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Common terms from your policies — short definitions, examples, and which coverages they relate to.
21 terms
Abuse and molestation coverage addresses claims alleging abuse, molestation, or sexual misconduct, often subject to special underwriting.
Abuse and Molestation Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Nonprofit, Schools, Religious Organizations. For business insurance customers, understanding Abuse and Molestation Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Abuse and Molestation Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An action over claim occurs when an injured employee sues a third party, which then seeks recovery from the employer.
Action Over Claim is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with General Liability, Workers Compensation. For business insurance customers, understanding Action Over Claim can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Action Over Claim depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Actual Cash Value is the estimated value of property at the time of loss after depreciation for age, condition, wear, and useful life is deducted from replacement cost.
Actual Cash Value is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Renters, Condo, Auto, Commercial Property, Inland Marine. For powersports insurance customers, understanding Actual Cash Value can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Actual Cash Value depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Actual loss sustained is a business income valuation method that pays the actual covered income loss during the period of restoration, subject to policy terms.
Actual Loss Sustained is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Business Income. For business insurance customers, understanding Actual Loss Sustained can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Actual Loss Sustained depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An additional insured is a person or organization added to another party's policy and given certain coverage rights, usually for liability connected to the named insured's work, property, or operations.
Additional Insured is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial General Liability, Commercial Auto, Contractors, Umbrella. For business insurance customers, understanding Additional Insured can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Additional Insured depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Additional living expense covers necessary increased costs to maintain a normal standard of living when a covered loss makes a home uninhabitable.
Additional Living Expense is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Renters, Condo. For personal insurance customers, understanding Additional Living Expense can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Additional Living Expense depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Additional premium is extra premium charged because of a policy change, endorsement, audit, or correction.
Additional Premium is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with All Insurance Types. For business insurance customers, understanding Additional Premium can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Additional Premium depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An admitted carrier is licensed by a state insurance department and subject to that state's regulations and guaranty fund protections.
Admitted Carrier is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with All Insurance Types. For business insurance customers, understanding Admitted Carrier can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Admitted Carrier depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Adverse selection is the tendency of higher-risk people or businesses to be more likely to seek or keep insurance coverage.
Adverse Selection is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with All Insurance Types. For business insurance customers, understanding Adverse Selection can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Adverse Selection depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Advertising injury is liability for certain offenses connected to advertising, such as copyright infringement in advertising or disparagement, depending on policy wording.
Advertising Injury is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with General Liability. For business insurance customers, understanding Advertising Injury can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Advertising Injury depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An aggregate limit is the most an insurer will pay for all covered claims during a policy period, regardless of the number of claims or claimants.
Aggregate Limit is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with General Liability, Professional Liability, Cyber Liability, Umbrella. For business insurance customers, understanding Aggregate Limit can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Aggregate Limit depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Agreed value is a valuation provision where insurer and insured agree on a value for covered property, often suspending coinsurance requirements.
Agreed Value is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Inland Marine, Boat. For powersports insurance customers, understanding Agreed Value can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Agreed Value depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
All risk coverage is older terminology for open-perils coverage, meaning covered direct physical loss unless excluded.
All Risk Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Property Insurance, Inland Marine. For powersports insurance customers, understanding All Risk Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of All Risk Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Animal liability covers injury or damage caused by animals owned or kept by the insured, subject to exclusions and restrictions.
Animal Liability is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Farm, General Liability. For personal insurance customers, understanding Animal Liability can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Animal Liability depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An annuity is a contract designed to accumulate money and provide income payments, often for retirement planning.
Annuity is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Annuities, Life Insurance. For benefits insurance customers, understanding Annuity can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Annuity depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Appraisal is a process for resolving disputes about the amount of property damage, usually involving appraisers and sometimes an umpire.
Appraisal is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Auto, Commercial Property. For personal insurance customers, understanding Appraisal can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Appraisal depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Appraised value is the value assigned to property by a qualified appraiser and often used for scheduled valuables or specialty property.
Appraised Value is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Personal Articles, Inland Marine. For powersports insurance customers, understanding Appraised Value can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Appraised Value depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An appurtenant structure is a structure associated with the main building, such as a detached garage, fence, or shed.
Appurtenant Structure is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Property. For personal insurance customers, understanding Appurtenant Structure can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Appurtenant Structure depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Assumption of risk is a legal defense arguing a person knowingly accepted a danger associated with an activity.
Assumption of Risk is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Liability, Special Events. For business insurance customers, understanding Assumption of Risk can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Assumption of Risk depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
An audit reviews actual exposures such as payroll, sales, or vehicles to determine final premium.
Audit is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Workers Compensation, General Liability, Commercial Auto. For business insurance customers, understanding Audit can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Audit depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Auto liability coverage helps pay for bodily injury or property damage the insured is legally responsible for because of a covered auto accident.
Auto Liability Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Personal Auto, Commercial Auto. For personal insurance customers, understanding Auto Liability Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Auto Liability Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
