Policy

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...

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 (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 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) 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 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 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) 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, 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 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 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...

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...

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...

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, 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, 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, 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, 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, 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...

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....

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...

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...

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 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 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, 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...

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 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 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,...

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, 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 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...

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, 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 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 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....

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 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...

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 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 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 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 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 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 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...

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,...

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....