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Definition
| An event or happening, whether natural or man-made, that causes a financial loss |
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Term
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Definition
| The six standardized "homeowner's" insurance policies available to homeowners and renters |
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Definition
| A type of insurance that covers a specific set of named perios. If a peril isn't specifically named, it isn't covered |
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Definition
| A type of insurance that covers all perils except those specifically noted as excluded |
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Definition
| Insurance that protects you against the loss of your property or possessions |
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Term
| Personal Liability Insurance |
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Definition
| Insurance covereing all liabilities other than those resulting from the negligent operation of an automobile or those associated with business or professional causes |
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Term
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Definition
| A written attachment to an insurance policy to add or subtract coverage |
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Term
| Personal Articles Floater |
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Definition
| An extension to a homeowner's insurance policy that provides coverage for all personal property regardless of where it's located. This covereage applies to the policyholder and all household residents except children away at school |
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Term
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Definition
| An endorsement that automatically updates the level of property coverage based on an index of replacement costs that continually updates the cost of building a home |
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Definition
| The replacement value fo the house less accumulated depreciation (which is the decline in value over time due to wear and tear) |
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| Replacement Cost Coverage |
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Definition
| Additional homeowner's coverage that provides for the actual replacement cost of a stolen or destroyed item as opposed to the actual cash value |
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Definition
| A homeowner's policy that provides excess liability insurance with protection against lawsuits and judgements generally ranging from $1 million to $10 million |
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Definition
| A provision or requirement of homeowner's insurance requiring the insured to pay a portion of the claim if he or she purchased an inadequate amount of insurance (in this case, less than 80 percent of the replacement cost) |
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Term
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Definition
| A homeowner's insurance rule stating that the replacement cost coverage is in effect only if the home is insured for at least 80 percent of its replacement cost. This rule is intended to discourage homeowner's from insuring for less than the replacement cost of their homes |
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Definition
| A credit score, based on the same information as your traditional credit score, which is used in determining what your home and auto insurance rates will be |
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Definition
| The amount that you are responsible for paying before insurance coverage kicks in |
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Definition
| An insurance company that distributes its products directly to customers, without the use of agents |
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Term
| Personal Automobile Policy (PAP) |
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Definition
| A standardized insurance policy for an individual or family |
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Term
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Definition
| Auto insurance liability coverage that combines both bodily injury and property damage liability |
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Term
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Definition
| Auto insurance liability coverage that allows for either separate coverage limits for bodily injury and property damage, split coverage limits per person, or both |
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Term
| Uninsured Motorist's Protection Coverage |
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Definition
| Coverage against injuries caused by a hit and run driver or by an uninsured motoroist or a negligent driver whose insurance company is insolvent |
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Term
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Definition
| The portion fo auto insurance coverage that provides benefits to cover damages resulting from an accident with another vehicle or object |
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Term
| Other than Collision Loss or Comprehensive Physical Damage Coverage |
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Definition
| Auto insurance coverage for noncollision losses. For example, it would cover damage if the care were hit in a parking lot or if the door were damaged as a result of banging it into a parked car next to it |
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Term
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Definition
| A type of auto insurance in which your insurance company protects you in the case of an accident regardless of who is at fault |
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Term
| Umbrella Liability Insurance or Umbrella Policy |
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Definition
| An insurance policy that supplements liability coverage on a homeowner's and/or automobile insurance policy. This insurance kicks in after the homeowner's and/or automobile policy coverage run(s) out and provides coverage for claims not covered under homeowner's insurance such as libel, slander, and invasion of privacy |
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