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Insurance Glossary

This insurance glossary is for information purposes only. These definitions in this glossary do not replace or otherwise alter the definitions and information that appear in individual insurance policies.

ACTUAL CASH VALUE (ACV) - The value of the property lost or damaged at the time of the loss.

ADDITIONS AND ALTERATIONS COVERAGE - Protects the insured after a loss for any additions, alterations and improvements made to their unit.

AUTO INSURANCE - Provides coverage for insured’s liability and property damage to others as well as optional physical damage from collision, fire, theft or vandalism. 

 

BOAT INSURANCE - Provides coverage for insured’s liability and property damage to others as well as optional physical damage from collision, fire, theft or vandalism.

BUSINESS INSURANCE - Provides coverage for injury or damage caused to others by you or your employees, resulting from your business operations including your premises, your products, and your operations or services.

 

COINSURANCE - A fixed percentage of the eligible medical expenses the insured is required to pay, in excess of any deductible.

COLLISION COVERAGE - Protects against loss resulting from any damage to the insured car caused by collision with another auto or object regardless of fault.

COMMERCIAL AUTO INSURANCE - Provides coverage for a business auto for bodily injury to others and damage to property.

COMPREHENSIVE COVERAGE - Protects against loss other than collision resulting from damage, theft or vandalism to the insured auto.

CONDO INSURANCE - Provides coverage from the walls in, your contents and liability for a condo that is owner occupied.

CONDO RENTED TO OTHERS INSURANCE - Provides coverage from the walls in, your contents and liability for a condo that is rented to another.

CONTENTS COVERAGE - Protects against the loss of or damage to personal property.


DEATH BENEFIT - The amount of money paid to a beneficiary on the insured's death.

DEDUCTIBLE - The portion of eligible medical expenses in a calendar year that an enrollee must pay before any benefits are paid.

DISABILITY PAYMENT - Protects the insured with periodic payments if they become disabled.

DISABILITY INSURANCE - Provides coverage to replace income if a insured is unable to work as a result of illness, injury or disease.

DWELLING INSURANCE - Provides coverage to replace a dwelling in the event of a covered loss.


FLOOD INSURANCE - Protects against loss resulting from a flood for a insured's dwelling and personal property.

FULL GLASS COVERAGE - Replacement of auto glass due to loss or damage.

 

GUEST PASSENGER LIABILITY COVERAGE - Protects the insured from financial loss for injuries to a passenger in an accident which the driver was at fault.

 

HEALTH INSURANCE - Provides coverage designed to protect against financial losses resulting from sickness or accidental bodily injury.

HOME INSURANCE - Provides coverage for your dwelling, contents and liability for a home that is owner occupied.

HOME RENTED TO OTHERS INSURANCE - Provides coverage for your dwelling, contents and liability for a home that is rented to another.


JET SKI INSURANCE - Provides coverage for insured’s liability and property damage to others as well as optional physical damage from collision, fire, theft or vandalism.


LIABILITY COVERAGE - Protects the insured from financial loss due to injuries to other persons.

LIFE INSURANCE - Provides a payment of a specified amount to an insured's designated beneficiary when they die.

LOSS ASSESSMENT COVERAGE - Protects the insured from fees assessed by a condominium or homeowner association.

LOSS OF RENTS COVERAGE - Protects the insured with replacement income during a covered loss for a vacant rental building.

LOSS OF USE COVERAGE - Protects the insured with living expenses if a home becomes uninhabitable because of a covered loss.


MEDICAL PAYMENTS COVERAGE (AUTO) - Protects the insured's and passengers expenses incurred in the event of an accident, regardless of who is at fault.

MEDICAL COVERAGE (HOME) - Provides payment for medical expenses of guests at your home resulting from an accident on your property.

MOBILE HOME INSURANCE - Provides coverage for your mobile home, contents and liability for a mobile home that is owner occupied.

MOTORCYCLE INSURANCE - Provides coverage for insured’s liability and property damage to others as well as optional physical damage from collision, fire, theft or vandalism.

 

OTHER STRUCTURES COVERAGE - Protects the insured’s detached structures on the insured property.

 

PROPERTY DAMAGE COVERAGE - Protects the insured's legal liability for damage by an insured automobile to the property of another.


RENTAL REIMBURSEMENT COVERAGE - Reimburses auto rental expense for a replacement auto up to the selected limit.

RENTERS INSURANCE - Provides coverage for your contents and liability of a rented property.

REPLACEMENT COST - The cost of replacing damaged or destroyed property without deduction for depreciation in the value of the property.

RV MOTOR HOME INSURANCE - Provides coverage for insured’s liability and property damage to others as well as optional physical damage from collision, fire, theft or vandalism.


SCHEDULED PROPERTY - Listing specific stated value for property that otherwise has limited coverage.

SNOWMOBILE INSURANCE - Provides coverage for insured’s liability and property damage to others as well as optional physical damage from collision, fire, theft or vandalism.


TERM LIFE INSURANCE COVERAGE - Protects the insured’s beneficiary with a specific death benefit payable if the inured dies within a specified policy period.

TOWING COVERAGE - Reimburses towing expense from the location of your disabled vehicle.

 

UMBRELLA INSURANCE - Provides for losses in excess of amounts covered by other liability insurance policies.

UNINSURED / UNDERINSURED COVERAGE - Protects the insured and passengers for bodily injury caused by the operator of an uninsured or underinsured auto.

UNIVERSAL LIFE INSURANCE COVERAGE - Protects the insured’s beneficiary with a flexible death benefit payable on the insured’s death.


WHOLE LIFE INSURANCE COVERAGE - Protects the insured’s beneficiary with a specific death benefit payable on the insured’s death.

WORKERS COMPENSATION INSURANCE - Provides protection for employers to pay benefits and furnish care to employees injured and to pay benefits to dependents of employees.