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Tampa Bay Insurance Directory
Welcome to the Tampa Bay Insurance Directory! It's where you go for
everything Insurance in the bay area including auto insurance, group insurance,
health insurance, homeowners insurance, insurance adjusters, insurance agents,
insurance annuities, insurance consultants, insurance claim processing,
liability insurance, life insurance, mobile home insurance, mortgage insurance,
property insurance, title insurance and more.
Tampa Bay Insurance Directory
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Insurance Definitions
Insurance
A promise of compensation for specific potential future losses in exchange for a
periodic payment. Insurance is designed to protect the financial well-being of
an individual, company or other entity in the case of unexpected loss. Some
forms of insurance are required by law, while others are optional. Agreeing to
the terms of an insurance policy creates a contract between the insured and the
insurer. In exchange for payments from the insured (called premiums), the
insurer agrees to pay the policy holder a sum of money upon the occurrence of a
specific event. In most cases, the policy holder pays part of the loss (called
the deductible), and the insurer pays the rest. Examples include car insurance,
health insurance, disability insurance, life insurance, and business insurance.
Health Insurance
A policy that will pay specified sums for medical expenses or treatments. Health
policies can offer many options and vary in their approaches to coverage.
Financial and Retirement Planning Products
Annuities
An annuity is a contract between you and an insurance company. The insurance
company invests your money for you, and, depending on your annuity, you may
receive a regular payment based on the success of the investments. Income on
annuities is not taxed until withdrawn from the contract, making annuities a
tool to save for retirement.
IRAs
An IRA is an Individual Retirement Account that
allows you to save money for retirement with certain tax advantages. Think of an
IRA not as an investment product itself but more like a box holding your chosen
investments. Those investments may include mutual funds, stocks, bonds, IRA,
Certificates of Deposits (CDs) or other financial products. Keep in mind that
some restrictions and limitations on eligibility, contribution limits and access
to fund apply.
Life Insurance
Insurance that guarantees a specific sum of money to a designated beneficiary
upon the death of the insured or to the insured if he or she lives beyond a
certain age.
Term Life Insurance
Life insurance that provides coverage for a set term and does not accumulate
cash surrender value
Universal Life Insurance
Life Insurance characterized by flexible premiums, benefits, and payment
schedules, by the indexing of cash value to money market interest rates, and by
the periodic reporting of current value and company costs charged to the
account.
Whole Life Insurance
Life insurance that provides coverage over the life of the insured and that
can be sold for surrender value or used as the basis of low-interest loans
called also ordinary life insurance straight life insurance.
Medicare Supplements
Medicare supplement insurance can help you fill in some of the "gaps" that
Medicare won't pay.
Mutual Funds
An investment company that continually offers new shares and buys existing
shares back at the request of the shareholder and uses its capital to invest in
diversified securities of other companies.
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