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Broker A licensed independent person or firm who acts on behalf of an insured in placing business with insurance companies. Builders Risk Insurance Insurance coverage on property under construction, including loss to buildings, machinery, and equipment under the course of construction, and materials and supplies incidental to the completion of the construction project.
The insurance business encompasses a daunting array of industry jargon. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. These often take the form of glossaries, or lists of specialized terms relating to a special subject – in this case, insurance – with accompanying definitions. Two such glossaries are of particular... Read more »
Chartered Property Casualty Underwriter (CPCU) - a professional designation awarded by the American Institute of Property and Casualty Underwriters to persons in the property and liability insurance field who pass a series of exams in insurance, risk management, economics, finance, management, accounting, and law. Designates must also have at least three years experience in the insurance ...
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
It is an up-to-date and comprehensive resource designed for insurance professionals, commercial insurance buyers, and consumers. The glossary is divided into alphabetical sections, with abbreviations and acronyms at the beginning of each section.
Oct 14, 2024 · Justia - Insurance Glossary - Free Legal Information - Laws, Blogs, Legal Services and More
