILITY.

GROUP HEALTH INSURANCE HMO: HEALTH INSURANCE PROVIDED FOR GROUPS OF EMPLOYEES. THERE ARE CERTAIN TAX ADVANTAGES AND MEASURES TAKEN AGAINST ADVERSE SELECTION ARE EFFECTIVE.

HMO: AN ORGANIZATION OF HEATH PROVIDERS. EACH MEMBER PAYS A PREMIUM FOR WHICH HE RECEIVES MEDICAL CARE WHEN DESIRED. THE EMPHASIS IS ON PREVENTIVE MEDICINE.

HOMEOWNERS INSURANCE: A PROPERTY AND LIABILITY INSURANCE POLICY THAT PROVIDES INSURANCE AGAINST ANY OF THE PROPERTY AND LIABILITY PERILS TO WHICH A HOMEOWNER IS EXPOSED.

INDIVIDUAL HEALTH INSURANCE: A POLICY THAT PROVIDES COVERAGE AGAINST LOSSES DUE TO SICKNESS OR BODILY INJURY. USUALLY THIS POLICY HAS A FRONT DEDUCTIBLE THAT IS THE RESPONSIBILITY OF THE INSURED TO PAY THEN A PERCENTAGE USUALLY 80% IS PAID BY THE INSURANCE COMPANY WITH THE REMAINING 20% THE RESPONSIBILITY OF THE INSURED.

LONG TERM CARE INSURANCE: A POLICY FOR CONTINUOUS CARE IN A NON-ACUTE CARE ENVIRONMENT FOR PEOPLE WITH A CHRONIC DEBILITATING ILLNESS.

MORTGAGE PROTECTION INSURANCE: A LIFE AND HEALTH INSURANCE POLICY COVERING THE HOMEOWNER FROM WHICH THE BENEFITS ARE INTENDED TO PAY OFF THE BALANCE DUE ON A MORTGAGE UPON THE DEATH OF THE INSURED OR TO MEET THE PAYMENTS ON A MORTGAGE AS THEY FALL DUE IN THE CASE OF DISABILITY.

PERSONAL CATASTROPHE INSURANCE: A POLICY BASICALLY AFFORDING HIGH LIMIT COVERAGE IN EXCESS OF THE PRIMARY LIABILITY COVERAGE.

SALARY CONTINUATION INSURANCE: A POLICY THAT PROVIDES PERIODIC PAYMENTS TO REPLACE INCOME LOST WHEN THE INSURED IS UNABLE TO WORK AS THE RESULT OF AN INJURY OR SICKNESS.

SEP: A SIMPLIFIED EMPLOYEE PENSION IS AN INDIVIDUAL RETIREMENT ACCOUNT OR INDIVIDUAL RETIREMENT ANNUITY WHICH MAY ACCEPT AN EXPANDED RATE OF CONTRIBUTIONS FROM ONE OR MORE EMPLOYEES. IT IS OWNED BY THE EMPLOYEE, WHO MAY BE SELF EMPLOYED. IN ORDER FOR AN INDIVIDUAL RETIREMENT ACCOUNT OR ANNUITY TO BE SIMPLIFIED EMPLOYEE PENSION, CERTAIN REQUIREMENTS MUST BE SATISFIED.

SIMPLE: (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES) IS A SIMPLIFIED EMPLOYEE PENSION THAT IS OFFERED ON A SALARY REDUCTION BASIS. THE PLAN PERMITS EMPLOYEES TO ELECT TO HAVE CONTRIBUTIONS MADE TO THE PLAN OR TO RECEIVE THE CONTRIBUTION IN CASH.

TERM LIFE INSURANCE: THE TYPE OF LIFE INSURANCE POLICY THAT PROVIDES PROTECTION ONLY FOR A SPECIFIC PERIOD OF TIME.

UNIVERSAL LIFE INSURANCE: A COMBINATION OF FLEXIBLE PREMIUM ,ADJUSTABLE LIFE INSURANCE POLICY. THE PREMIUM PAYER MAY SELECT THE AMOUNT OF PREMIUM HE OR SHE CAN PAY AND THE POLICY BENEFITS ARE THOSE WHICH THE PREMIUM WILL PURCHASE.

WORKERS COMPENSATION: REQUIRED BY STATE LAW (4 OR MORE EMPLOYEES IN FLORIDA) IN THE CASE OF INJURY, DISABILITY OR DEATH AS THE RESULT OF OCCUPATIONAL HAZARDS. HAS A SCHEDULE OF BENEFITS PAYABLE TO AN EMPLOYEE BY HIS EMPLOYER WITHOUT REGARD OF LIABILITY.