Insurance Glossary
Plain-language definitions of the 746 insurance terms agency staff run into most: what each one means, and why it matters on a real account.
Browse Insurance Terms A–Z
0–98
A119
- A-side Coverage – Personal Asset Protection for D&O Insureds
- A.M. Best Company Rating
- Abandonment
- Abduction Insurance
- Abrupt Collapse
- Absolute Liability
- Absolute Liability – Legal Responsibility Without Fault
- Accident
- Account Executive
- Account Manager
- Account Rounding
- Accountant Liability
- Accounts Receivable Coverage
- Act of God
- Action Levels
- Action Over
- Action Over Exclusion – Employer Liability Coverage Carve-Out
- Actual Cash Value
- Actual Cash Value Formula
- Actual Loss
- Actual Loss Sustained
- Actuarial Report
- ACV Auto
- Adb
- Additional Insured
- Additional Insured Endorsement
- Additional Insured Vendors
- Additional Living Expenses
- Additional Named Insured
- Adhesion
- Adhesion Insurance Contract
- Adjuster
- Adjuster Report
- Administrative Order on Consent
- Administrative Services Only
- Admitted And Non Admitted
- Admitted Carrier
- Adoption Assistance Benefits
- Advertisement
- Affirmative Elections
- Affordable Care Act
- Agency
- Agent of Record
- Aggregate Deductible
- Aggregate Insurance
- Aggregate Limit
- Aggregate Stop Loss
- Agricultural Consultant
- Agritainment
- Aircraft Hangar
- Aircraft Hull
- Aircraft Liability
- Airplane Hangar
- Airport Liability
- Aleatory Contract
- Alien Insurance Company
- Alienated Premises
- All Peril Deductible
- All Risk Coverage
- All Risk Shield
- Allegation
- Alternate Employer Endorsement – Workers' Comp Coverage for Loaned Workers
- Alternative Risk Transfer
- American Institute of Architects
- Ancillary Benefits
- Animal Bailee
- Annual Aggregate
- Any Occupation
- Aop
- Aop Deductible
- AOR
- APD
- Applicable Large Employer
- Appraisal
- Arbitration
- Architects and Engineers Professional Liability
- Arising Out of Employment – Workers' Comp Compensability Test
- ARM Risk
- ASO
- ASO Medical
- Assault and Battery Exclusion
- Assault And Battery Insurance
- Assessment
- Assessment aka State or Mandatory Surcharge
- Asset
- Asset Risk
- Assigned Risk Plan
- Assigned Risk Pool
- Assigned Risk Program
- Assigned risk solutions
- Associate in Commercial Underwriting
- Associate in Risk Management (ARM) – Professional Risk Management Designation
- Associate Risk Management
- Associates In Reinsurance
- Association
- Assume Liability
- Assumed Reinsurance
- Assumed Risk
- Assumption of Liability
- Assumption of Risk
- At Risk Car
- ATIMA
- Audit
- Audit And Risk Management
- Auto Coverage Symbols
- Auto Insurance – Vehicle Liability and Physical Damage Coverage
- Auto Insurance Endorsement – Policy Modification Attached to an Auto Policy
- Auto Loan/Lease Coverage – Gap Coverage for Financed Vehicles
- Auto Physical Damage
- Auto Risk
- Automatic Insured – Coverage Granted by Policy Wording Alone
- Automatic Premium
- Automatic Premium Loan Rider – Life Insurance Lapse Protection Provision
- Automobile Umbrella
- Average Weekly Wage (AWW) – Workers Comp Benefit Calculation Base
- Aviation Hull
- Aviation Insurance Association
- Aviation Products Liability – Coverage for Defective Aircraft Parts
- Award – Workers' Compensation Benefit Determination
B49
- B-side Coverage
- Back Date – Setting a Policy's Effective Date in the Past
- Bailee
- Bankers Blanket Bond
- Bare Walls – Condo Master Policy Property Coverage Boundary
- Base
- Base Rate – Starting Premium Before Rating Adjustments
- Base Risk – Underlying Exposure Before Coverage Layers
- Bench Trial
- Beneficiary – Recipient of Life Insurance Proceeds
- Benefits
- Benefits and Contribution Test
- Best's Capital Adequacy Ratio
- Betterment – Property Claim Depreciation Concept
- Bill of Lading – Cargo Shipping Contract and Receipt
- Binder – Temporary Proof of Insurance Coverage
- Binder Receipt
- Blackout Period
- Blanket Additional Insured Endorsement
- Blanket Basis
- Blanket Bond
- Blanket Coverage
- Blanket Insurance
- Blanket Policy
- Bodily Injury
- Boiler and Machinery Insurance
- Boiler Insurance
- Bond
- Bond Letter
- Bondability – Contractor's Qualification for Surety Bonds
- Bondability Letter
- Bordereau
- Bpp
- Breach of an Employment Contract
- Breach of Warranty Clause
- Breakdown
- Broad Form Insurance
- Builders Insurance
- Builders Risk Insurance
- Building
- Business Auto Coverage Form
- Business Auto Declarations Page
- Business Auto Policy
- Business Continuity Management
- Business Income
- Business Income Worksheet
- Business Law
- Business Owners Policy
- Business Personal Property
C99
- C Side Coverage
- Cancellation
- Cargo Insurance
- Carrier
- Carrier (a.k.a. 'Insurer' or 'Insurance Company')
- Casualty Claim Law Associate
- Cause Of Loss Form
- CC&Rs
- Centrifugal Force Clause
- Certificate Holder
- Certificate of Insurance
- CG 00 01
- CG 20 10 Endorsement
- CG 20 37 Endorsement
- CG 24 04
- Civil Claims
- Civil Liability
- Claim
- Claim Expenses
- Claim Number
- Claim Valuation
- Claimant
- Claims Adjuster
- Claims Made Policy
- Class Code
- Classification Codes
- Clean-up Costs
- Closed Claim
- Co-Insurance
- COBRA
- Coinsurance
- Coinsurance Formula
- Cold Testing
- Collision Coverage
- Combined Ratio
- Combined Single Limit
- Combustion
- Commercial Lines
- Commercial Package Policy
- Commercial Property Casualty Insurance
- Commissioning Test
- Common Carrier
- Common Policy Conditions
- Common Policy Declaration
- Compensation
- Compensatory Damages
- Competitive Bidding
- Completed Operations Coverage
- Comprehensive Coverage
- Compulsory Coverage
- Computer Equipment
- Concealment
- Concurrency
- Concurrent Causation
- Condition
- Conditional Renewal
- Conditions
- Conflict Of Interest
- Consequential Loss
- Consideration
- Consignee
- Consignment
- Construction Defect Claim
- Construction, Occupancy, Protection, and Exposure (COPE)
- Constructive Total Loss
- Contract
- Contract Carrier
- Contractor's Equipment
- Contractors Pollution Liability
- Contractual Liability Insurance Policy
- Contributory Negligence
- Convertible Term Life Insurance
- Copay
- COPE
- COPE Data
- Copyright
- Corridor Deductible
- Course of Employment
- Covenants, Conditions, and Restrictions
- Coverage
- Coverage Form
- Coverage Form: Occurrence
- Coverage Limit
- Coverage Symbols
- Coverage Territory
- Coverage Trigger
- Covered Auto
- Covered Equipment
- Covered Pollution Cost Or Expense
- Credit Insurance
- Crime Coverages
- Crime Insurance
- Crop Hail Insurance
- Cross Indemnity Agreement
- Cross-Selling
- Cumis Counsel
- Cumulative Trauma Injury
- Customer Service Representative
- Cyber Liability
D29
- Data Breach Coverage
- Date of Injury
- Date Of Loss
- Date Reported
- De Facto Employees
- De Jure Employees
- Death Benefit
- Declarations Page
- Deduct Recovery
- Deductible
- Deductible Aggregate
- Defamation
- Defense – The Insurer's Duty to Defend Obligation
- Denial Of Service Attack
- Dependent Properties Time Element Coverage
- Deposit Premium
- Difference In Conditions Policy
- Digital Assets
- Direct Employees
- Direct Physical Loss
- Directors and Officers Liability Insurance
- Disability Coverage
- Disability Insurance
- Disbursement
- Domestic Coverage
- Drive Other Car Coverage
- Dual Capacity
- Duty to Defend
- Dwelling
E36
- Earned Premium
- Economic Damages
- Electronic Data
- Electronic Media
- Eligibility Test
- Employee
- Employee Benefits Packages
- Employee Dishonesty Bond
- Employee Health Plan
- Employer Shared Responsibility Payment
- Employers Liability
- Employment Practices Liability Insurance
- Endorsements
- Environmental Damage
- Equipment Floater
- Estimated Modified Premium
- Estimated Policy Premium
- Estimatics
- Examination Under Oath
- Excess Coverage
- Excess Policy
- Exclusions
- Executive Officer
- Exhibitor Insurance
- Expense
- Expense Constant
- Expense Recovery
- Expenses Paid
- Experience Modifier
- Expiration Date
- Export – Placing a Risk With a Nonadmitted Insurer
- Exposure
- Extended Coverage Endorsement
- Extended Period of Indemnity Endorsement or Option
- Extra Expense
- Extraterritoriality
F30
- Fair Rental Value Coverage
- Falling Object
- False Arrest
- Federal Poverty Line Test
- Fellow Servant Rule
- Fiduciary Liability Insurance
- Filed
- Filed Rates
- Financial Interest Clause
- Financial Management
- Financial Responsibility Law
- Finished Stock
- Fire Damage Legal Liability
- Fire Legal Liability Limit
- First Aid
- First Party Insurance
- Fixed Period Option
- Floater
- Force Majeure
- Foreign Insurer
- Foreign Voluntary Workers Compensation Coverage
- Fraud Claim Law Associate
- Fraud Claim Law Specialist
- Friendly Fire
- Fringe Benefits
- Full Time Employee
- Full-time Employee
- Full-Time Equivalent Employee (FTE)
- Functional Replacement Value
- Fungi and Bacteria Exclusion
G10
H17
- Hammer Clause
- Hard Costs
- Hazard Ranking System
- Health Plan
- Health Plan Or Accident Coverage
- Health Savings Account
- Highly Compensated Individual/Employee (HCI/HCE)
- Hired and Non-Owned Auto
- Hired Auto Coverage
- Hired Or Borrowed Auto
- HO 4
- HO-4 Policy
- HO-5 Policy
- HO-8 Policy
- Host Liquor Liability
- Hostile Fire
- Hot Testing
I43
- IBNR
- Illness
- Impaired Risk
- Import
- In-network Provider
- Inception Date
- Incurred
- Incurred (a.k.a. 'Incurred Losses')The Total Amount of Paid and Reserve Losses for a Claim or Policy Period.
- Indemnity
- Indemnity Bond
- Independent Contractor
- Independent States
- Inflation Guard Endorsement
- Inherent Vice
- Inland Marine Insurance
- Inspection and Audit Fee
- Installation Floater
- Insurability
- Insurable Interest
- Insurance Audits
- Insurance Binder
- Insurance Broker
- Insurance Classification
- Insurance Defense
- Insurance Designation
- Insurance Endorsement
- Insurance Fraud
- Insurance Peril
- Insurance Policy
- Insurance Rebating
- Insurance Risk
- Insurance Wholesalers
- Insured
- Insured Contract
- Insureds
- Insuring Agreement
- Intentional
- Intentional Tort
- Interim Billing Rate
- Intermodal
- Interrelated Wrongful Act
- Invasion of Privacy
- Investigation
J2
K3
L29
- Large Group
- Leased Worker
- Legal Liability
- Legal Person
- Lessor
- Liability Coverage
- Liability Loss
- Libel
- License
- License and Permit Bond
- License Bond
- Limitation of Liability
- Liquor Liability
- Litigated Claim
- Litigation Risk Insurance
- Livery – Commercial Use Exclusion in Auto Policies
- Livery Insurance
- Location Of Loss
- Long-term Policy
- Loss
- Loss Assessment
- Loss Control – Risk Prevention Services That Reduce Insured Losses
- Loss Description
- Loss Of Use
- Loss Paid
- Loss Payee
- Loss Ratio
- Loss Run Report
- Loss Runs
M20
- Manual Premium
- Market Value
- Marketplace/Exchange
- Materials In Transit – Coverage for Goods Moving Between Locations
- Mechanical Breakdown
- Medical Expense Limit
- Medical Paid
- Medical Payments Coverage
- Minimum Earned Premium
- Minimum Essential Coverage
- Minimum Premium
- Minimum Value
- Misappropriation
- Mobile Equipment
- Money
- Monoline
- Monopolistic States
- Morale Hazard
- Mortgageholders
- Multiline
N21
- Named Insured
- Named Peril
- Natural Person
- Necessary Medical Care
- Necessary Medical Treatment
- Negative or "Default" Elections
- Negligence
- Negligent Hiring or Supervision
- Net Rate
- No-Fault
- Non-admitted Carrier
- Non-disability
- Non-discrimination Rules
- Non-Owned Auto
- Non-renewal
- Nondisparagement Clause
- Nonfiled
- Nonpecuniary Relief
- Nonqualified Plans
- Nonstandard Auto Insurance
- Notice of Cancellation Clauses
O21
- Obligation
- Occupational Exposure
- Occurrence
- Occurrence Limit
- Occurrence-based Policy
- OCIP Insurance
- Offense
- Officers
- Open Claim
- Open Enrollment
- Open Peril
- Open Peril Policy
- Open Perils
- Operations
- Ordinance or Law Coverage
- Out-of-Network Provider
- Out-of-Pocket Maximum
- Outstanding Losses
- Overtime
- Own Occupation
- Owned Auto
P54
- Paid (a.k.a. 'Paid Losses')
- Paid (Included)
- Paid Compensation
- Paid Losses
- Paid Medical
- Paid Time Off
- Particular Average
- Partnership
- Party Wall
- Payroll Reporting
- Performance Bond
- Period of Restoration
- Permanent Disability
- Personal Lines
- Personal Property of Others
- Personally Identifiable Information (PII)
- Physical Loss
- Plan Participant
- Police Professional Liability Insurance
- Policy Limit
- Policy Limits
- Policy Period
- Policy Premium
- Policyholder
- Pollutants
- Pre-existing Condition
- Premises
- Premium
- Premium Audit
- Premium Basis
- Premium Discount
- Primary and Non-Contributory
- Primary Cover
- Prior Acts Coverage
- Privacy Breach
- Private Carrier
- Pro-rata
- Probable Maximum Loss
- Producer
- Product Recall Insurance
- Products and Completed Operations Coverage
- Products-Completed Operations Hazard
- Professional Employer Organization
- Professional Services
- Proof of Loss
- Property Coverage
- Property Damage
- Property Limit
- Protection Classes
- Proximate Cause
- Psychological Rehabilitation
- Public Policy Breach
- Public Risk Management Association
- Pure Risk
R39
- Railroad Insurance
- Railroad Protective Liability
- Rate
- Rate of Pay Test
- Rate on Line (ROL)
- Rating
- Records
- Recovery
- Redomiciling
- Regulatory Compliance
- Regulatory Risk
- Reinstatement Premium
- Reinsurance
- Reinsurer
- Remuneration
- Renewable
- Rental Value
- Replacement Value
- Rescind
- Reserves
- Resident Relative
- Restriction
- Retained Limit
- Retaliation
- Retroactive Date
- Retroactive Insurance
- Return to Work Policy
- Rider
- Riggers Liability
- Risk Assessment
- Risk Categories
- Risk Control
- Risk Management
- Risk Manager
- Risk Pooling
- Risk Report
- Risk Reporting
- Risk Retention
- Rolling or Evergreen Elections
S55
- Safe Harbor
- Salvage Recovery
- Scheduled Insurance
- Scheduled Rating
- Securities
- Security Breach
- Self-Insured Retention
- Serious and Willful Misconduct
- Shipper
- Short Rate
- Short Rate Calculator
- Short-Term Employee Test (SET)
- Sinkhole Collapse
- Slander
- Small Group
- Small Group Health Plan
- Soft Costs
- Spearin Doctrine
- Special Employee / Borrowed Servant
- Specified Cause of Loss
- Spoilage Coverage
- Standard Premium
- Statement of Value
- Status
- Statute
- Statutory
- Statutory Inspections
- Stock
- Stop Gap Coverage
- Strict Liability
- Strict/Absolute Liability
- Sub Limit
- Subcontractor
- Subjectivities
- Sublimit
- Subro Recovery
- Subrogation
- Subrogation Clause
- Subsequent Injury Fund
- Suit
- Supplemental Employee Retirement Plan
- Supplemental Extended Reporting Period
- Supplementary Payments
- Surety Bonds
- Suspension
- Symbol 1 – Any Auto
- Symbol 2
- Symbol 3
- Symbol 4
- Symbol 5
- Symbol 6
- Symbol 7
- Symbol 8
- Symbol 9
- Symbol 19
T23
- Tail Coverage
- Tangible Property
- Temporary Custodian
- Temporary Disability
- Temporary Storage Location
- Temporary Worker
- Term (a.k.a. 'Policy Period')
- Terrorism Insurance
- Tertiary Beneficiary
- Testing
- Third Party Employment Practices Liability Coverage
- Third Party Insurance
- Third Party Payer
- Third-Party Liability Claims
- Tort
- Tort Liability
- Total Amount Due Upon Binding
- Towing and Labor Coverage
- Trade Libel
- Trailer
- Transit
- Truck Cargo Insurance
- Trust
U13
V13
W13
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