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Super Glossary

Abuse and molestation coverage addresses claims alleging abuse, molestation, or sexual misconduct, often subject to special underwriting.

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Nonprofit Schools Religious Organizations

An action over claim occurs when an injured employee sues a third party, which then seeks recovery from the employer.

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General Liability Workers Compensation

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.

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Homeowners Renters Condo Auto Commercial Property Inland Marine

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.

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Commercial Property Business Income

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.

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Commercial General Liability Commercial Auto Contractors Umbrella

Additional living expense covers necessary increased costs to maintain a normal standard of living when a covered loss makes a home uninhabitable.

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Homeowners Renters Condo

Additional premium is extra premium charged because of a policy change, endorsement, audit, or correction.

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All Insurance Types

An admitted carrier is licensed by a state insurance department and subject to that state's regulations and guaranty fund protections.

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All Insurance Types

Adverse selection is the tendency of higher-risk people or businesses to be more likely to seek or keep insurance coverage.

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All Insurance Types

Advertising injury is liability for certain offenses connected to advertising, such as copyright infringement in advertising or disparagement, depending on policy wording.

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General Liability

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.

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General Liability Professional Liability Cyber Liability Umbrella

Agreed value is a valuation provision where insurer and insured agree on a value for covered property, often suspending coinsurance requirements.

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Commercial Property Inland Marine Boat

All risk coverage is older terminology for open-perils coverage, meaning covered direct physical loss unless excluded.

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Property Insurance Inland Marine

Animal liability covers injury or damage caused by animals owned or kept by the insured, subject to exclusions and restrictions.

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Homeowners Farm General Liability

An annuity is a contract designed to accumulate money and provide income payments, often for retirement planning.

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Annuities Life Insurance

Appraisal is a process for resolving disputes about the amount of property damage, usually involving appraisers and sometimes an umpire.

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Homeowners Auto Commercial Property

Appraised value is the value assigned to property by a qualified appraiser and often used for scheduled valuables or specialty property.

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Personal Articles Inland Marine

An appurtenant structure is a structure associated with the main building, such as a detached garage, fence, or shed.

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Homeowners Property

Assumption of risk is a legal defense arguing a person knowingly accepted a danger associated with an activity.

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Liability Special Events

An audit reviews actual exposures such as payroll, sales, or vehicles to determine final premium.

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Workers Compensation General Liability Commercial Auto

Auto liability coverage helps pay for bodily injury or property damage the insured is legally responsible for because of a covered auto accident.

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Personal Auto Commercial Auto

Bailee coverage protects property of others while in the insured's care, custody, or control.

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Inland Marine Garagekeepers Business Insurance

Bailee customers coverage applies to property of others while in the insured's custody, often regardless of legal liability depending on form.

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Inland Marine Bailee

Basic form property coverage insures against a limited list of named perils.

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Property Insurance

A beneficiary is a person or entity designated to receive policy benefits, such as life insurance proceeds.

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Life Health Retirement

Betterment occurs when repair or replacement leaves property in better condition than before the loss; some policies reduce payment for it.

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Auto Property Equipment

A binder is temporary proof of insurance that puts coverage in force before the formal policy is issued, subject to the terms and limits shown on the binder.

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Auto Homeowners Commercial Property Business Insurance

Blanket coverage applies one limit across multiple properties, locations, or items instead of assigning separate limits to each.

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Commercial Property Inland Marine

Boat insurance may include hull coverage, liability, medical payments, uninsured boater, towing, personal effects, and pollution liability.

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Boat Yacht

Bodily injury liability helps pay damages for physical injury, sickness, disease, or death of another person when the insured is legally responsible.

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Auto General Liability Umbrella

Breach response coverage helps pay expenses after a privacy breach, including notification, legal, forensic, and credit monitoring costs.

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Cyber Liability

Broad form property coverage insures against more named perils than basic form but is narrower than special form.

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Commercial Property Homeowners

A broker is an insurance professional who represents the buyer in seeking coverage from insurers, subject to licensing and legal duties.

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All Insurance Types

A builder's warranty is a warranty for certain construction defects or workmanship issues and is not the same as property insurance.

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Homeowners Builders Risk

Builders risk covers buildings, materials, fixtures, and property during construction or renovation, subject to policy terms.

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Builders Risk Contractors Property

Business income coverage helps replace lost income and continuing expenses when a covered property loss causes a necessary suspension of operations.

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Commercial Property Business Owners Policy

Business interruption is another name for business income coverage for lost income caused by covered property damage.

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Commercial Property Business Owners Policy

A business owners policy packages common small-business coverages, usually including general liability, commercial property, and business income coverage.

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Business Insurance Commercial Property General Liability

Business personal property includes furniture, fixtures, inventory, machinery, equipment, and other property owned by a business and used in operations.

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Commercial Property Business Owners Policy

A business pursuits exclusion removes or limits personal liability coverage for business activities.

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Homeowners Renters Umbrella

Cancellation is termination of a policy before its expiration date by the insured or insurer, subject to policy terms and law.

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All Insurance Types

A cancellation notice is written notice that a policy will end before expiration, subject to timing and legal requirements.

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All Insurance Types

This exclusion removes or limits liability coverage for damage to property in the insured's care, custody, or control.

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General Liability Garagekeepers Inland Marine

Cash value is the accumulation component of certain permanent life policies that may be accessed through loans, withdrawals, or surrender.

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Life Insurance

A catastrophe deductible applies to certain catastrophic events such as hurricanes, earthquakes, or named storms.

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Property Insurance

A catastrophe model estimates potential losses from hurricanes, earthquakes, floods, wildfires, or severe storms.

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Property Reinsurance

A certificate holder receives evidence of insurance on a certificate but does not automatically receive coverage rights.

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Commercial Insurance

A certificate of insurance summarizes coverage in force on the date issued but usually does not change the policy itself.

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Commercial General Liability Commercial Auto Workers Compensation

Certificate tracking is the process of collecting and monitoring certificates of insurance from vendors, tenants, subcontractors, or contract parties.

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Commercial Insurance Risk Management

Civil authority coverage may apply when access to insured premises is prohibited by government order because of covered damage nearby.

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Business Income Commercial Property

Civil authority coverage may apply when a government authority prohibits access to insured premises because of covered damage nearby.

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Commercial Property Business Income

A claim is a request for payment, defense, or coverage under an insurance policy after a loss, injury, damage, or liability event.

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All Insurance Types

A claimant is a person or organization making a claim for benefits, damages, or payment.

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All Insurance Types

A claims-made policy generally covers claims first made during the policy period, subject to retroactive date and reporting requirements.

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Professional Liability Cyber Liability D&O EPLI

Classic car insurance covers collectible or antique vehicles, often using agreed value and specialized usage restrictions.

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Classic Auto

A CLUE report is a claims history report used by insurers to review prior auto or property claims.

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Auto Homeowners Property

Coinsurance is a provision requiring the insured to carry a required percentage of insurance to value or share a percentage of covered expenses.

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Commercial Property Health Insurance Homeowners

Collision coverage helps pay for damage to a covered vehicle caused by impact with another vehicle or object, subject to the deductible.

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Personal Auto Commercial Auto Motorcycle RV

Commercial general liability helps protect a business from covered claims for bodily injury, property damage, personal injury, and advertising injury.

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General Liability Business Insurance

Commercial property insurance covers buildings, business personal property, inventory, tenant improvements, and other business property against covered causes of loss.

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Commercial Property Business Owners Policy

A commercial umbrella provides additional liability limits over business liability policies and may broaden certain coverages.

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Commercial Umbrella

Comparative negligence reduces recovery based on each party's percentage of fault, depending on state law.

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Auto Liability

Comprehensive coverage helps pay for vehicle damage from non-collision causes such as theft, fire, vandalism, hail, flood, falling objects, or animal impact.

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Personal Auto Commercial Auto Motorcycle RV

A condition is a policy requirement that must be satisfied, such as prompt notice, cooperation, premium payment, or protection of property.

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All Insurance Types

Condo insurance covers unit owners for personal property, interior improvements, liability, loss of use, and loss assessment exposures.

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Condo

Construction type classifies buildings by materials and fire resistance, such as frame, masonry, noncombustible, or fire resistive.

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Commercial Property Homeowners

Contractors equipment coverage insures mobile machinery, tools, and equipment used by contractors.

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Inland Marine Contractors

Contractors insurance commonly includes general liability, workers compensation, commercial auto, tools, equipment, and bonds for construction trades.

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Contractors Business Insurance

Contractors pollution liability covers pollution conditions caused by contracting operations.

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Environmental Contractors

Contractual liability is liability assumed under a contract; coverage depends on whether the agreement qualifies as an insured contract and whether exclusions apply.

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General Liability Commercial Auto Umbrella

A cooperation clause requires the insured to cooperate with the insurer in investigating, defending, and settling claims.

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Liability Auto Property

A copayment is a fixed amount the insured pays for a covered healthcare service or prescription.

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Health Insurance

Crop insurance protects farmers against covered crop losses caused by weather, disease, price changes, or other agricultural risks.

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Agriculture Crop

Cyber crime coverage addresses theft or fraud involving computers, networks, electronic funds transfer, or social engineering, depending on policy wording.

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Cyber Liability Crime

Cyber extortion coverage addresses ransom demands, negotiation expenses, and related costs arising from cyber extortion events, subject to conditions.

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Cyber Liability

Cyber liability covers losses and liabilities involving data breaches, network security failures, privacy incidents, cyber extortion, and related expenses.

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Cyber Liability Technology Business Insurance

This coverage applies to certain damage to premises rented to the insured, often with a separate general liability limit.

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General Liability

Data breach response coverage helps pay for notification, credit monitoring, forensic investigation, legal guidance, and other breach-related expenses.

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Cyber Liability

Dealer open lot coverage insures vehicles held for sale by auto dealers, subject to weather, theft, and location conditions.

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Garage Auto Dealers

Debris removal coverage helps pay to remove debris of covered property after a covered loss, subject to limits.

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Property Insurance Commercial Property Homeowners

A declarations page summarizes the policyholder, policy period, covered property or vehicles, coverages, limits, deductibles, endorsements, and premium.

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All Insurance Types

A deductible is the amount the insured pays or absorbs before insurance applies to a covered loss.

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Auto Homeowners Renters Condo Commercial Property Health

Defense costs are legal fees and expenses incurred to defend a covered claim or lawsuit.

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Liability Professional Liability D&O

Defense inside the limits means defense costs reduce the available limit of insurance.

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Professional Liability D&O Cyber

Defense outside the limits means covered defense costs are paid in addition to the policy limit.

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General Liability Some Liability Policies

Depreciation is the decrease in property value due to age, wear, condition, obsolescence, or useful life.

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Property Insurance Auto Inland Marine

Diminished value is the reduction in a vehicle's market value after damage and repair; coverage depends on policy and law.

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Auto Commercial Auto

Directors and officers liability covers claims alleging wrongful acts in organizational management, governance, or fiduciary decision-making.

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D&O Nonprofit Private Company

Disability insurance replaces part of income if the insured cannot work because of a covered illness or injury.

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Disability Employee Benefits

Dog bite liability involves injury caused by a dog and may be covered, limited, or excluded depending on policy and law.

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Homeowners Renters Umbrella

Drive other car coverage can provide personal auto-like coverage for individuals who use company vehicles but do not own personal autos.

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Commercial Auto

Duties after loss are the insured's required actions after a claim, such as giving notice, protecting property, documenting damage, and cooperating.

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Property Auto Liability

Duty to defend is the insurer's obligation to provide or pay for legal defense when a claim potentially falls within coverage.

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Liability Auto Homeowners General Liability

Dwelling coverage insures the structure of a home and attached structures against covered causes of loss.

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Homeowners Dwelling Fire

Earned premium is the portion of premium corresponding to the time coverage has already been provided.

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All Insurance Types

Earthquake coverage insures damage from earthquake or earth movement, usually by endorsement or separate policy.

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Homeowners Commercial Property

The effective date is the date coverage begins under a policy, endorsement, binder, or renewal.

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All Insurance Types

Electronic data processing coverage insures computer hardware, software, data, and related equipment against covered causes of loss.

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Commercial Property Inland Marine

An elimination period is the waiting period before disability, long-term care, or similar benefits begin.

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Disability Long-Term Care

Emergency medical evacuation covers medically necessary transportation to an appropriate medical facility or back home after serious illness or injury while traveling.

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Travel Insurance Health

Employee benefits liability covers errors or omissions in administering employee benefit plans.

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General Liability Employee Benefits

Employee dishonesty coverage protects a business from loss of money, securities, or property caused by dishonest employee acts.

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Crime Insurance Business Insurance

Employers liability protects the employer against certain employee injury lawsuits not covered by workers compensation benefits.

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Workers Compensation

Employment practices liability covers claims alleging wrongful employment acts such as discrimination, harassment, retaliation, or wrongful termination.

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EPLI Business Insurance

An endorsement is a written change to a policy that adds, removes, or modifies coverage, terms, exclusions, limits, or insured parties.

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All Insurance Types

Equipment breakdown coverage applies to sudden and accidental mechanical, electrical, or pressure-system breakdown of covered equipment.

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Homeowners Commercial Property Business Owners Policy

An equipment floater covers mobile equipment that moves between locations, such as contractor or farm equipment.

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Inland Marine Farm Contractors

Errors and omissions insurance is professional liability coverage for mistakes, negligence, inadequate work, misrepresentation, or failure to provide promised services.

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Professional Liability Technology Real Estate Insurance Agencies

Escrowed insurance is premium collected and paid through a mortgage escrow account.

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Homeowners Flood Mortgage

Event cancellation insurance covers financial loss if an event is canceled, postponed, or interrupted by a covered cause.

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Special Event Entertainment

Excess liability provides additional limits above underlying policies and may follow the underlying terms more closely than a true umbrella.

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Commercial Excess Personal Excess

An excluded driver is specifically removed from coverage under an auto policy; claims may be denied if that person operates the vehicle.

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Personal Auto Commercial Auto

Excluded property is property specifically not covered by a policy.

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Property Insurance

An exclusion is policy language that removes coverage for certain causes of loss, property, people, activities, events, or circumstances.

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All Insurance Types

An experience modification factor adjusts workers compensation premium based on an employer's loss history compared with similar businesses.

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Workers Compensation

Experience rating uses an insured's own past loss experience to adjust premium.

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Workers Compensation Commercial Insurance

The expiration date is the date coverage ends unless renewed, extended, or replaced.

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All Insurance Types

Exposure is a measure of risk used for rating or underwriting, such as payroll, sales, vehicles, property value, or employees.

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All Insurance Types

Exposure basis is the unit used to calculate premium, such as payroll, sales, area, or number of vehicles.

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Commercial Insurance

An extended reporting period allows claims to be reported after a claims-made policy ends for acts that occurred before expiration and after any retroactive date.

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Professional Liability Cyber Liability EPLI

Extra expense coverage helps pay reasonable additional costs incurred to continue or restore operations after a covered property loss.

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Commercial Property Business Owners Policy

Farmowners insurance packages coverage for farm homes, farm property, liability, machinery, and livestock exposures.

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Farm Agribusiness

Fiduciary liability covers claims alleging breach of fiduciary duties in managing employee benefit plans.

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Fiduciary Liability Employee Benefits

Fine arts coverage insures artwork, collectibles, and valuable objects, often with scheduled values or agreed valuation.

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Personal Articles Inland Marine

Fire damage is damage caused by fire, a core covered peril in most property policies.

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Property Homeowners Commercial Property

A first-party claim is made by the insured to their own insurer for covered property damage, benefits, or loss.

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Property Auto Health Disability

Fleet insurance covers multiple business vehicles under one policy or program.

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Commercial Auto

Flood insurance covers direct physical loss caused by flood and is typically written separately from standard homeowners or commercial property coverage.

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Flood Homeowners Commercial Property

Foodborne illness coverage addresses claims or expenses arising from illness caused by contaminated food, depending on the policy.

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Restaurant Product Liability

Force-placed insurance is coverage placed by a lender when a borrower fails to maintain required insurance, usually protecting the lender's interest.

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Auto Homeowners Mortgage

Forgery or alteration coverage protects against loss from forged or altered financial instruments such as checks or drafts.

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Crime Insurance

Fraud is intentional deception to obtain insurance coverage, benefits, or payment that would not otherwise be owed.

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All Insurance Types

Functional replacement cost pays to replace damaged property with less costly material or methods that perform the same function.

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Homeowners Commercial Property

Gap insurance may pay the difference between a vehicle's actual cash value and the remaining loan or lease balance after a covered total loss.

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Auto Motorcycle RV

Garage liability covers auto dealers, repair shops, and service businesses for liability arising from garage operations and covered autos.

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Garage Commercial Auto General Liability

Garagekeepers coverage applies to damage to customers' vehicles while in the care, custody, or control of a garage business.

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Garage Auto Dealers

Garagekeepers legal liability covers damage to customers' vehicles when the garage is legally responsible.

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Garage Auto Dealers

General average is a marine principle where voyage participants share losses voluntarily incurred to save the voyage from peril.

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Ocean Marine Cargo

Glass coverage applies to breakage of building glass, windows, doors, display cases, or similar property.

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Commercial Property Business Owners Policy

A grace period is extra time after a premium due date during which coverage may remain in force.

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Life Health Auto Property

Gross negligence is a severe lack of care showing reckless disregard for others' safety or rights.

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Liability Professional Liability

Group insurance is issued to a group, often through an employer or association, covering eligible members under a master policy.

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Health Life Disability Employee Benefits

Habitational insurance covers apartment buildings, condos, rental dwellings, and similar residential rental properties.

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Commercial Property General Liability Landlord

Hail damage is damage caused by hail, commonly affecting roofs, siding, vehicles, crops, and outdoor property.

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Homeowners Auto Commercial Property Crop

A hammer clause may limit the insurer's liability if the insured refuses a settlement recommended by the insurer.

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Professional Liability D&O EPLI

A hazard is a condition that increases the likelihood or severity of loss, such as unsafe wiring, poor maintenance, or slippery floors.

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All Insurance Types

Health insurance helps pay for medical care such as doctor visits, hospital services, prescriptions, preventive care, and covered treatments.

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Health Insurance

A health savings account is a tax-advantaged account used with qualifying high deductible health plans to pay eligible medical expenses.

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Health Insurance

A high deductible health plan has a higher deductible and may qualify for use with a health savings account if federal requirements are met.

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Health Insurance

Hired auto coverage applies to autos leased, hired, rented, or borrowed for business use, subject to policy terms.

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Commercial Auto

Hired physical damage covers damage to autos the insured rents, leases, hires, or borrows.

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Commercial Auto

An HO-3 policy is a common homeowners form that typically covers the dwelling on open perils and personal property on named perils.

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Homeowners

An HO-4 policy is renters insurance covering tenants' personal property, liability, and loss of use but not the building structure.

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Renters

An HO-6 policy is condo insurance covering personal property, liability, loss of use, loss assessment, and certain interior building items.

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Condo

HOA insurance covers homeowners associations for common property, general liability, directors and officers, crime, and related exposures.

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HOA Condo Association

A hold harmless agreement is a contract provision where one party agrees to protect another from certain claims or liabilities.

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General Liability Contractors

A home business endorsement adds limited property or liability coverage for qualifying business activities conducted from the home.

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Homeowners Business Insurance

Homeowners insurance combines property coverage for an owner-occupied home and belongings with personal liability and additional living expense coverage.

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Homeowners

Host liquor liability covers incidental serving of alcohol by organizations or individuals not in the business of selling alcohol.

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General Liability Special Events

Hull coverage insures physical damage to a boat or vessel, including the hull, machinery, and sometimes permanently attached equipment.

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Boat Yacht Marine

Identity theft coverage or assistance helps pay certain expenses related to restoring identity after fraud, subject to policy terms.

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Homeowners Renters Condo Cyber

An impaired property exclusion limits coverage for property made less useful by the insured's defective product or work.

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General Liability Products Liability

Increased cost of construction coverage pays added costs to meet current codes after a covered loss.

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Property Homeowners Commercial Property

Incurred loss equals paid losses plus outstanding reserves for a claim or group of claims.

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Commercial Insurance Workers Compensation

An independent adjuster is hired by an insurer to investigate or handle claims but is not an employee of the insurer.

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All Insurance Types

An independent contractor is self-employed or separately engaged to perform work; insurance treatment depends on duties, control, contracts, and law.

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General Liability Workers Compensation

Inland marine insurance covers movable property, property in transit, specialized equipment, bailee exposures, and property away from fixed premises.

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Inland Marine Commercial Property

An installation floater covers property being installed by a contractor while in transit, at a jobsite, or awaiting installation.

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Inland Marine Contractors

Insurable interest means a person or organization would suffer financial loss or legal harm if the insured event occurred.

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All Insurance Types

An insurance score is a score based on credit-related and other permitted data used by some insurers for rating or underwriting.

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Personal Auto Homeowners

Insurance to value compares the amount of insurance carried with the estimated amount needed to adequately insure property.

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Property Insurance

An insured contract is a defined type of contract for which certain assumed liability may be covered.

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General Liability Commercial Auto

An ISO form is a standardized insurance policy or endorsement form developed by Insurance Services Office and used or adapted by insurers.

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Commercial Insurance Personal Insurance

Key person insurance is life or disability insurance purchased by a business on an important owner, executive, or employee.

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Life Disability Business Insurance

Labor law coverage relates to liability under labor laws, often important for construction risks in certain jurisdictions.

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General Liability Contractors

Landlord insurance covers rental property owners for dwelling damage, landlord furnishings, liability, and sometimes rental income loss.

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Landlord Dwelling Fire

A lapse is an interruption or termination of coverage because premium was not paid, the policy was not renewed, or conditions were not met.

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All Insurance Types

Leasehold interest coverage protects a tenant's financial interest in a favorable lease lost because of covered property damage.

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Commercial Property

Lessors risk only coverage is liability coverage for building owners who lease premises to tenants and have limited operations.

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General Liability Commercial Property

A liability limit is the most a policy will pay for covered liability damages or defense obligations, depending on policy wording.

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Liability Auto General Liability

A license and permit bond guarantees compliance with laws, regulations, or license requirements imposed by a government agency.

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Surety Commercial

Life insurance pays a death benefit to beneficiaries when the insured person dies, subject to policy terms and exclusions.

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Life Insurance

Liquor liability covers businesses that sell, serve, or furnish alcohol against certain claims caused by intoxicated patrons.

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Liquor Liability General Liability Hospitality

A liquor liability exclusion removes coverage for certain alcohol-related claims, especially for businesses selling or serving alcohol.

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General Liability Hospitality

Loan lease payoff helps pay part of the gap between a vehicle's value and the remaining loan or lease balance after a total loss.

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Auto Commercial Auto

Long-term care insurance helps pay for extended care services such as nursing home care, assisted living, adult day care, or home health care.

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Long-Term Care

Loss adjustment expense is the cost to investigate, adjust, defend, or settle claims.

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All Insurance Types

Loss assessment coverage may pay an insured's share of certain association assessments caused by covered property or liability losses.

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Condo Homeowners HOA

Loss control includes inspections, safety programs, training, and recommendations intended to reduce claim frequency or severity.

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Commercial Insurance Workers Compensation

Loss of use coverage helps pay additional living expenses or loss of rental value when a covered loss makes a residence unfit to live in.

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Homeowners Renters Condo

A loss payee is a lender or other party with a financial interest in insured property that may receive claim payments.

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Auto Commercial Auto Equipment Property

Loss ratio compares losses and loss adjustment expenses to premium and is used to evaluate profitability.

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Commercial Insurance Personal Insurance

Loss runs are reports showing an insured's claim history, often requested by underwriters when quoting commercial insurance.

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Commercial Insurance

Malpractice insurance is professional liability coverage for healthcare, legal, and other professionals accused of negligent services.

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Medical Malpractice Professional Liability

A managing general agent is an intermediary with insurer authority to underwrite, bind, price, or administer certain policies or programs.

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Commercial Insurance Specialty Insurance

A manuscript endorsement is custom policy wording written for a specific insured or situation.

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Commercial Insurance Specialty

Market value is the price property would likely sell for in the open market and may differ from insurable replacement cost.

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Property Auto Real Estate

Matching coverage relates to replacing undamaged materials so repaired property reasonably matches existing property, depending on policy and law.

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Homeowners Property

Material misrepresentation is a false or incomplete statement that would affect an insurer's decision to issue, price, or continue coverage.

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All Insurance Types

An MCS-90 endorsement is a federally required motor carrier endorsement guaranteeing payment for certain public liability obligations.

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Truckers Commercial Auto

Mechanical breakdown insurance covers certain mechanical or electrical failures, distinct from collision, comprehensive, or maintenance coverage.

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Auto Equipment Specialty

Auto medical payments coverage helps pay medical or funeral expenses for covered people injured in an auto accident, regardless of fault.

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Personal Auto Commercial Auto

Medical payments coverage pays limited medical expenses for guests or third parties injured in covered circumstances, regardless of legal liability.

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Homeowners Renters General Liability Auto

Mine subsidence coverage insures damage caused by collapse or movement of land from underground mining activity.

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Homeowners Commercial Property

Mobile home insurance covers manufactured or mobile homes, personal property, liability, and additional living expense exposures.

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Mobile Home Homeowners

A mold exclusion limits or removes coverage for loss or liability arising from mold, fungi, wet rot, dry rot, or bacteria.

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Homeowners Commercial Property General Liability

Moral hazard is increased chance of loss because a person may act dishonestly or carelessly due to insurance.

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All Insurance Types

Morale hazard is increased chance of loss due to carelessness or indifference because insurance exists.

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All Insurance Types

A mortgagee clause protects a mortgage lender's interest in insured real property and may allow payment to the lender after a covered loss.

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Homeowners Commercial Property

Motor truck cargo coverage insures goods or cargo transported by a motor carrier, subject to policy limits and exclusions.

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Truckers Commercial Auto Inland Marine

A motor vehicle report shows driving history, license status, violations, and accidents used in auto underwriting.

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Auto Commercial Auto

Motorcycle insurance may include liability, collision, comprehensive, medical payments, uninsured motorist, and accessory coverage.

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Motorcycle

Mysterious disappearance is loss of property under unknown circumstances; coverage depends on policy wording.

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Homeowners Renters Inland Marine

The named insured is the person or organization listed on the declarations page as the primary insured with policy rights and responsibilities.

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All Insurance Types

Named perils coverage insures only against causes of loss specifically listed in the policy.

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Homeowners Renters Commercial Property

A named storm deductible applies when damage is caused by a named storm, as defined by the policy and applicable rules.

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Homeowners Commercial Property

Negligence is failure to use reasonable care, resulting in harm to another person or property.

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Liability Auto Professional Liability

A network is the group of doctors, hospitals, pharmacies, and healthcare providers contracted with a health plan.

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Health Insurance

New car replacement may replace a recently purchased vehicle with a new vehicle after a covered total loss.

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Personal Auto

No-fault insurance pays certain benefits through a person's own insurer regardless of who caused the accident, subject to state law.

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Auto Workers Compensation

A non-admitted carrier is not licensed in a particular state but may write eligible surplus lines coverage through proper procedures.

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Surplus Lines Commercial Insurance

Non-owned auto coverage applies to autos used in a business but not owned, leased, hired, rented, or borrowed by the business.

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Commercial Auto Business Owners Policy

Non-trucking liability covers owner-operators when using a truck for non-business purposes while not under dispatch.

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Truckers Commercial Auto

Nonrenewal is an insurer's decision not to continue a policy at the end of the policy period, subject to required notice.

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All Insurance Types

Occupancy is the use of a building or premises, such as residential, office, retail, restaurant, manufacturing, or vacant.

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Property General Liability

An occupational disease is an illness caused by work-related exposure or employment conditions over time.

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Workers Compensation

An occurrence is an accident, event, or repeated exposure to substantially the same harmful conditions that results in covered injury or damage.

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General Liability Homeowners Umbrella

An occurrence policy responds to covered injury or damage that occurs during the policy period, even if the claim is reported later.

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General Liability Homeowners Umbrella

Open perils coverage insures against direct physical loss unless the cause is specifically excluded.

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Homeowners Commercial Property Inland Marine

Ordinance or law coverage helps pay increased costs to repair, rebuild, demolish, or upgrade property to comply with current building codes after a covered loss.

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Homeowners Commercial Property Condo

OEM parts coverage involves use of original manufacturer parts for vehicle repairs, subject to policy terms.

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Auto Commercial Auto

Other structures coverage applies to detached structures such as garages, sheds, fences, or guest houses, subject to policy limits.

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Homeowners Dwelling Fire

An out-of-pocket maximum is the most an insured pays for covered healthcare expenses during a plan year before the plan pays covered benefits at 100 percent.

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Health Insurance

Outdoor signs coverage insures signs attached to buildings or located outdoors, often with separate limits.

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Commercial Property

A pair or set clause explains how a loss is valued when only part of a pair or set is damaged.

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Personal Property Inland Marine

Participant accident coverage pays certain benefits or medical expenses for participants injured in covered activities or events.

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Special Event Sports Accident

A payment bond guarantees subcontractors, laborers, and suppliers will be paid for work or materials on a project.

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Surety Contractors

A performance bond guarantees completion of a contract according to its terms, often used in construction.

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Surety Contractors

A peril is a cause of loss such as fire, theft, wind, hail, lightning, vandalism, or explosion.

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Property Insurance Homeowners Renters Commercial Property

The period of restoration is the time reasonably required to repair, rebuild, or replace damaged property for business income purposes.

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Commercial Property Business Income

Permissive use means a person is using an insured vehicle with the named insured's permission; coverage depends on policy wording.

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Auto Commercial Auto

Personal injury protection is no-fault auto coverage that may pay medical expenses, lost wages, and related costs after an auto accident, depending on state law.

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Personal Auto

Personal liability coverage helps protect an individual or household against covered claims for bodily injury or property damage they are legally responsible for.

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Homeowners Renters Condo Umbrella

Personal property coverage insures belongings such as furniture, clothing, electronics, and household items against covered causes of loss.

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Homeowners Renters Condo

A personal umbrella provides additional liability limits over personal auto, homeowners, renters, condo, boat, or recreational policies.

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Personal Umbrella

Pet insurance helps pay veterinary expenses for covered accidents, illnesses, medications, surgery, or wellness services depending on the plan.

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Pet Insurance

A physical hazard is a tangible condition that increases the likelihood or severity of loss.

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Property Auto General Liability

A policy fee is a charge connected with issuing or servicing a policy, separate from premium in some cases.

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All Insurance Types

A policy form is the written contract language defining coverage, exclusions, conditions, and rights.

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All Insurance Types

The policy period is the span of time during which an insurance policy is in force.

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All Insurance Types

A policyholder owns the insurance policy and generally controls policy decisions and premium payment.

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All Insurance Types

Pollution liability covers cleanup costs, third-party claims, or legal liability arising from pollution events, subject to specialized policy terms.

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Environmental Marine Commercial Insurance

Pool liability is the exposure from owning or operating a swimming pool, often requiring safety controls and higher liability limits.

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Homeowners General Liability HOA

A preferred risk is an applicant with favorable characteristics that may qualify for better pricing or terms.

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All Insurance Types

Premium is the amount charged by an insurance company in exchange for providing coverage.

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All Insurance Types

A premium audit reviews actual payroll, sales, classifications, or other exposure data to determine final premium after the policy period.

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Workers Compensation General Liability

Primary and noncontributory wording means one policy responds first and does not seek contribution from another party's insurance.

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General Liability Commercial Auto Umbrella

Prior acts coverage applies to acts before the current claims-made policy period but after the retroactive date.

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Professional Liability Cyber EPLI

Prior insurance is coverage in force before the current policy and may affect eligibility, discounts, or rating.

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Auto Homeowners Commercial Insurance

Private mortgage insurance protects a lender if a borrower defaults on a conventional mortgage, commonly required with low down payments.

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Mortgage Real Estate

A producer is a licensed person or business that sells, solicits, or negotiates insurance.

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All Insurance Types

Product liability coverage addresses injury or damage caused by products made, sold, or supplied by the insured.

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General Liability Manufacturers

Product recall insurance covers expenses and losses related to recalling products because of contamination, defect, or safety concerns.

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Product Recall Manufacturers

Products completed operations coverage applies to liability arising from products sold or work completed away from the insured's premises.

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General Liability Contractors Manufacturers

Professional liability covers claims alleging financial loss due to professional errors, negligence, advice, services, or failure to perform professional duties.

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Professional Liability Errors and Omissions

A professional services exclusion removes coverage for claims arising from professional services, often requiring separate professional liability coverage.

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General Liability Professional Liability

A proof of loss is a signed statement documenting the details, amount, and circumstances of a claimed loss.

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Property Insurance Flood Commercial Property

Property damage liability helps pay for damage to someone else's property when the insured is legally responsible.

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Auto General Liability Umbrella

Protection and indemnity is marine liability coverage for vessel owners and operators, including certain bodily injury, property damage, crew, and passenger liabilities.

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Marine Yacht Commercial Marine

Protection class reflects fire protection characteristics such as water supply, fire department access, and emergency response capability.

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Homeowners Commercial Property

A protective safeguards endorsement requires certain safety systems such as alarms or sprinklers to be maintained as a condition of coverage.

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Commercial Property

A public adjuster is hired by the policyholder to help prepare, present, or negotiate a property claim.

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Property Insurance

A punitive damage exclusion removes coverage for punitive or exemplary damages, where allowed by law.

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Liability Professional Liability

Punitive damages are intended to punish or deter wrongful conduct rather than compensate for loss; insurability varies by law and policy.

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Liability Professional Liability Auto

A quote is an estimate of coverage terms and premium based on information provided before a policy is issued.

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All Insurance Types

A rate is the price per unit of exposure used to calculate insurance premium.

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All Insurance Types

Reinstatement restores coverage after a lapse or cancellation, subject to insurer approval and required conditions.

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All Insurance Types

Reinstatement cost is the cost to restore property after damage, often used similarly to replacement cost in some policies.

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Property Insurance

Reinsurance is insurance purchased by insurers to transfer part of their risk to another insurance company.

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Insurance Company Operations

Renewal is continuation of a policy for a new term, often with updated premium, forms, limits, or underwriting information.

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All Insurance Types

Rental income coverage helps replace lost rent when a covered loss makes rental property unfit for occupancy.

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Landlord Commercial Property

Rental reimbursement helps pay for a temporary rental vehicle while a covered auto is being repaired after a covered loss.

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Personal Auto Commercial Auto

Renters insurance covers tenants' belongings, personal liability, medical payments, and additional living expenses after covered losses.

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Renters

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.

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Homeowners Renters Condo Commercial Property

A replacement cost estimator estimates rebuilding or replacement cost based on location, construction, materials, labor, and property characteristics.

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Homeowners Commercial Property

Rescission voids a policy as if it never existed, usually because of material misrepresentation or fraud.

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All Insurance Types

A reservation of rights is notice that an insurer will investigate or defend while preserving its right to deny coverage later.

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Liability Professional Liability Property

A reserve is an amount set aside by an insurer to pay future claim costs.

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All Insurance Types

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.

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Professional Liability Cyber Liability EPLI

Retrospective rating adjusts final premium after the policy period based on actual losses, subject to formulas and minimums.

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Workers Compensation General Liability

A return to work program helps injured employees resume productive work through modified duty, transitional tasks, or accommodations.

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Workers Compensation

A rider is an addition or amendment to a policy, commonly used in life, health, and personal property coverage.

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Life Health Personal Articles

Risk management identifies, evaluates, reduces, transfers, or finances risks that could cause loss.

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All Insurance Types

Roadside assistance helps with towing, jump starts, lockouts, flat tires, fuel delivery, and similar emergency services, subject to program terms.

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Auto Motorcycle RV

Robbery is taking property from a person by force or threat; crime policies often distinguish it from burglary or theft.

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Crime Insurance

RV insurance combines auto-like coverages with optional personal property, vacation liability, and emergency expense coverage for recreational vehicles.

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RV

Salvage is damaged property retained or sold after a claim payment, or the remaining value of property after a loss.

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Auto Property Marine

A scheduled auto is a vehicle specifically listed on a commercial auto policy.

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Commercial Auto

Scheduled jewelry coverage lists specific jewelry items, often with broader coverage and lower or no deductible than standard personal property coverage.

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Homeowners Renters Personal Articles

Scheduled personal property is valuable property specifically listed on a policy, often with broader coverage.

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Homeowners Renters Personal Articles

Self insurance is retaining risk rather than transferring it fully to an insurer, often with reserves or formal programs.

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Commercial Insurance Risk Management

A self-insured retention is the amount the insured must pay before insurance responds, often larger and more formal than a deductible.

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Umbrella Professional Liability General Liability

Service line coverage insures certain underground utility lines such as water, sewer, gas, power, or communication lines owned by the insured.

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Homeowners Commercial Property

Short rate cancellation returns unearned premium minus a penalty, often when the insured cancels before expiration.

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All Insurance Types

Sinkhole coverage insures damage caused by sinkhole activity, subject to definitions, endorsements, inspections, and limits.

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Homeowners Commercial Property

Social engineering fraud coverage applies when an employee is tricked into transferring money or property by fraudulent instructions, subject to verification rules.

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Cyber Liability Crime Insurance

Soft costs are additional construction project expenses such as architectural fees, permits, legal fees, taxes, financing, or lost income.

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Builders Risk Construction

Special event insurance provides short-term coverage for events such as weddings, festivals, fundraisers, or private gatherings.

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Special Event General Liability

Special form property coverage generally insures direct physical loss unless the cause is excluded.

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Commercial Property Homeowners

Spoilage coverage insures perishable stock damaged by temperature change, power outage, or equipment breakdown, subject to policy terms.

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Commercial Property Equipment Breakdown

An SR-22 filing proves required auto liability coverage to a state for certain drivers.

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Personal Auto

A staff adjuster is employed directly by an insurance company to handle claims.

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All Insurance Types

Stated amount is a listed value for insured property that may limit payment but does not always guarantee that amount will be paid.

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Auto Inland Marine

A statute of limitations is the legal deadline for filing a lawsuit or claim, varying by jurisdiction and claim type.

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All Insurance Types

Stop gap coverage provides employers liability protection in monopolistic workers compensation states where state funds do not provide it.

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Workers Compensation

Strict liability can impose responsibility without proof of negligence, often for certain products, activities, or statutes.

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Products Liability Environmental

A subcontractor is hired by a contractor to perform part of a project and often must meet insurance requirements.

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Contractors General Liability

Subrogation is the insurer's right to pursue recovery from a responsible third party after paying a covered claim.

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Auto Property Workers Compensation General Liability

A surety bond is a three-party agreement in which a surety guarantees that a principal will fulfill obligations to an obligee.

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Surety Contractors Commercial

The obligee is the party requiring and benefiting from a surety bond.

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Surety

The principal is the party whose obligation is guaranteed by a surety bond.

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Surety

Surplus lines insurance is coverage placed with a non-admitted insurer when standard admitted markets are unavailable or unsuitable.

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Commercial Insurance Specialty Insurance

Surrender value is the amount available if a permanent life policy is canceled after applicable charges and loans.

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Life Insurance

Tail coverage is an extended reporting period allowing claims to be reported after a claims-made policy ends.

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Professional Liability D&O EPLI

Tenant improvements and betterments are alterations or additions made by a tenant to leased premises.

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Commercial Property

Tenant legal liability covers a tenant's legal responsibility for damage to rented premises.

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Renters Commercial General Liability

Term life insurance provides coverage for a specified period, such as 10, 20, or 30 years, without permanent cash value.

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Life Insurance

Terrorism coverage applies to certain terrorism-related losses, often through policy endorsements and federal terrorism insurance rules.

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Commercial Property General Liability Workers Compensation

A theft sublimit is a lower limit for theft of certain property categories such as jewelry, money, firearms, or business property.

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Homeowners Renters Commercial Property

A third-party claim is made by someone other than the insured against the insured or the insured's policy.

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Liability Auto General Liability

Title insurance protects real estate owners or lenders against covered losses from title defects, liens, or ownership disputes existing before the policy date.

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Title Insurance Real Estate

Tools and equipment coverage insures business tools and smaller equipment, often subject to item limits and theft conditions.

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Inland Marine Contractors

A total loss occurs when property is destroyed, missing, or damaged so badly that repair is not practical or economical.

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Auto Property Boat RV

Trailer interchange coverage insures physical damage to non-owned trailers in the insured's possession under a trailer interchange agreement.

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Truckers Commercial Auto

Transit coverage insures property while being transported from one location to another.

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Inland Marine Cargo

Travel insurance covers risks such as trip cancellation, interruption, medical emergencies, baggage loss, and travel delay, depending on the plan.

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Travel Insurance

Trip cancellation coverage reimburses prepaid, nonrefundable trip costs if a covered reason causes cancellation before departure.

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Travel Insurance

Trip interruption reimburses certain unused trip costs and additional transportation expenses when a covered reason interrupts a trip after it begins.

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Travel Insurance

Umbrella insurance provides additional liability limits above underlying policies and may broaden coverage for certain liability exposures.

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Personal Umbrella Commercial Umbrella

Underinsured motorist coverage helps pay when an at-fault driver has insurance but not enough limits to fully cover the loss.

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Personal Auto Commercial Auto Motorcycle

Underlying insurance is the primary coverage maintained beneath an umbrella or excess policy.

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Umbrella Excess Liability

Underwriting is the process an insurer uses to evaluate risk, determine eligibility, set terms, and price coverage.

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All Insurance Types

Unearned premium is the portion of premium for the remaining coverage period that has not yet been earned by the insurer.

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All Insurance Types

Uninsured motorist coverage helps pay for covered injuries or damages caused by a driver with no insurance or an unidentified hit-and-run driver.

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Personal Auto Commercial Auto Motorcycle

Universal life insurance is permanent life coverage with flexible premiums and adjustable death benefits, subject to policy charges and performance.

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Life Insurance

Unoccupied property has contents or furnishings but is not currently used or lived in; coverage restrictions may apply.

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Homeowners Commercial Property

Utility services coverage addresses loss caused by interruption of power, water, or communications service, depending on policy terms.

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Commercial Property Business Income

A vacancy clause limits or excludes coverage when property has been vacant for longer than the period allowed by the policy.

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Homeowners Commercial Property Dwelling Fire

Valuable papers coverage pays costs to research, replace, or restore important papers and records damaged by a covered loss.

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Commercial Property Inland Marine

Vicarious liability is liability imposed on one party for the actions of another, such as an employer for an employee acting within work duties.

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General Liability Auto

Volunteer accident coverage pays certain benefits or medical expenses for volunteers injured while performing covered volunteer duties.

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Nonprofit Special Event

A waiver of subrogation is a provision where the insurer gives up recovery rights against a specified party after paying a claim.

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Commercial General Liability Workers Compensation Commercial Property

A war exclusion removes coverage for loss caused by war, military action, invasion, insurrection, or similar hostile acts.

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All Insurance Types

Water backup coverage applies to damage caused by water or sewage backing up through drains, sewers, or sump systems, subject to limits.

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Homeowners Renters Condo Commercial Property

Watercraft liability covers bodily injury or property damage arising from ownership, maintenance, or use of a covered boat.

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Boat Yacht Personal Umbrella

A wear and tear exclusion removes coverage for gradual deterioration, aging, corrosion, rust, or ordinary use.

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Property Auto Equipment

Whole life insurance is permanent life coverage with lifetime protection, cash value accumulation, and usually level premiums.

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Life Insurance

A wind deductible is a separate deductible applying to wind or hail losses, often a flat amount or percentage of insured value.

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Homeowners Commercial Property

Windstorm damage is damage caused by high winds, tornadoes, or straight-line winds, subject to policy terms and deductibles.

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Homeowners Commercial Property

Workers compensation provides statutory benefits to employees for work-related injuries or occupational diseases and generally protects employers from certain lawsuits.

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Workers Compensation

A workers compensation audit verifies actual payroll and classifications to calculate final premium.

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Workers Compensation

Wrap-up insurance is a consolidated insurance program covering multiple parties on a construction project, such as an OCIP or CCIP.

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Construction General Liability Workers Compensation