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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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.
The value of property after it has been partially damaged by fire or other perils.
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.
An itemized list of what the policy insures.
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a paid claim if the loss was caused by an unrelated or outside party. Subrogation clauses usually describe how proceeds from a recovery will be distributed among the interested parties, usually the insured business and its insurance company.
The named insured's intentional relinquishing of the right to recover damages from another party who may be responsible.
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).
A contract guaranteeing the performance of a specified obligation.
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.