The value of property that is lost or damaged; usually determined as replacement cost minus depreciation.
An individual who sells insurance policies either independently or on behalf of an insurance company. Independent agents have relationships with multiple companies; captive agents represent only one company.
An estimate, usually performed by an impartial expert, of the value of property or the extent of property damage.
The party that is legally liable for damages resulting from an accident or incident.
Items that, in total, create the value of an individual’s owned property.
The individual or entity that is intended to receive the benefit of a life insurance policy, annuity, will, trust, or another contract.
A temporary form of agreement that declares there is an insurance policy in effect. Binders can be employed when the policy is not immediately able to be issued or endorsed. The intended insured is still protected.
A physical injury to a person, including disease or sickness.
Termination of an insurance contract before the date the policy is supposed to end.
An individual who is only able to sell and service insurance for a specific company.
An insurance company. See insurer.
A disastrous event (such as a tornado, hurricane, flood, hailstorm, or airplane crash) that affects a specific geographic area and causes significant loss, including property damage, injury, and/or death, to a number of people.
A policyholder’s request for the insurance company to provide compensation for covered losses.
The individual submitting a claim.
Insurance policies for businesses and business professionals.
In the insurance contract, the outline of the duties and responsibilities of the insured and the insurer.
In the insurance contract, the benefits and protection that are provided to the insured.
Harm or loss to a person or property.
Money that one party has a legal obligation to pay to another.
The date when an insurance policy is issued and coverage begins.
In the insurance policy, statements that identify the policyholder, the property covered by the policy, the policy period, the amount of coverage, and the premium amount.
The portion of a claim that the insured must pay out of pocket before the insurer will pay.
Property’s decrease in value due to wear and tear, time, or other causes. Typically not considered an insurable loss.
Loss that is caused by a covered peril.
A reduction to a policyholder’s premium amount if they maintain certain practices or fulfill certain conditions that result in reduced risk for the insurer.
In the insurance policy contract, any addition or amendment that adjusts the coverage or changes the policy’s terms.
In the insurance policy contract, a provision that indicates the terms in which coverage may be limited or denied.
The date when an insurance policy’s coverage runs out.
The policyholder’s risk of possible loss.
Any condition or circumstance that increases the chance of a loss occurring.
An individual who sells and services insurance policies on behalf of multiple companies.
Loss that results from but is not directly caused by a covered peril.
A system in which risk is transferred from an individual or business to an insurance company, which pools the risks of multiple people or businesses together. The insurance company agrees to reimburse policyholders for losses in exchange for the payment of a premium.
The person(s) or parties covered by an insurance policy. See policyholder.
A company that provides insurance coverage and pays for losses in the event of a claim.
A person or party’s possibility of financial responsibility.
Defined in the insurance policy, the maximum amount an insurer will pay for a covered loss.
Any property damage or bodily injury that is unplanned and undesired and results in measurable financial loss.
The price that property could be sold for in the open market.
Practices intended to reduce the amount of possible loss or prevent of the likelihood of loss.
In the insurance contract, the person or entity listed on the declarations page. See policyholder.
In the insurance contract, hazards that are explicitly listed as covered.
An event, accident, or exposure to harmful conditions which results in unexpected bodily injury or property damage.
Property and Casualty Insurance. A broad term to encompass types of insurance that protect the things you own (such as a home or vehicle) and offer liability protection if you’re found legally responsible for damage or injury to another person’s property or body.
A hazard that can cause loss such as property damage or bodily injury.
Property that does not fall under the category of real property and can be easily moved, such as furniture and other household items.
Visible damage to a vehicle, residential property, or personal property.
A written contract that makes an insurance agreement legal.
Any change made to your insurance contract during the policy period.
See named insured.
An insured person or entity, or an applicant for insurance, who presents a lower likelihood of risk than the standard insurance applicant.
The money that an insurance company charges in exchange for providing coverage.
Anything that can be valued. Includes real property and personal property.
Events covered under the insurance policy that are the immediate cause of loss or damage.
Property that consists of land and the permanent structures and items on it, including buildings, equipment, and machinery.
The cost of replacing damaged or destroyed property without depreciation factored in.
The possibility of loss due to a peril.
Identifying exposures to loss and treating those exposures.
The act of transferring the possible financial consequences of loss to another party, like an insurance company.
A certificate required by the state that verifies that a person maintains auto liability coverage.
An insured person or entity, or an applicant for insurance, who presents a normal level of risk and is deemed insurable at standard rates.
An insurer’s process of examining risk and determining whether or not it will provide coverage for an insurance applicant.
Property defacement or destruction.