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.
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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.
A unit of cost that is used to determine how much you'll pay for your insurance.
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.
When a lapsed policy is restored and becomes active (in force) again.
Continuance of coverage beyond original terms signified by acceptance of a premium payment for a new term.
A policy that is issued to renew one that is expiring.
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.
An insurance provision that pays the actual cost to replace damaged property without deducting anything for its depreciation.
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.”
A provision that is added to an insurance policy that may add some extra benefit, right or feature to the policy.
1) Uncertainty arising from the possible occurrence of given events. 2) The insured or the property to which an insurance policy relates.
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.
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.”
This is a criminal act when, by violence or threat of violence, one person takes the personal property of another.
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.