A A licensed professional of a captive insurance company or an independant licensed representative that can sell insurance policies
B This can refer to major cuts, physical injury, bruises, or hard to the body due to a personal accident
Business Personal Property: This is defined as equipement, machinery, materials, or other items that are considered to be personal property and owned by the insured. Carriers usually offer a limited benefit for this product.
C Is defined as a payment needed to cover a loss that is insured by an insurance carrier
Coverage: The coverage amount an insurance company offers for protection under the policy. This is known as a a fixed dollar amount or a type of loss.
D The annual amount an insured must pay out of their pocket before insurance coverage starts.
Declarations: The part of the insurance policy that shows you detailed information such as, name, address, property info, and the policy period. It also tells you the amount you are covered for.
E
Endorsement: An amendment to the insurance policy that changes the original contract terms.
Exclusions: Something that an insurance policy will not cover. You might see this in health or homeowners insurance.
F
Fire Insurance: If your house has a fire, make sure you have fire insurance coverage.
Flood Insurance: This covers you If it rains to much and you lose property due to a flood. You have to buy this part seperate from the main policy for an additional premium to the homeowners.
G
Guaranteed Replacement Cost Estimator: Homeowners insurance tool that tells you the required amount your house should be covered for.
H
Homeowner Policy: The property and liability insurance policy that covers your home. Some people call it a "homeowners insurance" policy.
Hazard Insurance: A policy that covers all future losses on your homeowners policy.
I
Insured: The individual proteced by the insurance policy.
Insurer: The actual insurance carrier that offers to pay you if something happens to you or your home.
L
Liability Insurance: An insurance policy that pays when you end up being responsible for any accident or if someone gets hurt on your property.
Liability: In very legal speak, it is the legally enforceable obligation by any party.
M
Mobile Home Insurance: A homeowners insurance policy that covers you for a mobile home that doesn't move.
Mortgage Insurance: Is a life insurance policy that you get to cover the amount you have left to pay on your mortgage. It is usually a term life insurance policy.
N
Named Insured: The individual or group to whom an insurance policy is offered.
Non-Renewal: An insurance policy that does not allow you to keep it after a certain period of time.
O
Occupancy: Is better known as holding the possession of property close to your hear.
Other Structure: Is a structure like your garage or other strange place you keep your tools.
P
Peril Insurance: Defined as the potential accident or future claim yet incurred.
Personal Property Insurance: This can be the piece of property of someone other than the actual physical property.
Q
Quotes This is the estimate of a homeowners, health, life, or any price of insurance. Final rates usually come to be final once you complete an underwriting process.
Quick Assets: We all have some of these, an asset that can be rolled quickly to cash.
R
Rate: The cost of an insurance contract. Can be offered in monthly, quarterly, or annual premium rates.
Renewal: Typically you see your health insurance renewal increase. Is defined as being when your insurance policy period is over. Most common is 12 month.
S
Schedule: Long list of items covered under your insurance policy contract.
Sinkhole: Beware Florida homeowners insurance policy holders. Sinkholes happen often and is the sudden sinking or collapse of land into the groud.
T
Tenants Policy: This is also known as a renters insurance policy.
Total Loss: This is the total loss of your home. Say your house completely burned to the groud. You would have an unfortunate "total loss".
U An insurance contract that offers coverage in additional amounts of your current in force policies.
Underwriter: The expert insurance actuary in most cases that accepts or rejects the risk of all insurance products.
W
Water Damage: lso happens when you have a leaky roof. Claimed insurance against a loss or damage due to water. In Florida, most likely from a hurricane.
Wind Policy: Many carriers do not offer this coverage on your homeowners policy. You might have to buy an additional policy to cover you from windstorms or tornadoes.