This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business both Personal lines and Commercial Lines. Please don’t hesitate to call our helpful representatives for more questions: 813.288.8270
Coverage that protects against financial loss because of legal liability for motor vehicle related injuries (bodily injury and medical payments) or damage to the property of others caused by accidents arising out of ownership, maintenance or use of a motor vehicle.
Coverage for motor vehicles, other than those in the garage business, engaged in commerce. Business auto filings include singularly or in any combination coverage such as the following: Auto Liability, PIP, MP, Uninsured Motorist and/or Underinsured Motorists (UM/UIM); Specified Causes of Loss, Comprehensive, and Collision.
The Certified Insurance Counselor designation signifies that an individual working in this field has attained comprehensive knowledge of the following subject matter by virtue of completing the 5 ‘institutes’ that comprise the program. CIC has become the nation’s premier designation program for insurance professionals!
The most common types of commercial insurance are property, liability and workers’ compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers’ compensation insurance covers on-the-job injuries to your employees.
Portion of the insured loss (in dollars) paid by the policy holder
A bond or policy covering an employer’s loss resulting from an employee’s dishonest act (e.g., loss of cash, securities, valuables, etc.).
Health insurance issued to employers, associations, trusts, or other groups covering employees or members and/or their dependents, to whom a certificate of coverage may be provided.
A term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses.
A type cover that provides financial security to your life and your family’s in the event of a serious injury or illness, loss of ability to earn, total and permanent disablement or death.
A written contract of insurance.
An individual who sells, services, or negotiates insurance policies either on behalf of a company or independently.
The chance that a loss will occur.
Total money owed or expected to be owed by the insurance company.
Covers financial loss due to trip cancellation/interruption; lost or damaged baggage; trip or baggage delays; missed connections and/or changes in itinerary; and casualty losses due to rental vehicle damage.
The process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for coverage provided.