Rate Reinstatement Renewal Replacement Cost Insurance Riders Risk Robbery Salvage Schedule of Insurance Surety Bond Term Umbrella Insurance Underwriter Valuable Papers Coverage Waiver of Premium Workers’ Compensation Insurance Worldwide Coverage

Rate Common Definition: In fire and marine insurance, rate is the cost of a unit of insurance, e.g., the price of $100 of insurance for the terms specified. In casualty insurance, it is the cost per unit of the insurance company’s exposure to loss, e.g., workers’ compensation insurance rates are charged per $100 of payroll. Translation: A unit of cost that is used to determine how much you'll pay for your insurance.	back to top
Reinstatement Common Definition: The resumption of coverage under a policy that has lapsed. A provision is usually made for reinstating the policy to its original amount. Depending on policy conditions, it may be done automatically, either with or without premium consideration, or it may be done at the request of the insured. Translation: When a lapsed policy is restored and becomes active (in force) again.	back to top
Renewal Common Definition: Continuance of coverage beyond original terms signified by acceptance of a premium payment for a new term. Translation: A policy that is issued to renew one that is expiring.	back to top
Replacement Cost Insurance Common Definition: Insurance providing for replacement of the damaged property without deduction for depreciation. The usual replacement cost form requires that the property actually be replaced before the insured may collect a claim under it. It is primarily available only for buildings, with a few exceptions. Translation: An insurance provision that pays the actual cost to replace damaged property without deducting anything for its depreciation.	back to top
Riders Common Definition: Another term for “clauses” or “endorsements.” More specifically, they are forms of special provisions not contained in the basic policy contract. In bonding, and also in personal accident insurance, such added clauses are called “riders” rather than “endorsements.” Translation: A provision that is added to an insurance policy that may add some extra benefit, right or feature to the policy.	back to top
Risk Common Definition: 1) Uncertainty arising from the possible occurrence of given events. 2) The insured or the property to which an insurance policy relates. Translation: 1) Any chance of loss due to an unexpected hazard or peril. 2) Also used to refer to the insured or to the property covered by a policy.	back to top
Robbery Common Definition: Differs from larceny in that the theft is accomplished by stealth and the degree of crime is measured by the value of personal property taken. Robbery is commonly known as “holdup.” Translation: This is a criminal act when, by violence or threat of violence, one person takes the personal property of another.	back to top
Salvage Common Definition: The amount received by an insurer from the sale of property (usually damaged) on which the insurer has paid a total loss to the insured. Translation: The value of property after it has been partially damaged by fire or other perils.	back to top
Schedule of Insurance Common Definition: List of individual items covered under one policy, e.g., various buildings, animals and other property in farm insurance; or rings and bracelets, etc., insured under a jewelry floater. Translation: An itemized list of what the policy insures.	back to top
Surety Bond Common Definition: An agreement in writing whereby one party (surety) agrees to answer to a second party (obligee) for the debt, default or miscarriage of a third party (principal). Translation: A contract guaranteeing the performance of a specified obligation.	back to top
Term Common Definition: The length of a policy period. It also may refer to the length of time for which a specific coverage is provided, as in those situations where the term of the coverage is less than that of the entire policy. Translation: The period of time for which a policy provides insurance.	back to top
Umbrella Insurance Common Definition: Insurance that extends your coverage beyond the limits of your basic insurance policy. Translation: Insurance that kicks in once you've reached the limit of your basic policy. For example, if you suffered a $1 million dollar loss, and your property insurance covers $500,000, an umbrella policy could cover the remaining $500,000.	back to top
Underwriter Common Definition: Any individual in the insurance business who has the responsibility of accepting risks and of determining the amount of insurance the company will write on each acceptable risk. Translation: The person at an insurance company who decides whether or not to provide insurance to a business, how much insurance and at what cost.	back to top
Valuable Papers Coverage Common Definition: An "all risk" insurance coverage that covers the cost of researching and reconstructed damaged records. Translation: Insurance that protects your business' valuable documents, such as architectural drawings, law libraries, medical reference books, etc.	back to top
Waiver of Premium Common Definition: Nearly all life insurance companies will add to their contracts, upon payment of a small additional premium, a clause which provides that in the event the insured is totally and permanently disabled, his insurance policy will be continued in full force even though the necessity of paying further premiums is waived by the company during the disability period. Translation: A provision that states if the insured is totally and permanently disabled, the insurance policy will be continued in full force even if premiums are waived by the company during the disability period.	back to top
Workers’ Compensation Insurance Common Definition: Provides protection to workers for injuries or death arising by accident out of, and in the course of, employment. Translation: A type of insurance that provides benefits to workers if they become sick or injured on the job.	back to top
Worldwide Coverage Common Definition: In certain policies, worldwide coverage is provided, e.g., jewelry, furs, personal effects, and personal property floaters. Translation: Insurance coverage that covers the insured’s property on a worldwide basis.	back to top

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.