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Common terms from your policies — short definitions, examples, and which coverages they relate to.
12 terms
Farmowners insurance packages coverage for farm homes, farm property, liability, machinery, and livestock exposures.
Farmowners Insurance 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 Farm, Agribusiness. For business insurance customers, understanding Farmowners Insurance 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 Farmowners Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Fiduciary liability covers claims alleging breach of fiduciary duties in managing employee benefit plans.
Fiduciary 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 Fiduciary Liability, Employee Benefits. For benefits insurance customers, understanding Fiduciary 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 Fiduciary Liability depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Fine arts coverage insures artwork, collectibles, and valuable objects, often with scheduled values or agreed valuation.
Fine Arts 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 Articles, Inland Marine. For powersports insurance customers, understanding Fine Arts 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 Fine Arts Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Fire damage is damage caused by fire, a core covered peril in most property policies.
Fire Damage 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, Homeowners, Commercial Property. For personal insurance customers, understanding Fire Damage 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 Fire Damage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A first-party claim is made by the insured to their own insurer for covered property damage, benefits, or loss.
First-Party 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 Property, Auto, Health, Disability. For benefits insurance customers, understanding First-Party 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 First-Party Claim depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Fleet insurance covers multiple business vehicles under one policy or program.
Fleet Insurance 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 Auto. For business insurance customers, understanding Fleet Insurance 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 Fleet Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Flood insurance covers direct physical loss caused by flood and is typically written separately from standard homeowners or commercial property coverage.
Flood Insurance 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 Flood, Homeowners, Commercial Property. For personal insurance customers, understanding Flood Insurance 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 Flood Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Foodborne illness coverage addresses claims or expenses arising from illness caused by contaminated food, depending on the policy.
Foodborne Illness 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 Restaurant, Product Liability. For business insurance customers, understanding Foodborne Illness 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 Foodborne Illness Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Force-placed insurance is coverage placed by a lender when a borrower fails to maintain required insurance, usually protecting the lender's interest.
Force-Placed Insurance 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 Auto, Homeowners, Mortgage. For personal insurance customers, understanding Force-Placed Insurance 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 Force-Placed Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Forgery or alteration coverage protects against loss from forged or altered financial instruments such as checks or drafts.
Forgery or Alteration 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 Crime Insurance. For business insurance customers, understanding Forgery or Alteration 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 Forgery or Alteration depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Fraud is intentional deception to obtain insurance coverage, benefits, or payment that would not otherwise be owed.
Fraud 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 Fraud 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 Fraud depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Functional replacement cost pays to replace damaged property with less costly material or methods that perform the same function.
Functional Replacement Cost 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, Commercial Property. For personal insurance customers, understanding Functional Replacement Cost 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 Functional Replacement Cost depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
