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Common terms from your policies — short definitions, examples, and which coverages they relate to.
11 terms
A waiver of subrogation is a provision where the insurer gives up recovery rights against a specified party after paying a claim.
Waiver of Subrogation 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, Workers Compensation, Commercial Property. For business insurance customers, understanding Waiver of Subrogation 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 Waiver of Subrogation depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A war exclusion removes coverage for loss caused by war, military action, invasion, insurrection, or similar hostile acts.
War Exclusion 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 War Exclusion 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 War Exclusion depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Water backup coverage applies to damage caused by water or sewage backing up through drains, sewers, or sump systems, subject to limits.
Water Backup 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 Homeowners, Renters, Condo, Commercial Property. For personal insurance customers, understanding Water Backup 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 Water Backup Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Watercraft liability covers bodily injury or property damage arising from ownership, maintenance, or use of a covered boat.
Watercraft 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 Boat, Yacht, Personal Umbrella. For powersports insurance customers, understanding Watercraft 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 Watercraft Liability depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A wear and tear exclusion removes coverage for gradual deterioration, aging, corrosion, rust, or ordinary use.
Wear and Tear Exclusion 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, Equipment. For business insurance customers, understanding Wear and Tear Exclusion 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 Wear and Tear Exclusion depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Whole life insurance is permanent life coverage with lifetime protection, cash value accumulation, and usually level premiums.
Whole Life 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 Life Insurance. For benefits insurance customers, understanding Whole Life 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 Whole Life Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A wind deductible is a separate deductible applying to wind or hail losses, often a flat amount or percentage of insured value.
Wind Deductible 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 Wind Deductible 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 Wind Deductible depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Windstorm damage is damage caused by high winds, tornadoes, or straight-line winds, subject to policy terms and deductibles.
Windstorm 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 Homeowners, Commercial Property. For personal insurance customers, understanding Windstorm 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 Windstorm Damage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Workers compensation provides statutory benefits to employees for work-related injuries or occupational diseases and generally protects employers from certain lawsuits.
Workers Compensation 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 Workers Compensation 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 Workers Compensation depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A workers compensation audit verifies actual payroll and classifications to calculate final premium.
Workers Compensation 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. For business insurance customers, understanding Workers Compensation 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 Workers Compensation Audit depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Wrap-up insurance is a consolidated insurance program covering multiple parties on a construction project, such as an OCIP or CCIP.
Wrap-Up 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 Construction, General Liability, Workers Compensation. For business insurance customers, understanding Wrap-Up 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 Wrap-Up Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
