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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Concealment
"The intentional withholding of information that will result in an imprecise underwriting decision. For example, concealment of an existing medical condition by an insured when applying More…
Construction Contract
"A contract is a legally enforceable promise between two or more parties. A contract can be verbal or written. These agreements often require one of the parties to pay or indemnify the More…
cross-liability coverage
Cross liability coverage covers liability when one insured sues another insured on the same policy. ISO policies include this coverage under the Separation of Insureds clause but coverage More…
cross-liability endorsement
"An endorsement that clarifies or alters coverage as regards to cross-liability claims. The endorsement commonly means that cross-liability coverage is provided but originally cross More…
Deductible
"A deductible is the amount you pay out-of-pocket for expenses for an insurance claim. On a General Liability policy the deductible can apply to Bodily Injury (BI) and Property Damage More…
Direct Exess (Garage Liability)
"Garage policies can be either Legal Liability, Direct Exess or Direct Primary. With a Legal Liability form the customer of the garage would have to prove that the garage owner was More…
Direct Primary (garage policy)
"Garage policies can be either Legal Liability, Direct Exess or Direct Primary. With a Legal Liability form the customer of the garage would have to prove that the garage owner was More…
Duty to Defend
"A liability policy provision that the insurer has an obligation to defend the insured in a suit brought by a third party. For occurrences covered by the policy, a defense must be More…
EIFS - Exterior Insulation Foam Systems
"EIFS is a type of exterior cladding sometimes referred to as a ""synthetic stucco"" and also known by individual brand names such as Dryvit, Sto and others. EIFS More…
employer's liability
" Insurance that covers an employer's liability for bodily injury to employees occurring within the scope of their employment when that liability is not covered by workers' More…
Employment Practices Liability Insurance
" Protection from litigation involving your employees for Wrongful Termination, Discrimination, and Sexual Harassment can be purchased under a separatepolicy. This is NOT More…
Endorsement
The only way to change an existing policy is by endorsement. An endorsement is a document attached to an insurance policy that modifies the policy. A common endorsement is the Additional More…
Estoppel
"A legal principle that when an individual represents a material fact to another, who alters his position in reasonable reliance on the representation, the first may not deny that the More…
Exmod
"In California the experience modification or exmod is calculated by the Work Comp Insurance Rating Bureau (WCIRB) for insureds that generate a minimum amount of premium in the prior More…
Experience Modification
"In California the experience modification or exmod is calculated by the Work Comp Insurance Rating Bureau (WCIRB) for insureds that generate a minimum amount of premium in the prior More…
Experience Rating
"The development of a premium for a specific policyholder by using that insured's own loss experience to apply a premium modification factor to the manual rate. If the More…
Fraud
The intentional misrepresentation or concealment of a material fact in order to induce another person to make or to refrain from making a contract. Insurance fraud is any willful deceit More…
GA
"An individual or entity authorized by an insurance company to be its exclusive representative in a particular geographic area for all or a specific line of business. Activities on More…
General Agent
"An individual or entity authorized by an insurance company to be its exclusive representative in a particular geographic area for all or a specific line of business. Activities on More…
General Aggregate
"The maximum limit payable for claims that occur under specified coverages during the policy period. The highest amount an insured can recover under the ISO commercial general More…
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