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Info Center Glossary of Terms
Glossary of terms used on this site
There are 264 entries in this glossary.A
| Term | Definition |
|---|---|
| Abandonment |
As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal. |
| Accidental Death Benefit Rider |
An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. This amount depends on the value of the policy. |
| Accidental Death Insurance |
An Insurance poicy that provides payment if the insured's death occurs as a results from an accident. |
| Accounts Receivable Coverage |
Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records. |
| Actual Cash Value (ACV) |
Cost to repair or replace damaged property with materials of like kind and quality, less depreciation. |
| Additional Insured |
A person or organization for whom insured status is arranged by endorsement. |
| Advertising Injury |
General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services. |
| Agent |
An authorized representative of an insurance company. |
| Aggregate |
The maximum amount an insurance company will pay during the policy. |
| All Risk Coverage |
Property insurance covering loss arising from all causes of loss except those that are specifically excluded. |
| Annually Renewable Term |
Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year. |
| Application |
A form with the information needed for an insurance company to underwrite and rate a specific policy. |
| Assignment Assignment |
The transfer of ownership of a Life Insurance policy from one person to another. |
| Attained Age |
Your current age. Your attained age is a factors life insurance companies use to determine premiums. |
| Audit |
A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums. |
Info Center Glossary of Terms
