The maximum total amount an insurer will pay for all claims under a policy during a policy period.
A claims professional who investigates and negotiates a settlement after a loss.
A policy feature where insurer and insured agree on the insured item’s value ahead of time (common for classic cars).
A process to determine the value of damaged property when the insurer and insured disagree on the loss amount.
A temporary, short-term insurance contract that provides immediate coverage until a formal policy is issued.
Auto policy coverage that pays for injuries to other people if you cause an accident.
Coverage that compensates lost income when a business cannot operate due to a covered loss.
A document proving a party has insurance—often required by clients, landlords, or contractors.
A request made to an insurer for payment or services under an insurance policy after a loss.
The process insurers use to evaluate and settle claims (investigation, liability, and payment).
Auto insurance that pays for damage to your vehicle when you collide with another object or vehicle.
Auto coverage for non-collision losses (theft, vandalism, storm damage, fire).
A policy that covers a condo owner’s interior structure, personal property, and liability.
A clause requiring the insured to carry a minimum percentage of coverage relative to property value or share costs.
The maximum amount an insurer will pay for a particular loss or policy period.
The amount you pay out of pocket before insurance benefits apply on a covered claim.
The loss in value of property over time; used to calculate actual cash value in claims.
Emergency services and restoration steps activated after storms, floods, fires, or large losses.
A policy amendment that adds, removes, or changes coverage terms.
Specific conditions or circumstances that are not covered by an insurance policy.
A specialized policy or endorsement that covers water damage from floods—typically excluded in homeowners policies.
Time allowed after a premium due date during which coverage remains in force before cancellation.
A combined policy protecting a dwelling, personal property, liability, and additional living expenses.
The date an insurance policy becomes effective.
A financial or ownership stake in property or life that justifies buying insurance.
The person(s) or entity specifically covered by the policy.
Coverage that pays for damage or injury you cause to others (medical costs, legal defense).
Reimbursement for living costs if your home is uninhabitable after a covered loss.
Policies designed to cover prefab or mobile homes and their unique risks.
Insurance that covers only the specific risks listed in the policy (e.g., fire, theft).
An event or series of events causing a loss; used to determine coverage under liability or property policies.
Coverage that protects against all losses except those specifically excluded in the policy.
Expenses the insured must pay directly (deductible, non-covered item).
The maximum amount the insurer will pay for a single event under a liability policy.
The price you pay for insurance coverage (monthly, quarterly, or annually).
Primary coverage pays first for a claim; secondary picks up remaining costs if limits are exceeded.
Coverage for professionals against claims of negligence or poor service.
Coverage for loss or damage to physical assets—homes, buildings, contents, and equipment.
A premium increase applied to drivers with prior at-fault accidents or violations.
The cost to replace or rebuild new property of similar kind and quality (no depreciation).
A policy that protects renters’ personal property and provides liability coverage.
Strategies and practices businesses use to reduce the likelihood or impact of losses.
A certificate of financial responsibility required for certain high-risk drivers by state regulations (state-dependent).
The insurer’s right to recover payments from a third party that caused a loss after paying your claim.
Extra liability coverage that extends beyond home or auto policies when limits are too low for your damages.
The process insurers use to evaluate risk and determine policy terms, premiums, and eligibility.
