Insurance Glossary

An unexpected event or circumstance without deliberate intent that results in injury, damage, or loss.

Insurance coverage for unforeseen bodily injury resulting from an accident.

A business professional who analyzes probabilities of risk and risk management, including calculation of premiums, dividends, and other applicable insurance industry standards.

A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.

The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.

A financial product that provides regular payments to an individual, typically used for retirement income.

An insurance company licensed and approved by a state's insurance department to do business in that state, subject to state regulation and guaranty fund protection.

A person or entity added to an insurance policy who receives coverage under that policy, commonly required in contracts and leases.

The maximum amount an insurance policy will pay for all covered losses during a policy period, regardless of the number of claims.

An industry standard form used to create a certificate of insurance (COI). This form provides proof of insurance coverage and is commonly required by clients, contractors, or landlords.

The maximum amount an insurer will pay for covered losses over a specified period of time, typically the policy term. Once this limit is reached, no additional claims will be paid during that period.

An assessment of a property's value by an independent professional, often required for insurance purposes to determine appropriate coverage limits or claim settlements.

An alternative to going to court where a neutral third-party is used to settle a dispute between an insurer and a policyholder, typically regarding claim settlements or coverage interpretations.

A provision that allows terminally ill policyholders to receive a portion of their life insurance death benefit before death to help cover medical or end-of-life expenses.

An auto insurance feature that prevents your premium from increasing after your first at-fault accident, helping maintain your good driver discount.

An industry standard form used to create a certificate of insurance (COI). This form provides proof of insurance coverage and is commonly required by clients, contractors, or landlords.

The maximum amount an insurer will pay for covered losses over a specified period of time, typically the policy term. Once this limit is reached, no additional claims will be paid during that period.

An assessment of a property's value by an independent professional, often required for insurance purposes to determine appropriate coverage limits or claim settlements.

An alternative to going to court where a neutral third-party is used to settle a dispute between an insurer and a policyholder, typically regarding claim settlements or coverage interpretations.

A provision that allows terminally ill policyholders to receive a portion of their life insurance death benefit before death to help cover medical or end-of-life expenses.

An auto insurance feature that prevents your premium from increasing after your first at-fault accident, helping maintain your good driver discount.

The person or entity designated to receive the benefits or proceeds from an insurance policy.

Coverage that compensates a business for lost income during periods when operations are suspended due to covered perils such as fire, natural disaster, or other insured events.

A bundled insurance package (BOP) that combines commercial property insurance, general liability coverage, and business interruption insurance at a discounted rate for small to medium-sized businesses.

Specialized property insurance that covers buildings under construction, including materials, fixtures, and equipment, against damage from fire, theft, vandalism, and weather.

Insurance that reimburses a business for lost income and continuing expenses during periods when operations are suspended due to covered property damage.

A temporary insurance contract that provides coverage until a formal policy is issued, typically valid for 30 to 90 days.

A specialized type of property insurance designed to cover materials, fixtures, and equipment used in the building or renovation of a structure in case of loss or damage during construction.

Also known as Business Income Insurance, this coverage helps cover a business's income and operational expenses when operations must be suspended due to a covered loss, such as after a fire or property damage.

Coverage for the cost to repair or replace business property such as computers, furniture, and inventories if they're lost, damaged, or stolen. Generally does not cover property stolen by an employee.

Physical injury, sickness, or disease sustained by a person, typically covered under liability insurance policies when the insured is legally responsible for causing the injury.

Coverage for lost, stolen, or damaged luggage and personal items during travel, typically included in comprehensive travel insurance policies.

A surety bond submitted with a construction bid that guarantees the bidder will enter into the contract and provide required performance and payment bonds if awarded the project.

A specialized type of property insurance designed to cover materials, fixtures, and equipment used in the building or renovation of a structure in case of loss or damage during construction.

Also known as Business Income Insurance, this coverage helps cover a business's income and operational expenses when operations must be suspended due to a covered loss, such as after a fire or property damage.

Coverage for the cost to repair or replace business property such as computers, furniture, and inventories if they're lost, damaged, or stolen. Generally does not cover property stolen by an employee.

Physical injury, sickness, or disease sustained by a person, typically covered under liability insurance policies when the insured is legally responsible for causing the injury.

Coverage for lost, stolen, or damaged luggage and personal items during travel, typically included in comprehensive travel insurance policies.

A surety bond submitted with a construction bid that guarantees the bidder will enter into the contract and provide required performance and payment bonds if awarded the project.

A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

Insurance coverage that pays for damage to your vehicle resulting from a collision with another vehicle or object.

Insurance coverage for damage to your vehicle from causes other than collision, such as theft, vandalism, fire, weather events, or hitting an animal.

A fixed amount you pay for a covered health care service, usually when you receive the service.

The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.

A cost-sharing arrangement where the insured pays a specified percentage of covered expenses after the deductible is met.

The savings component of a permanent life insurance policy that accumulates over time and can be borrowed against or withdrawn.

Insurance that protects businesses against claims of bodily injury, property damage, personal injury, and advertising injury that occur during normal business operations.

Insurance that covers buildings, equipment, inventory, and other physical assets owned or used by a business against damage from fire, theft, vandalism, and other covered perils.

Coverage that protects businesses against losses from data breaches, cyberattacks, network security failures, and privacy violations.

Insurance coverage for vehicles owned or used by a business, providing liability, collision, and comprehensive coverage for business vehicles and drivers.

Additional liability coverage that extends beyond the limits of a business's primary liability policies, providing extra protection against large claims.

Coverage that protects businesses against losses from criminal acts such as theft, burglary, robbery, forgery, and computer fraud.

Coverage that protects a business against income loss when operations are disrupted due to damage at a supplier's, customer's, or other dependent business location.

Comprehensive coverage for construction contractors including general liability, workers' compensation, tools and equipment coverage, and professional liability for design-build projects.

The sum of the loss ratio and expense ratio, measuring an insurer's overall underwriting profitability. A ratio below 100% indicates underwriting profit.

An insurance company created and owned by a business or group of businesses to insure their own risks, providing more control over coverage and potential cost savings.

A document issued by an insurer or agent that verifies the existence of insurance coverage and summarizes key policy information for third parties.

An insurance policy that covers claims only if both the incident and the claim occur during the policy period or extended reporting period.

A person or entity who has a certificate of insurance (COI) in their possession, which could be the policyholder or someone who requested proof of insurance. Being a certificate holder does not necessarily mean coverage under the policy.

The person or business that makes a claim to the insured person or their insurance company, seeking compensation for damages or losses.

A type of insurance policy that covers claims that are made against the insured during the policy period, regardless of when the incident occurred. Claims made after the policy ends would not be covered unless tail coverage is purchased.

The type of industry a business falls into, such as 'construction' or 'professional services.' Used by insurers to determine risk levels and set coverage limits and premium costs.

The savings component of permanent life insurance policies that accumulates over time and can be borrowed against or withdrawn by the policyholder.

Insurance coverage for vehicles owned by a business and used for business purposes, providing higher liability limits and different coverage than personal auto policies.

Coverage that protects businesses against financial losses from employee theft, forgery, fraud, robbery, and other criminal acts.

A person or entity who has a certificate of insurance (COI) in their possession, which could be the policyholder or someone who requested proof of insurance. Being a certificate holder does not necessarily mean coverage under the policy.

The person or business that makes a claim to the insured person or their insurance company, seeking compensation for damages or losses.

A type of insurance policy that covers claims that are made against the insured during the policy period, regardless of when the incident occurred. Claims made after the policy ends would not be covered unless tail coverage is purchased.

The type of industry a business falls into, such as 'construction' or 'professional services.' Used by insurers to determine risk levels and set coverage limits and premium costs.

The savings component of permanent life insurance policies that accumulates over time and can be borrowed against or withdrawn by the policyholder.

Insurance coverage for vehicles owned by a business and used for business purposes, providing higher liability limits and different coverage than personal auto policies.

Coverage that protects businesses against financial losses from employee theft, forgery, fraud, robbery, and other criminal acts.

The amount you must pay out-of-pocket before your insurance coverage begins to pay for covered losses.

The decrease in value of property over time due to wear, tear, age, or obsolescence.

Insurance that provides income replacement if you become unable to work due to illness or injury.

The amount paid to beneficiaries upon the death of the insured under a life insurance policy.

Liability insurance that protects the personal assets of corporate directors and officers if they are sued for alleged wrongful acts in managing a company.

Specialized coverage for childcare facilities including general liability, abuse and molestation coverage, property insurance, and professional liability for educational services.

The amount of money paid to beneficiaries upon the death of the insured person under a life insurance policy.

The part of a homeowners or renters insurance policy that covers damage to the physical structure of your home, including walls, roof, and built-in appliances.

The amount of money paid to beneficiaries upon the death of the insured person under a life insurance policy.

The part of a homeowners or renters insurance policy that covers damage to the physical structure of your home, including walls, roof, and built-in appliances.

Specific conditions, circumstances, or types of losses that are not covered by an insurance policy.

A written amendment or addition to an insurance policy that modifies the coverage, terms, or conditions.

Coverage that protects businesses against claims by employees alleging discrimination, wrongful termination, harassment, or other employment-related issues.

Professional liability coverage that protects service providers against claims of inadequate work, negligent actions, or failure to perform services as promised.

Insurance that pays for additional costs incurred to continue business operations following a covered loss, such as renting temporary space or equipment.

Coverage for repair or replacement of mechanical and electrical equipment that breaks down due to internal causes such as motor burnout, electrical arcing, or mechanical failure.

Short-term coverage for special events including general liability, liquor liability, event cancellation, and property coverage for rented equipment and venues.

Exclusive Provider Organization - a health insurance plan that covers services only if you use doctors, specialists, or hospitals in the plan's network, except in emergencies.

Insurance that covers the cost of repairing or replacing home systems and appliances that break down due to mechanical or electrical failure, such as HVAC systems or water heaters.

Coverage that pays more than the dwelling coverage limit (typically 125-150%) to rebuild your home if construction costs have increased since the policy was written.

Separate coverage for damage caused by earthquakes, typically not included in standard homeowners policies and requiring a separate policy or endorsement with its own deductible.

Coverage that protects businesses against claims by employees alleging discrimination, wrongful termination, harassment, or other employment-related issues.

Exclusive Provider Organization - a health insurance plan that covers services only if you use doctors, specialists, or hospitals in the plan's network, except in emergencies.

Insurance that covers the cost of repairing or replacing home systems and appliances that break down due to mechanical or electrical failure, such as HVAC systems or water heaters.

Coverage that pays more than the dwelling coverage limit (typically 125-150%) to rebuild your home if construction costs have increased since the policy was written.

Separate coverage for damage caused by earthquakes, typically not included in standard homeowners policies and requiring a separate policy or endorsement with its own deductible.

Coverage that protects businesses against claims by employees alleging discrimination, wrongful termination, harassment, or other employment-related issues.

Specialized insurance coverage for property damage caused by flooding, typically not covered by standard homeowners insurance.

Insurance that protects a business against losses caused by employee dishonesty, theft, fraud, or embezzlement.

Coverage that protects those who manage employee benefit plans against claims of mismanagement, breach of fiduciary duty, or errors in plan administration.

Coverage for gyms and fitness facilities including general liability, professional liability for trainers, property coverage for equipment, and sexual abuse and molestation coverage.

An employer-sponsored account that allows employees to set aside pre-tax dollars for eligible healthcare or dependent care expenses, with use-it-or-lose-it provisions.

Commercial auto insurance that covers multiple vehicles (typically 5 or more) owned by a business under a single policy, often at discounted rates.

Coverage for businesses that manage employee benefit plans, protecting against claims of mismanagement or breach of fiduciary duty under ERISA.

Insurance that protects businesses against losses caused by fraudulent or dishonest acts by employees, including theft and embezzlement.

An employer-sponsored account that allows employees to set aside pre-tax dollars for eligible healthcare or dependent care expenses, with use-it-or-lose-it provisions.

Commercial auto insurance that covers multiple vehicles (typically 5 or more) owned by a business under a single policy, often at discounted rates.

Coverage for businesses that manage employee benefit plans, protecting against claims of mismanagement or breach of fiduciary duty under ERISA.

Insurance that protects businesses against losses caused by fraudulent or dishonest acts by employees, including theft and embezzlement.

A specified period after a premium payment is due during which the policy remains in force without penalty.

Insurance coverage for golf carts used on golf courses or private property, typically including liability, physical damage, and medical payments. May be covered under homeowners insurance or require separate policy.

Specialized coverage for auto repair shops, dealerships, and parking garages, protecting against liability claims arising from business operations and customer vehicles.

Coverage that protects auto repair shops and parking facilities against liability for damage to customers' vehicles while in their care, custody, or control.

Auto insurance coverage that pays the difference between what you owe on your car loan or lease and the vehicle's actual cash value if it's totaled or stolen.

Life insurance that doesn't require a medical exam or health questions, guaranteeing acceptance but typically offering lower coverage amounts and higher premiums.

The most comprehensive coverage that pays whatever it costs to rebuild your home to its original condition, even if it exceeds your policy limits, regardless of construction cost increases.

Auto insurance coverage that pays the difference between what you owe on your car loan or lease and the vehicle's actual cash value if it's totaled or stolen.

Life insurance that doesn't require a medical exam or health questions, guaranteeing acceptance but typically offering lower coverage amounts and higher premiums.

The most comprehensive coverage that pays whatever it costs to rebuild your home to its original condition, even if it exceeds your policy limits, regardless of construction cost increases.

A condition or situation that increases the likelihood or potential severity of a loss.

Insurance coverage that protects your home and personal property against damage, theft, and liability claims.

Comprehensive coverage for hotels, motels, and lodging businesses including property, general liability, liquor liability, employment practices liability, and business interruption.

Health Maintenance Organization - a type of health insurance plan that requires members to use network providers and obtain referrals from a primary care physician to see specialists.

A health insurance plan with lower premiums and higher deductibles than traditional plans, often paired with a Health Savings Account (HSA) for tax-advantaged savings.

A tax-advantaged savings account available to individuals enrolled in high-deductible health plans, allowing pre-tax contributions for qualified medical expenses.

A separate deductible that applies specifically to hurricane damage, typically a percentage of the dwelling coverage (2-5%), and only triggered when a hurricane is officially declared.

Business insurance that covers liability for vehicles rented by the company or employees' personal vehicles used for business purposes.

Health Maintenance Organization - a type of health insurance plan that requires members to use network providers and obtain referrals from a primary care physician to see specialists.

A health insurance plan with lower premiums and higher deductibles than traditional plans, often paired with a Health Savings Account (HSA) for tax-advantaged savings.

A tax-advantaged savings account available to individuals enrolled in high-deductible health plans, allowing pre-tax contributions for qualified medical expenses.

A separate deductible that applies specifically to hurricane damage, typically a percentage of the dwelling coverage (2-5%), and only triggered when a hurricane is officially declared.

Business insurance that covers liability for vehicles rented by the company or employees' personal vehicles used for business purposes.

Compensation for loss or damage, restoring the insured to their financial position before the loss occurred.

The person or entity covered by an insurance policy and protected against specified losses or risks.

The insurance company that provides coverage and agrees to pay for covered losses in exchange for premium payments.

Coverage for movable property, equipment, and goods in transit over land, including tools, equipment, and merchandise being transported or stored off-premises.

Incurred But Not Reported - reserves set aside for insurance claims that have occurred but have not yet been reported to the insurer.

Coverage that helps protect tools and equipment if they get damaged or stolen while in transit or temporarily stored at a location other than the main business premises.

Coverage that reimburses expenses related to restoring your identity after theft, such as legal fees, lost wages, and document replacement costs.

Coverage that helps protect tools and equipment if they get damaged or stolen while in transit or temporarily stored at a location other than the main business premises.

Coverage that reimburses expenses related to restoring your identity after theft, such as legal fees, lost wages, and document replacement costs.

Specialized insurance coverage for valuable jewelry, watches, and gemstones that provides protection against loss, theft, damage, and mysterious disappearance. Often purchased as a scheduled personal property endorsement to homeowners or renters insurance.

Coverage for cleaning and janitorial services including general liability, workers' compensation, commercial auto for service vehicles, and bonding for employee honesty.

Life or disability insurance purchased by a business on the life of an owner, founder, or key employee whose death or disability would significantly impact the company's operations and finances.

Insurance that covers legal responsibility for injuries or damage caused to others or their property.

The maximum amount an insurance policy will pay for covered liability claims.

The termination of an insurance policy due to non-payment of premiums or other policy requirements.

The basis of a claim for damages under the terms of an insurance policy.

Insurance that covers the cost of long-term care services, such as nursing home care or in-home assistance.

Coverage for businesses that manufacture, sell, serve, or distribute alcoholic beverages, protecting against claims arising from alcohol-related incidents.

Professional liability insurance for attorneys and law firms covering claims of negligence, missed deadlines, conflicts of interest, or errors in legal advice.

Insurance for landscaping businesses covering general liability, workers' compensation, commercial auto, inland marine for equipment, and pollution liability for pesticide use.

The ratio of losses paid plus loss reserves to premiums earned, used by insurers to measure underwriting profitability and pricing adequacy.

Funds set aside by an insurance company to pay future claims that have been reported but not yet settled (case reserves) or that have occurred but not been reported (IBNR).

An endorsement where an insurer makes claim payments to a third party instead of the named insured, often included when multiple parties have a financial interest in the insured property.

The person or entity entitled to payment when an insurance claim is settled, which may be the policyholder or another party with a financial interest in the insured property.

A life insurance policy feature that allows the policyholder to access a portion of the death benefit while still alive, typically in cases of terminal illness or chronic conditions.

Coverage that pays for additional living expenses if you must temporarily relocate due to a covered loss that makes your home uninhabitable, such as fire or severe storm damage.

An optional rental car agreement (not insurance) that waives the rental company's right to hold you financially responsible for damage or theft of the rental vehicle.

Similar to gap insurance, this coverage pays the difference between your vehicle's actual cash value and the remaining loan or lease balance after a total loss.

A surety bond required by government agencies to obtain certain business licenses or permits, guaranteeing compliance with applicable laws and regulations.

An endorsement where an insurer makes claim payments to a third party instead of the named insured, often included when multiple parties have a financial interest in the insured property.

The person or entity entitled to payment when an insurance claim is settled, which may be the policyholder or another party with a financial interest in the insured property.

A life insurance policy feature that allows the policyholder to access a portion of the death benefit while still alive, typically in cases of terminal illness or chronic conditions.

Coverage that pays for additional living expenses if you must temporarily relocate due to a covered loss that makes your home uninhabitable, such as fire or severe storm damage.

An optional rental car agreement (not insurance) that waives the rental company's right to hold you financially responsible for damage or theft of the rental vehicle.

Similar to gap insurance, this coverage pays the difference between your vehicle's actual cash value and the remaining loan or lease balance after a total loss.

A surety bond required by government agencies to obtain certain business licenses or permits, guaranteeing compliance with applicable laws and regulations.

Specialized insurance coverage for motorcycles including liability, collision, comprehensive, uninsured motorist, and optional coverages like accessory coverage and roadside assistance.

Professional liability coverage for licensed professionals such as doctors, lawyers, and accountants, protecting against claims of negligence or inadequate professional services.

Coverage for businesses involved in advertising, publishing, or broadcasting, protecting against claims of libel, slander, copyright infringement, and invasion of privacy.

Professional liability coverage for healthcare providers protecting against claims of medical negligence, errors in diagnosis or treatment, and failure to obtain informed consent.

Coverage that pays medical expenses for guests injured on your property, regardless of fault, typically included in homeowners and auto insurance policies with relatively low limits.

Limited coverage for mold damage that results from a covered peril, with most policies capping mold remediation at $10,000-$50,000 and excluding mold from maintenance issues.

A surety bond that guarantees a contractor will repair defects in workmanship or materials for a specified period after project completion, typically one year.

Coverage that pays medical expenses for guests injured on your property, regardless of fault, typically included in homeowners and auto insurance policies with relatively low limits.

Limited coverage for mold damage that results from a covered peril, with most policies capping mold remediation at $10,000-$50,000 and excluding mold from maintenance issues.

A surety bond that guarantees a contractor will repair defects in workmanship or materials for a specified period after project completion, typically one year.

An insurance company not licensed in a particular state but allowed to provide surplus lines coverage for risks that admitted insurers won't cover.

The person or entity specifically identified in an insurance policy as the insured, having full rights and responsibilities under the policy.

Auto insurance coverage that pays to replace your totaled vehicle with a brand new car of the same make and model, rather than paying actual cash value.

Auto insurance coverage that pays to replace your totaled vehicle with a brand new car of the same make and model, rather than paying actual cash value.

The most you have to pay for covered services in a plan year. After you reach this amount, the insurance pays 100% of covered services.

An insurance policy that covers claims for incidents that occur during the policy period, regardless of when the claim is filed.

Insurance that covers the increased costs of rebuilding to meet current building codes after a covered loss, as older homes may not meet modern code requirements.

An insurance policy that covers incidents that occur during the policy period, regardless of when the claim is filed, providing longer-term protection than claims-made policies.

Insurance that covers the increased costs of rebuilding to meet current building codes after a covered loss, as older homes may not meet modern code requirements.

An insurance policy that covers incidents that occur during the policy period, regardless of when the claim is filed, providing longer-term protection than claims-made policies.

The cause of a possible loss, such as fire, theft, windstorm, or collision.

The written contract between the insurer and insured that outlines the terms, conditions, coverage, and exclusions of the insurance agreement.

The person or entity that owns an insurance policy and is responsible for premium payments.

The amount paid by the policyholder to the insurance company for coverage, typically on a monthly, quarterly, or annual basis.

A health condition that existed before the start date of a new insurance policy.

Also known as Errors and Omissions (E&O) insurance, this coverage protects professionals against claims of negligence, mistakes, or failure to perform professional duties.

Coverage that protects manufacturers, distributors, and retailers against claims of injury or damage caused by defective products.

Coverage that protects businesses against claims and cleanup costs related to pollution, contamination, or environmental damage caused by business operations.

The maximum amount an insurance policy will pay for a single claim or occurrence, separate from the aggregate limit.

'Primary' means the insurance policy responds to a covered claim first before another policy. 'Non-contributory' means the policy must respond without requesting the other policy contribute to paying the claim.

The maximum amount of coverage offered under a general liability insurance policy for claims and lawsuits related to injury, illness, or property damage caused by delivered products or completed services.

Preferred Provider Organization - a type of health insurance plan that offers more flexibility than an HMO, allowing members to see out-of-network providers at a higher cost without referrals.

Point of Service Plan - a health insurance plan that combines features of HMO and PPO plans, requiring a primary care physician but allowing out-of-network care at higher costs.

Insurance coverage for personal belongings such as furniture, clothing, and electronics against theft, damage, or loss, typically included in homeowners and renters policies.

Protection against lawsuits for bodily injury or property damage that you or family members cause to others, typically included in homeowners and renters insurance policies.

Coverage for veterinary expenses related to illness, injury, or preventive care for pets, with policies varying in coverage limits, deductibles, and exclusions.

Auto insurance pricing based primarily on miles driven, with a low base rate plus a per-mile charge, ideal for low-mileage drivers.

A surety bond that guarantees a contractor will complete a project according to contract terms, protecting the project owner from financial loss if the contractor defaults.

A surety bond that guarantees a contractor will pay subcontractors, laborers, and material suppliers, protecting them from non-payment if the contractor defaults.

Coverage under a claims-made policy for incidents that occurred before the policy's retroactive date, protecting against claims for past work when switching insurers.

'Primary' means the insurance policy responds to a covered claim first before another policy. 'Non-contributory' means the policy must respond without requesting the other policy contribute to paying the claim.

The maximum amount of coverage offered under a general liability insurance policy for claims and lawsuits related to injury, illness, or property damage caused by delivered products or completed services.

Preferred Provider Organization - a type of health insurance plan that offers more flexibility than an HMO, allowing members to see out-of-network providers at a higher cost without referrals.

Point of Service Plan - a health insurance plan that combines features of HMO and PPO plans, requiring a primary care physician but allowing out-of-network care at higher costs.

Insurance coverage for personal belongings such as furniture, clothing, and electronics against theft, damage, or loss, typically included in homeowners and renters policies.

Protection against lawsuits for bodily injury or property damage that you or family members cause to others, typically included in homeowners and renters insurance policies.

Coverage for veterinary expenses related to illness, injury, or preventive care for pets, with policies varying in coverage limits, deductibles, and exclusions.

Auto insurance pricing based primarily on miles driven, with a low base rate plus a per-mile charge, ideal for low-mileage drivers.

A surety bond that guarantees a contractor will complete a project according to contract terms, protecting the project owner from financial loss if the contractor defaults.

A surety bond that guarantees a contractor will pay subcontractors, laborers, and material suppliers, protecting them from non-payment if the contractor defaults.

Coverage under a claims-made policy for incidents that occurred before the policy's retroactive date, protecting against claims for past work when switching insurers.

The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.

An add-on provision to an insurance policy that provides additional coverage or modifies the standard policy terms.

The chance of loss or the person, property, or entity insured under a policy.

Insurance coverage for tenants that protects personal property and provides liability coverage, but does not cover the building structure.

Specialized insurance package for restaurants and food service businesses, typically including general liability, property coverage, liquor liability, and food contamination coverage.

Insurance coverage designed for retail businesses, including property coverage for inventory and fixtures, general liability, business interruption, and employee dishonesty coverage.

Professional liability insurance for real estate agents and brokers covering claims of negligence, misrepresentation, failure to disclose, or errors in transactions.

Insurance purchased by insurance companies to transfer portions of their risk portfolios to other insurers, reducing the likelihood of large payouts from claims.

The amount of risk or loss that an insured retains before insurance coverage applies, similar to a deductible but typically used in commercial insurance.

The date in a claims-made policy before which incidents are not covered, even if the claim is made during the policy period.

Also known as an endorsement, this is an insurance policy form that changes or adds to the provisions included in the base policy, modifying coverage terms or adding additional coverage.

Insurance that pays to replace damaged property with new items of similar kind and quality without deducting for depreciation, resulting in higher payouts than actual cash value coverage.

Coverage for damage to or theft of a rental vehicle, which may be provided by your personal auto policy, credit card, or purchased from the rental company.

Coverage that provides services like towing, tire changes, jump starts, and lockout assistance when your vehicle breaks down, often available as an auto insurance add-on.

Auto insurance coverage that pays for a rental car while your vehicle is being repaired after a covered accident, typically with daily and total limits.

Coverage designed for drivers who work for rideshare companies like Uber or Lyft, filling gaps between personal auto insurance and the company's commercial coverage.

The date from which a claims-made policy provides coverage for incidents, with claims only covered if the incident occurred on or after this date.

Also known as an endorsement, this is an insurance policy form that changes or adds to the provisions included in the base policy, modifying coverage terms or adding additional coverage.

Insurance that pays to replace damaged property with new items of similar kind and quality without deducting for depreciation, resulting in higher payouts than actual cash value coverage.

Coverage for damage to or theft of a rental vehicle, which may be provided by your personal auto policy, credit card, or purchased from the rental company.

Coverage that provides services like towing, tire changes, jump starts, and lockout assistance when your vehicle breaks down, often available as an auto insurance add-on.

Auto insurance coverage that pays for a rental car while your vehicle is being repaired after a covered accident, typically with daily and total limits.

Coverage designed for drivers who work for rideshare companies like Uber or Lyft, filling gaps between personal auto insurance and the company's commercial coverage.

The date from which a claims-made policy provides coverage for incidents, with claims only covered if the incident occurred on or after this date.

The right of an insurer to pursue a third party that caused an insurance loss to the insured, allowing the insurer to recover the amount paid to the insured.

A three-party agreement where the surety guarantees to the obligee that the principal will fulfill their contractual obligations, commonly required in construction and government contracts.

Specialized coverage for beauty and wellness businesses including general liability, professional liability for services, property coverage, and product liability.

Insurance coverage from non-admitted insurers for risks that standard insurance companies won't cover, often for unusual or high-risk exposures.

A specified dollar amount that the insured must pay on a claim before the insurance policy responds, commonly used in liability policies.

Life insurance that requires answering health questions but no medical exam, offering faster approval than fully underwritten policies with moderate coverage amounts.

Additional coverage for high-value items like jewelry, art, or collectibles that exceed standard policy limits, requiring appraisals and separate listing on the policy.

Insurance coverage for damage caused by sinkholes, which may be included, excluded, or available as an endorsement depending on the state and insurer.

A three-party agreement where a surety guarantees to an obligee that a principal will fulfill an obligation, such as completing a construction project or obtaining a business license.

Life insurance that requires answering health questions but no medical exam, offering faster approval than fully underwritten policies with moderate coverage amounts.

Additional coverage for high-value items like jewelry, art, or collectibles that exceed standard policy limits, requiring appraisals and separate listing on the policy.

Insurance coverage for damage caused by sinkholes, which may be included, excluded, or available as an endorsement depending on the state and insurer.

A three-party agreement where a surety guarantees to an obligee that a principal will fulfill an obligation, such as completing a construction project or obtaining a business license.

Life insurance coverage for a specified period of time, providing a death benefit if the insured dies during the term.

Specialized professional liability insurance for technology companies, covering claims arising from software failures, data loss, system downtime, or failure to deliver promised services.

Specialized commercial auto insurance for trucking companies including liability coverage, physical damage, cargo insurance, and non-trucking liability for owner-operators.

Extended reporting period coverage purchased for claims-made policies, allowing claims to be reported after the policy expires for incidents that occurred during the policy period.

Life insurance coverage for a specific period (term), typically 10, 20, or 30 years, that pays a death benefit if the insured dies during the term but has no cash value.

Coverage for unexpected events during travel, including trip cancellation, medical emergencies, lost luggage, and travel delays.

Coverage that reimburses prepaid, non-refundable trip costs if you must cancel for covered reasons such as illness, injury, or severe weather.

Coverage that reimburses unused trip costs and additional expenses if your trip is cut short due to covered reasons like family emergencies or natural disasters.

Insurance coverage that pays for towing your vehicle to a repair facility after a breakdown or accident, typically with per-incident limits of $50-$100.

Technology that monitors driving behavior such as speed, braking, mileage, and time of day to determine auto insurance premiums based on actual risk.

Extended reporting period coverage purchased when a claims-made policy ends, allowing claims for incidents that occurred during the policy period to be reported after it expires.

Life insurance coverage for a specific period (term), typically 10, 20, or 30 years, that pays a death benefit if the insured dies during the term but has no cash value.

Coverage for unexpected events during travel, including trip cancellation, medical emergencies, lost luggage, and travel delays.

Coverage that reimburses prepaid, non-refundable trip costs if you must cancel for covered reasons such as illness, injury, or severe weather.

Coverage that reimburses unused trip costs and additional expenses if your trip is cut short due to covered reasons like family emergencies or natural disasters.

Insurance coverage that pays for towing your vehicle to a repair facility after a breakdown or accident, typically with per-incident limits of $50-$100.

Technology that monitors driving behavior such as speed, braking, mileage, and time of day to determine auto insurance premiums based on actual risk.

Extended reporting period coverage purchased when a claims-made policy ends, allowing claims for incidents that occurred during the policy period to be reported after it expires.

The process by which an insurer evaluates the risk of insuring a person or property and determines coverage terms and premium rates.

Insurance that covers you if you're in an accident caused by a driver who doesn't have liability insurance.

Additional liability insurance that provides coverage beyond the limits of your standard policies.

A type of permanent life insurance with flexible premiums and death benefits, along with a cash value component.

A type of permanent life insurance with flexible premiums and death benefits, plus a cash value component that earns interest based on market rates.

Auto insurance pricing based on actual driving behavior monitored through telematics devices or smartphone apps, rewarding safe driving with lower premiums.

A type of permanent life insurance with flexible premiums and death benefits, plus a cash value component that earns interest based on market rates.

Auto insurance pricing based on actual driving behavior monitored through telematics devices or smartphone apps, rewarding safe driving with lower premiums.

Permanent life insurance where the cash value is invested in various investment options, with returns varying based on performance.

Permanent life insurance that allows policyholders to invest the cash value in various investment options, with death benefits and cash value fluctuating based on investment performance.

An auto insurance program that reduces your deductible by a set amount (typically $50-$100) for each year you go without an accident or violation.

Permanent life insurance that allows policyholders to invest the cash value in various investment options, with death benefits and cash value fluctuating based on investment performance.

An auto insurance program that reduces your deductible by a set amount (typically $50-$100) for each year you go without an accident or violation.

Permanent life insurance that provides coverage for the insured's entire lifetime and includes a cash value component.

Required insurance that provides medical benefits and wage replacement to employees who are injured or become ill in the course of employment.

Permanent life insurance that provides coverage for the insured's entire lifetime, builds cash value over time, and typically has level premiums that don't increase with age.

Optional homeowners insurance coverage for damage caused by water backing up through sewers or drains, which is typically excluded from standard policies.

A separate, typically higher deductible that applies specifically to wind and hail damage, often expressed as a percentage of the dwelling coverage limit rather than a fixed dollar amount.

Permanent life insurance that provides coverage for the insured's entire lifetime, builds cash value over time, and typically has level premiums that don't increase with age.

Optional homeowners insurance coverage for damage caused by water backing up through sewers or drains, which is typically excluded from standard policies.

A separate, typically higher deductible that applies specifically to wind and hail damage, often expressed as a percentage of the dwelling coverage limit rather than a fixed dollar amount.