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Is your current insurance policy Greek to you? Has a client demanded you have a type of coverage you've never heard of? Whenever you stumble over insurance jargon, click on this translator tool. It contains plain English definitions of hundreds of insurance terms.
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Contractual Liability Insurance
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Insurance covering goods being transported, as on ships, motor trucks, railroads or airplanes.
Coverage for transported goods.
The insurance company the provides that stated insurance coverage
The insurance company
Evidence that an insurance policy has been issued, showing the amount and type of insurance provided. It may be used as evidence of reinsurance between companies, and it is the document containing specific details of property covered by Master or Open Policies. Marine insurance copies marked “original” and “duplicate” are issued as negotiable documents.
A printed certificate that states the essential provisions of your coverage, often required by customers who want proof you have insurance.
In reference to insurance, a claim may be a demand by an individual or a corporation to recover, under a policy of insurance, for loss that may come within that policy. Or it may be a demand by an individual or an entity against an insured for damages covered by a policy held by the insured. In the latter case, claims are referred to the insurance company for handling on behalf of the insured, in accordance with the contract terms.
When you suffer a financial loss and report it to the insurance company in hopes your insurance will reimburse you for your loss.
Claims-made is a type of policy that limits coverage to only claims that are made during the policy period. All liability insurance will pay claims made during the policy period, but occurrence will also pay after the policy period.
Liability insurance that applies to a claim which is made during the policy period.
A policy provision requiring the insured to carry insurance equal to a specified percentage of the value of the property covered. The inclusion of this provision, whether mandatory or optional, usually gives to the insured rates lower than would otherwise apply. However, in many parts of the country it is not generally used in policies covering dwellings and their contents or unprotected property since no rate credit is allowed. It provides for the full payment, up to the amount of the policy, of all losses if the insured has insurance at least equal to the specified percentage of the value of the property covered, or if the loss is equal to or exceeds the coinsurance percentage of the value of the property covered. The loss payment, in the case of most partial losses, is reduced proportionately if the amount of insurance falls short of the named percentage.
A provision in an insurance policy that specifies the insured will buy insurance equal to a specified percentage of the value of his/her property.
Covers damage to the insured object caused by collision with any object, stationary or moving.
Also known as physical damage on commercial auto policies, this coverage pays for the repair of a car after a crash.
Any form of insurance that is required by law. In Massachusetts and New York, for example, automobile liability insurance is compulsory for all owners of automobiles.
Insurance you're required by law to purchase.
A transportation company which carries the goods of only certain customers under a specific contract and not of the public in general, as does a common carrier.
A transportation company that carries the goods of only certain customers and not the public in general.
This is an additional coverage for a specific exposure for which the basic liability policy does not provide. It may be obtained for an additional premium.
Insurance that protects you when you sign a contract and agree to accept legal responsibility for specified actions.
In insurance practice, the word “coverage” is used synonymously with “insurance” or “protection.”
A term that refers to what's "covered" by the insurance policy.
This document outlines in general terms the coverages that may be afforded under a Hartford policy. All policies must be examined carefully to determine suitability for your needs and to identify any exclusions, limitations or any other terms and conditions that may specifically affect coverage. In the event of a conflict, the terms and conditions of the policy prevail. All Hartford coverages described in this document may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc.
USAA is acting as an agent through its insurance agency affiliate, USAA General Agency, Inc. or USAA Insurance Agency, Inc. The USAA Business Insurance Program offered through the agency affiliate is available only to persons eligible for USAA membership. The Hartford Fire Insurance Company and its affiliates provide the insurance for this program. All insurance applications are subject to underwriting to determine acceptability. Product availability and coverage may vary by state. Insurance descriptions are general in nature. Please refer to your policy for full disclosure of coverages, limitations and conditions.