Individual who sells and services insurance policies.

Usually refers to liability insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents might occur.

A survey by a claims representative or claims appraiser estimating the amount of damage to property and the cost to repair or the determination of a complete loss.

Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile.

Temporary insurance contract providing coverage until a permanent policy is issued.

Insurance salesperson that searches the marketplace in the interest of clients, not insurance companies.

A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy.

In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss.

Covers physical damage to the insured's automobile (other than that covered under comprehensive insurance) resulting from contact with another inanimate object.

Insurance coverage for businesses, commercial institutions, and professional organizations.

Covers physical damage to the insured’s automobile (other than that covered under collision insurance.) For example, fire damage, theft of the insured car or a cracked windshield would be covered under the comprehensive section.

The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification.

A proposed insured who is considered to present a risk that is too great for an insurer to cover.

Amount of loss that the insured pays before the insurance kicks in.

Insurance coverage that typically provides coverage beyond that of an underlying policy such as an automobile or homeowners policy.

Items or conditions that are not covered by the general insurance contract.

Measure of vulnerability to loss, usually expressed in dollars or units.

Pays a certain amount above the policy limit to replace a damaged home, generally 120 percent or 125 percent.

Federal Emergency Management Agency - A former independent agency that became part of the new Department of Homeland Security in March 2003 - is tasked with responding to, planning for, recovering from and mitigating against disasters.

A separate policy available to cover the value of goods beyond the coverage of a standard insurance policy such as jewelry or sports equipment.

Coverage for an insured when negligent acts result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.

A circumstance that increases the likelihood or probable severity of a loss. For example, the storing of explosives in a home basement is a hazard that increases the probability of an explosion.

Amount you must pay out-of-pocket before hurricane insurance will kick in. Many insurers in hurricane-prone states are selling homeowners insurance policies with percentage deductibles for storm damage. Percentage deductibles vary from 1% of a home's insured value to 15%, depending on many factors that differ by state and insurer.

A representative of the insurer who seeks to determine the extent of the insurer's liability for loss when a claim is submitted. Independent insurance adjusters are hired by insurance companies on an "as needed" basis and might work for several insurance companies at the same time. Public adjusters work for the insured in the settlement of claims and receive a percentage of the claim as their fee.

The amount of insurance written on property is approximately equal to its value. An insured most always wants to insure all property to value.

A person has an insurable interest in something when loss-of or damage-to that thing would cause the person to suffer a financial loss or other kind of loss.

Insurance coverage that offers protection against claims alleging that a property owner’s negligence or inappropriate action resulted in bodily injury or property damage to another party.

The dollar amount associated with a claim.

A misrepresentation that would affect the insurance company’s evaluation of a proposed insured.

A clause in an insurance policy that makes a claim jointly payable to the policyholder and the party that holds a mortgage on the property.

Perils specifically covered on insured property. If an unlisted peril strikes, no benefits are paid.

The program of flood insurance coverage and floodplain management administered under the Act and applicable Federal regulations promulgated in Title 44 of the Code of Federal Regulations, Subchapter B.

An event that triggers coverage under the policy. Occurrence is often associated with "accident"; however, some policies define occurrence to include "continuous or repeated exposure which results in bodily injury or property damage neither expected nor intended by the insured"

The cause of a possible loss.

Insurance for individuals and families, such as private-passenger auto and homeowners insurance.

A written contract of insurance describing the terms, coverage, endorsements, premiums and deductibles including all papers attached.

The date on which coverage under an insurance policy became effective.

The dollar amount paid for an insurance policy.

That part of the premium applicable to the unexpired part of the policy period.

The first layer of property or liability coverage regardless of other insurance policies in effect.

Refers to the action of keeping an active policy in place through acquiring a policy renewal.

The dollar amount needed to replace damaged personal property without reduction for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.

Listing specific personal property for a stated insured value. This is usually considered for valuable items that are subject to limited coverage.

Refers to an insurance company seeking reimbursement from the person or entity legally responsible for an accident after the insurer has paid out money on behalf of its insured.

When the insured property is totally destroyed or is damaged in such a way that it can be neither recovered nor repaired for further use. The term is also used to mean a loss requiring the maximum amount a policy will pay.

Extra liability in addition to your regular insurance policies. It may also provide added financial protection in the event that other policies cannot cover the loss.

The individual trained in evaluating risks and determining rates and coverages for them.

The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify.

Details the underwriting practices of an insurance company and provides specific guidance as to how underwriters should analyze all of the various types of applicants they might encounter.

The total premiums generated from all policies written by an insurance company within a given period of time.