Insurance Glossary

Boiler and Machinery Insurance – Equipment Breakdown Coverage Explained Written by Justin Goodman, CIC, CLCS, CISC, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Boiler and machinery insurance pays to repair or replace equipment like boilers, air conditioners, electrical panels, and

100 Percent Coinsurance – A policy condition requiring insurance equal to 100% of value to avoid reduced claim payment. In plain language: 100 Percent Coinsurance means the policy expects the insured to carry coverage equal to the full value of the property being insured. If the building or business personal property is insured for

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: The 1996 Health Insurance Portability Act helps people keep health coverage when they change jobs, lose a job, or have a pre-existing medical condition. It limits how long

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: A 1st party claim happens when you file an insurance claim on your own insurance policy because something bad happened to you or your property, like a house

3 Ds – A shorthand phrase describing how insurers are accused of handling claims through delay, denial, or defense. In plain language: The 3 Ds is a phrase people use when they believe an insurance company is making a claim harder by slowing it down, refusing it, or fighting it. Think

3pl – A logistics company that stores, handles, and ships goods for another business under a service agreement. In plain language: A 3pl is a company another business hires to handle some part of storing, moving, packing, or shipping products. Think of it like outsourcing the back room, loading dock, and shipping desk to a

Written by Justin Goodman, CIC, CLCS, CISC, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Third party liability means someone outside your insurance policy got hurt, or had their property damaged, because of something you did. Your policy pays for the resulting third

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: 401(k) contributions are the part of a paycheck set aside for retirement. An employee chooses this amount. An employer can add a match on top. For workers’

80 Coinsurance – A property insurance requirement to carry at least 80% of value to avoid reduced claim payment. In plain language: 80 Coinsurance means a building or business property should usually be insured for at least 80% of its value for a full claim payment on partial losses. Think of it like

A Side Coverage – D&O Protection for Individual Directors In plain language: A Side Coverage is a part of Directors & Officers insurance (D&O insurance) that pays for legal defense and settlement costs for individual directors and officers when their company can’t or won’t pay. Think of it as a safeguard for a director’s personal assets.  Technical

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: The A.M. Best rating tells you how likely an insurance company is to have the money to pay claims, now and in the future. Think of it

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Abandonment happens when a policyholder tries to turn over badly damaged property to their insurer and collect as if it were a total loss. Most home and

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Abduction insurance pays the costs a family or company faces when someone is kidnapped, held hostage, or extorted. Specifically, that includes the ransom itself, crisis consultant fees,

Written by Justin Goodman, CIC, CLCS, CISC, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Abrupt collapse means a building, or a major part of it, falls down suddenly. It caves in so far that no one can occupy it or use

Written by Justin Goodman, CIC, CCIP, CISC, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Absolute liability means a party can be held responsible for harm even if they did everything right. Courts apply it to inherently dangerous activities. These activities carry

Absolute Liability Insurance – Coverage concepts tied to liability imposed without traditional fault analysis in certain legal or statutory situations. In plain language: Absolute Liability Insurance refers to insurance discussions around situations where a person or business can be held responsible for injury or damage without the usual need to prove

Written by Justin Goodman, CIC, CLCS, CISC, CEO and Co-Founder, Total CSR Published: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: An accident is something that happens by mistake, not on purpose. A car sliding on ice, a ladder slipping due to human error, a pipe bursting unexpectedly

Account Executive – A Key Role in Insurance Sales In plain language: An account executive is a sales professional who works for an insurance agency. They are responsible for managing relationships with a set of clients, guiding them through the insurance buying process, and ensuring they have the right coverage to meet their

Account Manager – Servicing and Retaining Clients In plain language: An account manager in insurance serves as the main point of contact for clients, ensuring they have the right coverage, promptly handling their concerns, and maintaining the business relationship.  Technical definition: In an insurance setting, an account manager is a highly skilled professional responsible

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Account rounding insurance means an insurance agency writes all of a client’s insurance policies instead of just one. Instead of only handling a customer’s car insurance, the insurance