Insurance terms.
In plain English.

A property valuation that commonly subtracts depreciation from replacement cost. The policy and applicable rules determine the method.

A licensed professional or organization authorized to sell insurance for an insurer.

Information supplied to an insurer to help it evaluate a request for coverage and pricing.

A temporary insurance agreement that can provide coverage while the full policy is being issued.

Physical harm to a person; a policy may also include related illness or disease in its definition.

A licensed professional or organization that helps a client find insurance on the client’s behalf.

Coverage for qualifying business income loss after a covered interruption, often connected to insured property damage.

A package commonly combining business property, liability and business interruption coverages.

Ending an insurance policy before its scheduled expiration.

A request to an insurer to respond to a loss that may fall within a policy.

In property insurance, a coverage-to-value requirement that can affect loss payments. In health insurance, a percentage cost share.

The policy summary identifying key details such as the insurer, coverage period, limits and premium.

The portion of a covered loss assigned to you. It may be a fixed amount or percentage.

A reduction in property value associated with age, use or wear.

The date a policy begins, subject to its stated terms and effective time.

A written change that becomes part of a policy. It can add, remove or modify coverage or other terms.

Policy wording that removes specified losses, events or situations from coverage.

The date a policy is scheduled to end, at the time stated in its terms.

A person or organization protected under a policy, as defined by that contract.

The insurance company providing the policy’s coverage.

Coverage for specified legal responsibilities to others, subject to the policy’s terms and limits.

A record of prior insurance claims that may be considered during underwriting or renewal.

An event that can cause a loss, such as fire or theft. Coverage depends on the policy.

The insurance contract describing the coverage, conditions, exclusions and responsibilities of the parties.

The most payable under a coverage or policy, subject to how its limits apply.

The interval between a policy’s effective and expiration dates.

The price charged for insurance coverage.

An estimated insurance price based on supplied information. A quote alone does not establish coverage.

Continuing insurance into a new policy period. Terms and pricing may change.

The cost to repair or replace damaged property without a depreciation deduction, subject to policy conditions and limits.

Additional liability protection above underlying policies. Some umbrellas also cover certain gaps, subject to their own conditions and exclusions.

An insurer’s evaluation of a risk to decide whether to offer coverage and on what terms.