Personal Glossary

Personal Glossary

Insurance is confusing, we get it. We want you to understand what different coverages and insurance terms mean. This list includes some of the most common Personal Lines insurance terminology. The specific coverages listed is not all-inclusive as there are other coverages available to suit various needs.  If you need a Personal Lines coverage not listed, be sure to contact your local INSPRO office today.

A

A
A

Actual Cash Value (ACV) – Repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost plus depreciation.

Adjuster – A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.

Appraisal – An estimate of value.

Automobile Insurance – Liability coverage for your personal-use vehicles. You can also elect to include physical damage coverage on the policy. Special Antique and Classic Car Programs are also available.

B

B
B

Boat Insurance – Liability coverage for your recreational boating needs. You can also elect to include physical damage coverage for the boats, motors, trailers, & boating equipment on the policy.

Bodily Injury – Coverage for bodily injury or death sustained by others.

C

C
C

Classic Auto – Coverage designed to insure classic and antique vehicles.

Collision Coverage – Coverage for damage to your vehicle resulting from a collision with a vehicle or object – subject to the Collision Deductible.

Comprehensive Coverage (Other Than Collision) – Coverage for damage to your vehicle not caused by a collision, such as hail, vandalism, theft, contact with an animal, and damage to your glass – subject to the Comprehensive Deductible.

Condo Insurance – Available for condominium unit owner, providing both property and liability coverages.

D

D
D

Declarations Page (dec page) – A page in your policy with your basic information identifying the policyholder(s), property or vehicles covered, coverages, and premium amounts. 

Deductible – Amount policyholder agrees to pay before the insurance company covers a loss.  There may be different types listed such as all-peril, wind/hail, collision, comprehensive, and more.

Dwelling Fire – Coverage for a property that is rented to others

 

E

E
E

Earthquake – An optional property coverage for losses resulting from a sudden trembling or shaking of the earth, including that caused by volcanic eruption

Effective Date – Date at which an insurance policy goes into force

Endorsement – An amendment or rider to a policy adjusting the coverages and taking precedence over the general contract

F

F
F

Flood Insurance – Coverage protecting the insured against loss or damage to real or personal property from flood. 

H

H
H

Homeowners Insurance – Coverage combining real and personal property coverage with personal liability coverage. 

I

I
I

Identity Theft Insurance – Protection which can reimburse you for expenses incurred as a result of identity theft and the time-consuming process of cleaning up the mess left behind when someone steals your identity.  

L

L
L

Loss History – The history of a person’s automobile or property losses.

M

M
M

Medical Payments (auto) – Coverage for medical expense to you and others in the event of an accident, regardless if at fault or not.

Medical Payments (home) – Coverage for medical expense to a non-household member due to an injury on your property, regards of insured negligence. 

Motorcycle Insurance – Liability coverage for your personal-use vehicles.  You can also elect to include physical damage coverage on the policy.  

O

O
O

Other Structures – Coverage for structures located at the residence premise which are not directly attached to the dwelling, such as a garage, shed, fence, etc.

P

P
P

Personal Property – Coverage for the belongings that you own which is easily moved, such as furniture, clothing, household goods, etc.

Physical Damage – Coverage for damage to another party’s vehicle or residence.

Policy Term – Period of time for which policy is in effect

 

R

R
R

Recreational Vehicle Insurance – Liability coverage for various types of recreational vehicles such as campers, snowmobiles, all-terrain vehicles, etc.  You can also elect to include physical damage coverage on the policy.

Renters Insurance – Coverage providing both property and liability coverage for people who rent their living space, either homes or apartments.

S

S
S

Scheduled Property – Coverage available for things such as your Jewelry, Cameras, Fine Arts and other valuables in case of loss. Items are specifically scheduled and this coverage can be included with your Homeowners, Renters or Condo Unit Owners policies.

U

U
U

Umbrella Liability Insurance – Provides liability protection above your primary auto and homeowners policies, along with extended coverage for things such as libel, slander, etc.

Uninsured/Underinsured Motorist Coverage – Bodily Injury coverage from an auto accident in which the other driver is uninsured or underinsured resulting in insufficient limits to pay for injuries.