<\/p>\n
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The current value of an item after depreciation. Related: Valued Policy<\/a>, Replacement Cost<\/a><\/p>\n The max amount your insurer will pay for all claims during your policy period. Often used in Liability Insurance<\/a>.<\/p>\n A math\/statistics expert who helps insurers predict Risk<\/a> and price policies. Related: Underwriting<\/a><\/p>\n The person who evaluates your Claim<\/a> and determines payout. Related: Subrogation<\/a><\/p>\n A licensed rep who helps you get insured. Related: Captive Agent<\/a>, Independent Agent<\/a><\/p>\n A financial product that pays regular income. Often used in retirement. Related: Variable Annuity<\/a><\/p>\n The form used to apply for coverage. Related: Policy<\/a>, Underwriting<\/a><\/p>\n An expert valuation, often required to insure high-value items. Related: Scheduled Personal Property<\/a><\/p>\n <\/p>\n <\/p>\n The person who receives the payout from your Life Insurance<\/a> policy.<\/p>\n Temporary coverage granted before a policy is finalized. Related: Underwriting<\/a>, Quote<\/a><\/p>\n A professional who compares policies across insurers for you. Not tied to a single company.<\/p>\n Covers lost income when your business can\u2019t operate due to a covered event. Related: Property Insurance<\/a><\/p>\n <\/p>\n <\/p>\n Works exclusively with one insurance company. Related: Agent<\/a>, Independent Agent<\/a><\/p>\n Protects against major financial losses from serious events like disasters or severe illness.<\/p>\n A formal request for your insurer to pay for a covered loss. Related: Adjuster<\/a>, Subrogation<\/a><\/p>\n You split the cost with your insurer after your Deductible<\/a> is met, often 80\/20 in health plans.<\/p>\n Covers your car if you hit another car or object. Part of Full Coverage<\/a>.<\/p>\n Covers non-collision damage like theft or hail. Also part of Full Coverage<\/a>.<\/p>\n Rules in your Policy<\/a> you must follow for coverage to remain active.<\/p>\n The protection you\u2019re buying. Related: Full Coverage<\/a>, Policy<\/a><\/p>\n <\/p>\n <\/p>\n The summary sheet at the start of your Policy<\/a>, listing coverages, limits, and insured parties.<\/p>\n What you pay before your insurer begins to cover a claim. Related: Premium<\/a>, Limit<\/a><\/p>\n Provides income if you\u2019re unable to work due to injury or illness. Related: Short-Term Disability Insurance<\/a><\/p>\n A refund paid by a Mutual Insurance Company<\/a> if it had fewer claims than expected.<\/p>\n <\/p>\n <\/p>\n A written change to your Policy<\/a> that adjusts coverage or conditions. Also called a Rider<\/a>.<\/p>\n Coverage for professionals accused of making a mistake or failing to deliver promised services. Common for insurance agents and consultants.<\/p>\n A condition or risk not covered by your Policy<\/a>. Related: Named Perils<\/a>, Peril<\/a><\/p>\n The final date of your policy\u2019s term unless it\u2019s Renewed<\/a>.<\/p>\n <\/p>\n The amount your Life Insurance<\/a> policy will pay upon death of the insured.<\/p>\n Protects against damage from rising water and flash floods. Not included in standard Homeowners Insurance<\/a>. Related: FEMA.gov<\/a><\/p>\n A set number of days to cancel a new Life Insurance<\/a> policy for a full refund, usually 10\u201330 days.<\/p>\n Refers to a mix of Liability<\/a>, Collision<\/a>, and Comprehensive<\/a> auto insurance. Not a formal policy name.<\/p>\n <\/p>\n Pays the difference between your car\u2019s actual value and what you still owe on your loan if it\u2019s totaled. Often bundled with Full Coverage<\/a>.<\/p>\n The extra time you have to pay your Premium<\/a> after the due date without losing coverage. Related: Lapse<\/a><\/p>\n Lets you increase your Life Insurance<\/a> or Disability<\/a> coverage later without a medical exam.<\/p>\n Pays to fully rebuild your home even if it costs more than your policy\u2019s stated Limit<\/a>. Related: Replacement Cost<\/a><\/p>\n <\/p>\n A condition that increases the chance of a loss. Example: old wiring increases fire risk. Related: Risk<\/a><\/p>\n Covers your home, belongings, and liability. May also pay for temporary housing after a disaster. Related: Property Insurance<\/a>, Flood Insurance<\/a><\/p>\n <\/p>\n An agent who works with multiple insurance companies and offers various policy options. Related: Agent<\/a>, Captive Agent<\/a><\/p>\n You must have a financial or legal connection to the insured person or item to take out a policy. Related: Insured<\/a><\/p>\n A score used to help determine your Premium<\/a>. Often based on your credit report and driving history<\/strong>. Related: Underwriting<\/a><\/p>\n The person, property, or entity protected by a Policy<\/a>. Related: Policyholder<\/a><\/p>\n The company that issues the insurance policy and pays claims. Also called the carrier.<\/p>\n <\/p>\n When a policy ends because you didn\u2019t pay your Premium<\/a> on time. Related: Grace Period<\/a><\/p>\n Covers injury or damage you cause to others. Includes legal defense. Related: Umbrella Policy<\/a><\/p>\n Pays a Beneficiary<\/a> when the insured person dies. Related: Term Life<\/a>, Whole Life<\/a>, Free Look<\/a><\/p>\n The most your policy will pay for a covered loss. Related: Deductible<\/a>, Guaranteed Replacement Cost<\/a><\/p>\n Pays for services like assisted living, home health care, or nursing home care for chronic conditions.<\/p>\n Damage, injury, or other financial harm that results in a Claim<\/a>. Related: Risk<\/a>, Subrogation<\/a><\/p>\n <\/p>\n Pays for medical costs if someone is hurt in your car, regardless of fault. Related: PIP<\/a>, No-Fault Insurance<\/a><\/p>\n Pays your mortgage lender if you die or become disabled. Related: Homeowners Insurance<\/a>, Property Insurance<\/a><\/p>\n A discount for bundling two or more policies (like home + auto) with the same insurer.<\/p>\n <\/p>\n The individual or business listed on the policy who has full rights and coverage.<\/p>\n Specific risks listed in your policy that are covered. Anything not named is excluded. Related: Exclusion<\/a>, Peril<\/a><\/p>\n Your own insurer pays your medical bills, regardless of who caused the accident. Related: Medical Payments<\/a>, PIP<\/a><\/p>\n When your insurer chooses not to renew your policy when it expires.<\/p>\n <\/p>\n A cause of loss, such as fire, theft, or hail. Related: Named Perils<\/a>, Exclusion<\/a><\/p>\n A type of Auto Insurance<\/a> that covers medical costs and lost wages no matter who caused the accident. Related: No-Fault Insurance<\/a>, Medical Payments<\/a><\/p>\n Covers veterinary costs if your dog, cat, or other pet gets sick or injured. Some plans include wellness visits too.<\/p>\n The legal contract between you and your insurer. It explains your Coverage<\/a>, Deductible<\/a>, Exclusions<\/a>, and more.<\/p>\n The person or entity who owns the Policy<\/a> and is responsible for paying the Premium<\/a>.<\/p>\n The price you pay (monthly or annually) to keep your policy active. Related: Deductible<\/a>, Quote<\/a>, Grace Period<\/a><\/p>\n Covers your physical assets, like a house, building, or business contents. Related: Homeowners Insurance<\/a>, Mortgage Insurance<\/a><\/p>\n <\/p>\n An estimate of how much a policy will cost based on your personal and risk information. Related: Premium<\/a>, Binding<\/a>, Policy<\/a><\/p>\n <\/p>\n The cost per unit of insurance used to calculate your Premium<\/a>.<\/p>\n The continuation of your policy for a new term. You may receive an updated Premium<\/a> or changes to your Limit<\/a>.<\/p>\n Covers your belongings and liability while renting. Related: Property Insurance<\/a><\/p>\n The amount it would take to replace damaged property with new property of similar kind and quality. Related: Actual Cash Value<\/a>, Guaranteed Replacement Cost<\/a><\/p>\n An optional add-on to a policy that modifies coverage. Related: Endorsement<\/a><\/p>\n The chance of experiencing a loss. Related: Hazard<\/a>, Risk Assessment<\/a><\/p>\n The process insurers use to evaluate your likelihood of a claim. Related: Underwriting<\/a>, Insurance Score<\/a><\/p>\n <\/p>\n Extra protection for valuable items like jewelry or artwork. Often requires an Appraisal<\/a>.<\/p>\n Covers part of your income for a limited time if you can\u2019t work. Related: Disability Insurance<\/a><\/p>\n When your insurer pays your Claim<\/a> and then seeks reimbursement from the party at fault. Related: Loss<\/a><\/p>\n An additional charge added to your Premium<\/a> because of increased risk \u2014 like accidents or violations.<\/p>\n A fee for early withdrawal from certain life insurance or annuity policies. Related: Viatical Settlement<\/a><\/p>\n <\/p>\n Covers you for a set period like 10 or 20 years. Related: Life Insurance<\/a><\/p>\n When repairing something costs more than it\u2019s worth. Applies to vehicles and homes.<\/p>\n <\/p>\n Provides extra liability protection that kicks in after your other limits are maxed out. Often applies to Homeowners<\/a>, Auto<\/a>, and Renters<\/a>.<\/p>\n Helps when another driver causes damage but doesn\u2019t have enough insurance. Related: Uninsured Motorist<\/a><\/p>\n The insurer\u2019s process for evaluating your risk and deciding your Premium<\/a>. Related: Risk Assessment<\/a><\/p>\n Helps pay for your injuries or damages if you’re hit by someone who has no insurance.<\/p>\n A flexible Life Insurance<\/a> policy with adjustable premiums and a cash value component.<\/p>\n <\/p>\n Pays the face value of the policy in a total loss, regardless of actual cost. Related: ACV<\/a>, Replacement Cost<\/a><\/p>\n When Life Insurance<\/a> dividends are large enough to cover future premiums.<\/p>\n An annuity with investment options that fluctuate based on market performance.<\/p>\n A policy with investment-linked cash value that changes based on fund performance. Related: Universal Life Insurance<\/a><\/p>\n The sale of a life policy by someone terminally ill to a third party for less than the death benefit.<\/p>\n A policy that\u2019s invalid, usually because of fraud or misrepresentation during the application.<\/p>\n <\/p>\n The time you must wait before certain coverages start. Often used in health or Life Insurance<\/a> policies.<\/p>\n A feature that pauses your Premium<\/a> payments if you become disabled but keeps your policy active.<\/p>\n Permanent coverage with a savings component that builds cash value. Related: Life Insurance<\/a><\/p>\n Covers wage loss and medical bills for employees hurt on the job. Often required for businesses.<\/p>\nAggregate Limit<\/h4>\n
Actuary<\/h4>\n
Adjuster<\/h4>\n
Agent<\/h4>\n
Annuity<\/h4>\n
Application<\/h4>\n
Appraisal<\/h4>\n
B<\/h2>\n
Beneficiary<\/h4>\n
Binding<\/h4>\n
Broker<\/h4>\n
Business Interruption Insurance<\/h4>\n
C<\/h2>\n
Captive Agent<\/h4>\n
Catastrophic Coverage<\/h4>\n
Claim<\/h4>\n
Coinsurance<\/h4>\n
Collision Coverage<\/h4>\n
Comprehensive Coverage<\/h4>\n
Conditions<\/h4>\n
Coverage<\/h4>\n
D<\/h2>\n
Declarations Page<\/h4>\n
Deductible<\/h4>\n
Disability Insurance<\/h4>\n
Dividend<\/h4>\n
E<\/h2>\n
Endorsement<\/h4>\n
Errors and Omissions Insurance<\/h4>\n
Exclusion<\/h4>\n
Expiration Date<\/h4>\n
F<\/h2>\n
Face Value<\/h4>\n
Flood Insurance<\/h4>\n
Free Look Period<\/h4>\n
Full Coverage<\/h4>\n
G<\/h2>\n
Gap Insurance<\/h4>\n
Grace Period<\/h4>\n
Guaranteed Insurability<\/h4>\n
Guaranteed Replacement Cost<\/h4>\n
H<\/h2>\n
Hazard<\/h4>\n
Homeowners Insurance<\/h4>\n
I<\/h2>\n
Independent Agent<\/h4>\n
Insurable Interest<\/h4>\n
Insurance Score<\/h4>\n
Insured<\/h4>\n
Insurer<\/h4>\n
L<\/h2>\n
Lapse<\/h4>\n
Liability Insurance<\/h4>\n
Life Insurance<\/h4>\n
Limit<\/h4>\n
Long-Term Care Insurance<\/h4>\n
Loss<\/h4>\n
M<\/h2>\n
Medical Payments Coverage<\/h4>\n
Mortgage Insurance<\/h4>\n
Multi-Policy Discount<\/h4>\n
N<\/h2>\n
Named Insured<\/h4>\n
Named Perils<\/h4>\n
No-Fault Insurance<\/h4>\n
Non-Renewal<\/h4>\n
P<\/h2>\n
Peril<\/h4>\n
Personal Injury Protection (PIP)<\/h4>\n
Pet Insurance<\/h4>\n
Policy<\/h4>\n
Policyholder<\/h4>\n
Premium<\/h4>\n
Property Insurance<\/h4>\n
Q<\/h2>\n
Quote<\/h4>\n
R<\/h2>\n
Rate<\/h4>\n
Renewal<\/h4>\n
Renters Insurance<\/h4>\n
Replacement Cost<\/h4>\n
Rider<\/h4>\n
Risk<\/h4>\n
Risk Assessment<\/h4>\n
S<\/h2>\n
Scheduled Personal Property<\/h4>\n
Short-Term Disability Insurance<\/h4>\n
Subrogation<\/h4>\n
Surcharge<\/h4>\n
Surrender Charge<\/h4>\n
T<\/h2>\n
Term Life Insurance<\/h4>\n
Total Loss<\/h4>\n
U<\/h2>\n
Umbrella Policy<\/h4>\n
Underinsured Motorist Coverage<\/h4>\n
Underwriting<\/h4>\n
Uninsured Motorist Coverage<\/h4>\n
Universal Life Insurance<\/h4>\n
V<\/h2>\n
Valued Policy<\/h4>\n
Vanishing Premium<\/h4>\n
Variable Annuity<\/h4>\n
Variable Life Insurance<\/h4>\n
Viatical Settlement<\/h4>\n
Void<\/h4>\n
W<\/h2>\n
Waiting Period<\/h4>\n
Waiver of Premium<\/h4>\n
Whole Life Insurance<\/h4>\n
Workers\u2019 Compensation Insurance<\/h4>\n