Translate INSURANCE–EZE INTO BUSINESS–EASE
Is your current insurance policy Greek to you? 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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Combination policies in which several coverages are included, all in one contract. Examples are the storekeepers’ burglary and robbery policy, homeowners’ policy, blanket crime policy, special multi-peril policy, and comprehensive business policy.
A single insurance policy that includes several coverages.
A loss that does not completely destroy or render useless the insured property nor exhaust the insurance applied to it.
When a covered building or property is only partially damaged.
The cause of a loss insured against in a policy, e.g., fire, windstorm, explosion, etc.
A property insurance term referring to a specific cause of loss, e.g., fire, windstorm, explosion, etc.
Periodic compensations, usually weekly, for a disability that renders any employment impossible. Such compensation may be limited by a maximum time or a maximum amount. If unlimited, it may run for the lifetime of the insured.
Payments paid to a worker who will never be able to work.
While some policies still separately address "advertising injury" and "personal injury", The Hartford’s coverages now combines these two terms. "Personal and Advertising Injury" means injury arising out of specific offenses committed during the course of your business. Some of these offenses include false arrest, malicious prosecution, wrongful eviction, libel, slander, violation of a person's right of privacy and infringement of copyright in your advertisements.
Insurance that protects the insured from lawsuits alleging the insured committed any of the acts named above during the course of doing business, like slandering someone or invading their privacy.
This refers to the material, structural or operational features of the risk itself.
A condition that creates or increases the chances of a loss such as slippery floors, congested traffic, unguarded premises and uninspected boilers.
A printed document that is issued to the policyholder by the company stating the terms of the insurance contract.
A written contract of insurance.
This term is synonymous with “the insured.”
The person or company protected by an insurance contract.
The building(s) insured, containing the insured property, and any insured property immediately adjacent are considered to be the “premises.”
The building(s) and its contents that are covered under the insurance contract.
The consideration, in insurance and bonding, to be paid for a policy or bond. This term has various meanings in other businesses.
The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy.
Provides coverage up to a specified amount or against specific perils.
A policy that provides the first limits to be used to pay for a covered loss.
Liability imposed for damages caused by accident and arising out of goods or products manufactured, sold, handled or distributed by the insured or other trading under his name. The accident must have occurred after possession of goods has been relinquished to others, and away from premises owned, rented or controlled by the insured. In the case of food products, the accident does not have to occur away from premises (restaurants, etc.).
This is the liability a merchant or manufacturer has to assume if some defect in the product sold or manufactured injures a third party or damages his/her property.
A formal statement made by the insured to the insurance company regarding a claim, so that the company may determine its liability under the policy or bond.
The written notice the insured makes to the insurance company about a claim for loss.
Protection against liability for damage to the property of another not in the care, custody and control of the insured—as distinguished from liability for bodily injury.
This kind of insurance protects insureds if they are responsible for damage to the property of others.
The definitions contained herein are for informational purposes only,are not intended to be all inclusive, and may not apply in all situations. You should not rely on these definitions for interpretation of policy coverages, terms and conditions.