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Common terms from your policies — short definitions, examples, and which coverages they relate to.
21 terms
A rate is the price per unit of exposure used to calculate insurance premium.
Rate 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 Rate 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 Rate depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Reinstatement restores coverage after a lapse or cancellation, subject to insurer approval and required conditions.
Reinstatement 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 Reinstatement 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 Reinstatement depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Reinstatement cost is the cost to restore property after damage, often used similarly to replacement cost in some policies.
Reinstatement 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 Property Insurance. For business insurance customers, understanding Reinstatement 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 Reinstatement Cost depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Reinsurance is insurance purchased by insurers to transfer part of their risk to another insurance company.
Reinsurance 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 Insurance Company Operations. For business insurance customers, understanding Reinsurance 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 Reinsurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Renewal is continuation of a policy for a new term, often with updated premium, forms, limits, or underwriting information.
Renewal 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 Renewal 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 Renewal depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Rental income coverage helps replace lost rent when a covered loss makes rental property unfit for occupancy.
Rental Income 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 Landlord, Commercial Property. For personal insurance customers, understanding Rental Income 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 Rental Income Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Rental reimbursement helps pay for a temporary rental vehicle while a covered auto is being repaired after a covered loss.
Rental Reimbursement 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 Rental Reimbursement 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 Rental Reimbursement depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Renters insurance covers tenants' belongings, personal liability, medical payments, and additional living expenses after covered losses.
Renters 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 Renters. For personal insurance customers, understanding Renters 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 Renters Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Replacement cost is the cost to repair or replace damaged property with new property of like kind and quality without depreciation, subject to policy terms.
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, Renters, Condo, Commercial Property. For personal insurance customers, understanding 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 Replacement Cost depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A replacement cost estimator estimates rebuilding or replacement cost based on location, construction, materials, labor, and property characteristics.
Replacement Cost Estimator 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 Replacement Cost Estimator 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 Replacement Cost Estimator depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Rescission voids a policy as if it never existed, usually because of material misrepresentation or fraud.
Rescission 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 Rescission 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 Rescission depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A reservation of rights is notice that an insurer will investigate or defend while preserving its right to deny coverage later.
Reservation of Rights 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, Professional Liability, Property. For business insurance customers, understanding Reservation of Rights 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 Reservation of Rights depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A reserve is an amount set aside by an insurer to pay future claim costs.
Reserve 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 Reserve 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 Reserve depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A retroactive date is the earliest date an act, error, or incident can occur and still be eligible for coverage under many claims-made policies.
Retroactive Date 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 Professional Liability, Cyber Liability, EPLI. For business insurance customers, understanding Retroactive Date 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 Retroactive Date depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Retrospective rating adjusts final premium after the policy period based on actual losses, subject to formulas and minimums.
Retrospective Rating 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. For business insurance customers, understanding Retrospective Rating 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 Retrospective Rating depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A return to work program helps injured employees resume productive work through modified duty, transitional tasks, or accommodations.
Return to Work Program 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. For business insurance customers, understanding Return to Work Program 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 Return to Work Program depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A rider is an addition or amendment to a policy, commonly used in life, health, and personal property coverage.
Rider 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 Life, Health, Personal Articles. For benefits insurance customers, understanding Rider 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 Rider depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Risk management identifies, evaluates, reduces, transfers, or finances risks that could cause loss.
Risk Management 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 Risk Management 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 Risk Management depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Roadside assistance helps with towing, jump starts, lockouts, flat tires, fuel delivery, and similar emergency services, subject to program terms.
Roadside Assistance 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, Motorcycle, RV. For powersports insurance customers, understanding Roadside Assistance 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 Roadside Assistance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Robbery is taking property from a person by force or threat; crime policies often distinguish it from burglary or theft.
Robbery 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 Robbery 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 Robbery depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
RV insurance combines auto-like coverages with optional personal property, vacation liability, and emergency expense coverage for recreational vehicles.
RV 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 RV. For powersports insurance customers, understanding RV 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 RV Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
