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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.
Simply click on the first letter of the term you need defined below. Then select the word from the scrolling list. In seconds, we'll translate that term from insurance jargon into plain English.
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The date on which an insurance binder or policy goes into effect, and from which time protection is provided.
The date your insurance coverage begins.
There are many circumstances which require that a policy be changed, e.g., change of name, addition of property, change in coverage. Such changes are made by attaching to the policy an endorsement, a form bearing the language necessary to record the change.
Any written change to a policy that states certain terms and, when attached to the original policy, becomes a legal part of that policy.
This term is generally used to refer to coverage for liability arising out of errors or omissions in the performance of professional duties other than in the medical and legal profession. It would apply to services such as engineering, banking, accounting, insurance or real estate.
Insurance that protects the insured from lawsuits for making a mistake or forgetting to do something while performing professional services.
A policy or bond covering the insured against certain hazards, and applying only to loss or damage in excess of a stated amount. The risk of initial loss or damage (excluded from the excess policy or bond) may be carried by the insured himself, or may be insured by another policy or bond providing what is known as “primary insurance.”
Coverage for damages over and above those of specified primary policies.
A provision of an insurance policy or bond referring to hazards, circumstances or property not covered by the policy.
Conditions or circumstances, listed in the policy, for which the insurer will not provide coverage.
Refers chiefly to the state of being exposed to loss because of some hazard or contingency, such as an adjoining property from which a fire could spread to the property in question. It is also used as a measure of the rating units or the premium bases of a risk, e.g., an exposure of 15 vehicles, or a payroll exposure of $400,000.
Being at risk of loss because of some hazard or contingency.
A form of time element insurance that provides reimbursement to the insured for the extra expense reasonably incurred to continue the operation of a business when the property has been damaged by a cause of loss covered by the policy. It is not to be confused with business interruption insurance because it does not protect against interruption of business.
Pays for the additional cost a business incurs in order to continue operations or get the business up and running sooner (for example, rent for a temporary location, employee salaries, bills that still have to be paid regardless of the loss, etc.).
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.