Insurance terms glossary.
A B C D E F G H I J L M N O P R S W Y
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Action Over Exclusion
This exclusion is best understood by first looking at what a "third-party-over action" is. If a worker is injured his sole remedy is worker's compensation. However there may More…
Additional Insured
"An endorsement to an insurance policy that names an individual or entity as being additionally insured by the policy. AI endorsements are often requested from subcontractors by the More…
agency
"A group of persons working together to sell and service insurance policies based on contractual agreements with General Agencies, Managing General Agencies or insurance companies. More…
agent
"Any person authorized to act for, or who is recognized as, the legal representative of another (the principal). An insurance agent represents the insurer in negotiating, servicing, or More…
application
"A printed form developed by an insurer that includes questions about a prospective insured and the desired insurance coverage and limits. It provides the insurer's underwriter More…
Bodily Injury
"The destruction or impairment of living human tissue by an outside force; physical harm, disease or impairment (excluding the natural aging process), sometimes including resulting More…
Broad Form Property Damage (BFPD)
Coverage that can be endorsed to the 1973 ISO comprehensive general liability policy and other older general liability forms, to reduce the restrictive scope of the "care, custody, or More…
Broad Form Property Damage Endorsement
An endorsement to a commercial general liability policy which amends or modifies the care, custody, or control exclusion that normally eliminates this coverage. A standard endorsement is More…
Broker
"An individual or entity who represents the consumer in negotiating, servicing or obtaining coverage with insurers; a person who negotiates contracts of insurance on behalf of an More…
Broker of Record
The broker designated and authorized to conduct and handle specified insurance business on behalf of the policyholder.
Business Income and Extra Expense Coverage
Business Income coverage is an extremely important coverage you should consider as part of your overall property insurance protection. This coverage is designed to protect your loss of More…
claim
A notification to an insurance company requesting indemnification due to a loss or damage. It is important to follow the procedure for filing a claim as per the policy. In the event of More…
claims-made form
"A liability policy that provides coverage for an injury or loss if the claim is first reported or filed during the policy period. This is in contrast to the broader occurrence policy More…
Coinsurance
"The coinsurance clause is the insurance company's way of ensuring that you provide them with the correct replacement cost estimates for the property you are insuring. If you More…
collision deductible waiver
In auto coverage the collision deductible waiver pays your collision deductible if your insured car is involved in an accident in which an uninsured motorist is held legally responsible. More…
Combined Single Limit
This is a term that applies to auto policies. Liability limits for auto policies are either split limits or combined single limit. A split limit is expressed in the following format More…
commercial general liability policy (CGL)
A policy form introduced by the Insurance Services Office in 1986, and subsequently amended, to replace the comprehensive general liability policy. The two basic coverage forms available More…
Common Policy Declarations
"Under the latest commercial lines program, a common declaration page which is part of every commercial policy. It shows information applicable to the entire policy (policy number, More…
completed operations coverage
"Liability insurance for injury or damage resulting from real or alleged faults in work completed by the insured. Completed operations insurance is purchased by commercial insureds who More…
comprehensive general liability policy
The comprehensive general liability policy form was initially developed by the Insurance Services Office (ISO) in 1940 and revised several times thereafter. It was the first commercial More…
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