A
Actual Cash Value (ACV)
The value of property at the time of loss, calculated as replacement cost minus depreciation.
Learn moreAdditional Living Expenses (ALE)
Coverage for extra costs to live elsewhere while your home is uninhabitable after a covered loss.
Learn moreAttractive Nuisance
Property feature likely to attract children (pools, trampolines) creating heightened liability duties.
Learn moreAdditional Insured
A person or organization gaining certain rights under your liability policy via endorsement—not a policyholder.
Learn moreAppraisal
Policy clause letting each side pick an appraiser to resolve certain claim valuation disputes outside full litigation.
Learn moreAggregate Limit
Maximum an insurer pays for all covered claims during the policy period for a coverage group.
Learn moreB
C
Coverage Limit
The maximum amount your insurance company will pay for a covered claim.
Learn moreCoinsurance
The percentage of costs you share with your insurance company after meeting your deductible.
Learn moreCopay (Copayment)
A fixed amount you pay for a healthcare service at the time of the visit.
Learn moreClaim
A formal request to your insurance company for payment or coverage for a loss or policy event.
Learn moreCash Value
Savings component inside permanent life insurance that grows tax-deferred and can be accessed by loan or withdrawal.
Learn moreCOBRA
Federal continuation coverage letting eligible employees keep group health benefits after qualifying events.
Learn moreComprehensive Coverage
Auto physical damage coverage for non-collision perils like theft, vandalism, hail, and animal strikes.
Learn moreCollision Coverage
Auto coverage for damage to your vehicle from colliding with another object or vehicle.
Learn moreCertificate of Insurance (COI)
Summary document evidencing coverage—it is informational, not a guarantee of coverage to certificate holders.
Learn moreD
Deductible
The amount you pay out of pocket before your insurance coverage kicks in.
Learn moreDeath Benefit
The amount paid to beneficiaries when an insured person dies under a life policy.
Learn moreDwelling Coverage (Coverage A)
Homeowners limit insuring the main structure of your residence.
Learn moreDepreciation
Reduction in value from age, wear, or obsolescence used in claim settlements on ACV basis.
Learn moreDeclarations Page
Summary page listing named insureds, limits, deductibles, premiums, and policy period.
Learn moreE
Exclusion
Specific situations, conditions, or types of damage that your insurance policy does not cover.
Learn moreEndorsement
An add-on or modification to your insurance policy that changes or expands your coverage.
Learn moreExclusive Provider Organization (EPO)
A plan that covers services only in-network except emergencies—without requiring referrals like a typical HMO.
Learn moreEarthquake Coverage
Separate endorsement or policy covering earth movement damage excluded on standard homeowners.
Learn moreErrors & Omissions (E&O)
Professional liability insurance covering negligent acts, errors, or omissions in services you provide.
Learn moreG
Grace Period
A short time after the premium due date when coverage may continue if payment arrives late.
Learn moreGAP Insurance
Coverage that pays the difference between ACV on a totaled car and the loan/lease balance.
Learn moreGeneral Liability (GL)
Business coverage for third-party bodily injury, property damage, and personal/advertising injury from operations.
Learn moreH
Health Maintenance Organization (HMO)
A health plan that usually requires a primary care gatekeeper and referrals for specialists.
Learn moreHigh-Deductible Health Plan (HDHP)
A qualified plan design with higher deductibles that can pair with a Health Savings Account (HSA).
Learn moreHealth Savings Account (HSA)
Triple tax-advantaged account for medical expenses when paired with a qualified HDHP.
Learn moreI
L
M
Medicare
Federal health program primarily for people 65+ and certain younger disabled individuals.
Learn moreMedigap (Medicare Supplement)
Private policies that help pay Medicare cost-sharing like coinsurance and deductibles.
Learn moreMedical Payments (MedPay)
Optional auto coverage paying reasonable medical expenses after an accident without fault determination.
Learn moreMold Damage
Fungal growth damage often limited or excluded unless sudden pipe burst caused hidden wetting per policy language.
Learn moreN
O
Out-of-Pocket Maximum
The most you'll pay for covered healthcare services in a plan year, after which insurance pays 100%.
Learn moreOut-of-Network (OON)
Care from providers without a contract with your health plan.
Learn moreOpen Perils (All Risk)
Property coverage for any cause of loss except what is explicitly excluded.
Learn moreOrdinance or Law Coverage
Pays extra to rebuild to current building codes after a covered loss.
Learn moreP
Premium
The amount you pay to your insurance company for your coverage, typically monthly or annually.
Learn morePre-Existing Condition
A health condition that existed before your insurance coverage began.
Learn morePolicy Term
The start and end dates during which your insurance contract is in force.
Learn morePreferred Provider Organization (PPO)
A health plan with a preferred network but typically allows out-of-network care at higher cost.
Learn moreProperty Damage Liability
Auto coverage for damage you cause to another person's property.
Learn morePersonal Injury Protection (PIP)
No-fault auto coverage paying medical/wage loss for you and passengers regardless of fault.
Learn moreR
Rider
An add-on provision to an insurance policy that changes or extends coverage.
Learn moreReplacement Cost
The amount needed to replace damaged or lost property with new items of similar kind and quality.
Learn moreRetention (Self-Insured Retention)
Dollar amount you pay before a policy layer responds—common in D&O, cyber, and large commercial programs.
Learn moreS
U
W
Waiting Period
The time between when a policy starts and when certain coverages become effective.
Learn moreWhole Life Insurance
Permanent life insurance with fixed premiums and guaranteed cash value growth per the contract.
Learn moreWind/Hail Deductible
A separate, often percentage-based deductible applying to windstorm or hail claims in high-risk regions.
Learn moreWorkers' Compensation
State-mandated coverage paying medical and wage benefits for work-related employee injuries.
Learn more