Terms
Uninsured Activities
Uninsured Activities may refer to activities or circumstances that are not covered by insurance. In general, uninsured activities are activities that are not considered to be standard risks and thus...
Application Warranty
Application Warranty is a term that may refer to a type of insurance policy that provides protection against the failure of a specific application or software. It is designed to...
Affirmative AI Endorsement
Affirmative AI Endorsement, in the realm of insurance, is a specific provision or amendment added to an insurance policy that explicitly addresses and provides coverage for risks associated with the...
Products and Completed Operations
Products and Completed Operations may refer to two different types of insurance coverage. Products coverage, or products-completed operations coverage, is a form of commercial liability insurance that protects a business...
Severability of Interests Clause
The Severability of Interests Clause is a provision in an insurance contract that may refer to the fact that the interests of two or more parties in a contract are...
Floater Policy
A Floater Policy may refer to an insurance policy that provides coverage for the movement of goods from one location to another. This type of policy is typically used for...
Inception Date
The Inception Date is a fundamental term in the field of insurance, marking the commencement of coverage under an insurance policy. The definition of 'Inception Date' refers to the specific...
Name of Insured
Name of Insured is a term used in the insurance industry to refer to the individual or entity that has an insurance policy in their name. The name of insured...
Occurrence
Occurrence is a term that may refer to a specific event, happening, or circumstance. It can be used to refer to an event that has already taken place or an...
Principles of Indemnity
The term Principles of Indemnity may refer to the underlying principles of insurance contracts that seek to restore an insured individual or company to the same financial position they were...
Guaranteed Renewable Policy
A Guaranteed Renewable Policy is a type of insurance policy that guarantees the policyholder the right to renew the policy at the end of the policy term, without any change...
Business Activities
Business Activities is a term that may refer to any of the processes, operations, and services that a business performs to generate income and value for its customers, stakeholders, and...
Grace Period
A Grace Period is a period of time that may refer to a type of insurance policy in which a premium payment is made late or skipped, but coverage remains...
Coinsurance Provision
Coinsurance Provision is a term that may refer to a specific clause in a health insurance policy that requires the policyholder to pay a portion of their medical bills out...
Threshold Level
The term Threshold Level may refer to a specific limit or point that must be met or exceeded in order for something to occur. In terms of insurance, threshold level...
Expiry Date
The term "Expiry Date" in insurance is crucial in determining the duration and validity of an insurance policy. The definition of 'Expiry Date' refers to the specific date on which...
Loss Report
A Loss Report in the field of insurance is an essential document that plays a vital role in the claim process. The definition of a 'Loss Report' refers to a...
Insurance Limit
The term "Insurance Limit," foundational in insurance terminology, is critical for both policyholders and insurers. The definition of 'Insurance Limit' refers to the maximum amount an insurance company will pay...
Total Insurable Value
Total Insurable Value (TIV) is a critical term in the field of insurance, particularly in property and casualty insurance. The definition of 'Total Insurable Value' refers to the sum of...
Package Policy
A Package Policy in the insurance industry is a comprehensive insurance solution that combines multiple types of coverage into a single policy. The definition of a Package Policy typically refers...
Period of the Policy
The term "Period of the Policy" in insurance is a fundamental concept that defines the duration for which an insurance policy provides coverage. The definition of 'Period of the Policy'...
Ownership Clause
Ownership Clause is a legal term that is used in a variety of insurance policies and agreements. It is a clause that outlines the rights and responsibilities of the policy...
Optionally Renewable
Optionally Renewable may refer to a type of insurance policy which allows the policyholder to choose whether or not to renew their policy at the end of the term. This...
First Named Insured
The term First Named Insured may refer to an individual or entity that is explicitly identified as the primary policyholder on an insurance policy document. This individual or entity is...
MCS-90 Endorsement
The MCS-90 Endorsement is a specific type of insurance endorsement that provides additional coverage on motor carriers’ liability policies. This endorsement is required by the Federal Motor Carrier Safety Administration...
Fixed Period Option
Fixed Period Option may refer to a type of insurance coverage that provides protection for a pre-determined period of time. Fixed Period Option is also known as Fixed Term Insurance...
Commercial Insurance Endorsements
Commercial Insurance Endorsements may refer to documents that are added to a commercial insurance policy to modify or extend the coverage provided by the policy. Endorsements can also be used...
Preventative Shutdown Endorsement
The Preventative Shutdown Endorsement (PSE) may refer to an insurance policy provision that provides coverage for business interruption losses caused by the preventative or precautionary shutdown of a business. The...
Actual Cash Value
Actual Cash Value (ACV) may refer to the fair market value of an item or property that has been lost, destroyed, or damaged. This fair market value includes depreciation and...
Speculative Risks
Speculative Risks may refer to risks that are taken with the potential for either profit or loss. In practical terms, these are risks that are taken with the intent of...
Anti-Stacking Provisions (Endorsement)
Anti-Stacking Provisions (Endorsement) definition may refer to a provision in an insurance policy that limits the amount of coverage that a policyholder can receive from multiple policies. This provision is...
Additional Insured
Additional Insured is a term that may refer to an individual or entity that is insured under an insurance policy in addition to another insured. This means that the additional...
Policy Limit
Policy Limit may refer to the maximum amount of coverage provided under an insurance policy. This amount is typically determined by the insurance company at the time of issuance and...
Anti-Stacking Provisions (Endorsement)
Anti-Stacking Provisions (Endorsement) definition may refer to a provision in an insurance policy that limits the amount of coverage that a policyholder can receive from multiple policies. This provision is...
First Dollar Defense
First Dollar Defense, also known as primary insurance, may refer to an insurance policy that pays out on the first dollar of a covered claim. This type of policy eliminates...
Auto Coverage Symbols
Auto Coverage Symbols may refer to the codes used to indicate the types of coverage included in an auto insurance policy. These symbols are used to identify the types of...
Retention
Retention may refer to a variety of insurance-related concepts, but in the context of Directors & Officers (D&O) insurance, it simply means the amount of risk that the policyholder agrees...
Insurer
An "insurer" is a foundational term within the domain of insurance. By definition, an "insurer" is an entity, often a company, that provides insurance coverage. This entity assumes the risk...
Insured
The term Insured may refer to an individual or organization who is covered by an insurance policy. In order to be considered an Insured, the individual or organization must have...
Deductible
A Deductible is a term that may refer to the amount of money a policyholder must pay out of pocket before their insurance coverage kicks in. The deductible is an...
Unladen Liability
Unladen liability, in the realm of commercial insurance, refers to the legal responsibility or potential financial loss faced by a business or individual for accidents or damages that occur while...
Nonforfeiture
Nonforfeiture, in the realm of commercial insurance, refers to a provision that ensures policyholders retain certain benefits or values even if they decide to terminate or surrender their insurance policy...
Short Rate Cancellation
Short rate cancellation, in the realm of commercial insurance, refers to a provision that allows an insurance company to charge a penalty when a policyholder cancels their insurance policy before...
Subjectivities
Subjectivities, in the realm of commercial insurance, refer to the aspects of an insurance policy that are open to interpretation or judgment. They are the factors or criteria that can...
Primary and Noncontributory
Primary and noncontributory, in insurance terminology, is a clause typically found in liability insurance policies. It’s an agreement between two insurance policies where one policy is designated as the primary...
Automatic Premium Loan
An automatic premium loan (APL) is a provision found in certain insurance policies. It allows the insurer to automatically borrow money from the policy's value to pay outstanding premium payments....
Tertiary Beneficiary
A tertiary beneficiary, in the realm of commercial insurance, refers to an individual or entity named in an insurance policy as the third level of priority to receive the policy...
Easement Appurtenant
An easement appurtenant, in the realm of commercial insurance, refers to a legal right that grants a property owner the privilege to use a specific portion of another person's property...
Liberalization Clause
A liberalization clause is an insurance policy provision that provides additional coverage or benefits to the policyholder without requiring additional premium payments. It is designed to protect policyholders against changes...
Supplementary Payments
Supplementary payments in insurance refer to additional financial provisions made by an insurance company to the policyholder beyond the basic coverage. These payments are typically made to cover certain expenses...
Fixed Amount Option
Fixed amount option refers to a type of life insurance that allows the policyholder to choose a fixed amount of coverage at the time of policy purchase. This option allows...
Exposure
Exposure, in the realm of commercial insurance, refers to the level of risk or vulnerability that a business or individual faces regarding potential losses or damages. It represents the extent...
Other Insurance Clause
An “other insurance clause” is a provision in an insurance policy that addresses how coverage will apply if the insured party has multiple insurance policies covering the same type of...
Flat Cancellation
Flat cancellation is a term describing the complete termination of an insurance policy on the effective or renewal date. In other words, the policy is canceled before coverage begins or...
TIV Insurance
TIV insurance is an acronym that stands for Total Insured Value insurance. The term refers to a type of insurance policy that covers the full value of the insured property,...
Corridor Deductible
A corridor deductible is a type of insurance deductible that is commonly used in health insurance policies but is becoming more popular in property and casualty insurance. The term refers...
Products Completed Operations
Products completed operations, within the realm of insurance, refers to a specific coverage term that may refer to the liability risks associated with products and completed work. It is a...
Intrastate Commerce
Intrastate commerce refers to the commercial activities and transactions that take place exclusively within the boundaries of a single state or jurisdiction. It is a term used to describe the...
Renewal Policy
A renewal policy, a crucial aspect of insurance management, refers to the continuation of an existing insurance policy for a subsequent policy term. The definition of a renewal policy encompasses...
Pro Rata Cancellation
Pro rata cancellation, a term commonly used in the insurance industry, refers to the termination of an insurance policy before its expiration date, where the insurer returns the unearned premium...
Attachment Point
Attachment point is a term commonly used in the insurance industry to refer to the threshold at which an insurance policy begins to provide coverage for a loss. The attachment...
Tort
Tort is a term used in insurance to refer to a legal concept involving a wrongful act or omission by one party that causes harm or injury to another party....
Incontestable Clause
The incontestable clause in an insurance policy states that the insurance company cannot contest or challenge the policy's validity after it has been in effect for a certain period. It...
Consequential Loss
Consequential loss may refer to economic loss caused by damage to property or other losses suffered due to a breach of contract. Consequential loss is typically defined as "losses which...
Entire Contract Clause
The entire contract clause, also known as an "entire agreement clause," is a type of clause found in many contracts and legal documents. It is a provision that states that...
Guaranteed Renewable
Guaranteed renewable is a term that may refer to an insurance policy that guarantees the policyholder the right to renew their policy for a given period. This type of policy...
Unearned Premium
Unearned premium may refer to an insurance term that describes the portion of a policyholder's premium paid in advance for coverage that has not yet been used. When a policyholder...
Gross Written Premium
Gross written premium is a term that may refer to the total amount of premiums collected by an insurance company during a given period before any discounts or refunds are...
Earned Premium
Earned premium is a technical term used in the insurance industry that may refer to the portion of a premium that an insurance company has earned. It is the amount...
Aggregate Limit of Liability
Aggregate limit of liability is a term used in the insurance industry that may refer to a policy provision that limits the total amount an insurance company must pay during...
Insurable Interest
Insurable interest may refer to a legal concept that defines the relationship between an individual and the property they are insuring. It is the legal right of an individual to...
Commercial Insurance Endorsement
A commercial insurance endorsement is known as a rider or clause and enables companies to change while offering protection. It’s an attached document that becomes part of an insurance policy,...
General Aggregate Limit
The general aggregate limit may refer to an insurance limit, the maximum amount of coverage an insurance provider will pay in the event of multiple claims during a policy period....