Insurance Glossary

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, and your policy pays for the resulting

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: 401(k) contributions are the part of an employee’s paycheck set aside to save for retirement, either through pre-tax contributions by the worker’s choice or as an employer match.

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

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: August 10, 2026 · Last reviewed: August 10, 2026 In plain language: A-side coverage protects a company’s directors and officers with their own money when the business cannot or will not pay their legal costs. It steps in during bankruptcy,

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.M. Best Company Rating tells you how likely an insurance company is to have the money to pay insurance claims, now and in the future. It works like

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: 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 business

Written by Justin Goodman, CIC, CISC, CLCS, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Abduction insurance pays for the costs a family or company faces if someone is kidnapped, held hostage, or extorted, including the ransom itself, crisis consultant fees, and lost

Written by Justin Goodman, CIC, CLCS, CISC, CEO and Co-Founder, Total CSRPublished: 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—caving in so it cannot be occupied or used the way it was built to

Written by Justin Goodman, CIC, CCIP, CISC, CEO and Co-Founder, Total CSRPublished: 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 and took every precaution. Courts apply it to inherently dangerous activities

Written by Justin Goodman, CIC, CCIP, CISC, CEO and Co-Founder, Total CSRPublished: 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 and took every precaution. Courts apply it to inherently dangerous activities

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

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

Written by Justin Goodman, CIC, CLCS, CISC, CEO and Co-Founder, Total CSRPublished: August 3, 2026 · Last reviewed: August 3, 2026 In plain language: Accountant liability is the risk that a bookkeeper, tax preparer, or CPA gives bad advice or makes a mistake that costs a client money. If the client sues