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ABCs of Insurance
A glossary of insurance terms.


Index
A  B  C  D  E  F  G  H  I  J  L  M  N  O  P  R  S  T  U  V  W 
A
Actual Cash Value
Actuary
Additional Living Expenses
Adjuster
Agency Companies
Alternative Dispute Resolution / ADR
Annual Statement
Antitrust Laws
Appraisal
Arbitration
Arson
Assets
Assigned Risk Plans
Auto Policy


B
Balance Sheet
Binder
Blanket Coverage
Bodily Injury Liability Coverage
Book of Business
Broker
Burglary and Theft Insurance


C
Capacity
Capital Markets
Captive Agent
Captives
Catastrophe
Catastrophe Deductible
Chartered Property / Casualty Underwriter / CPCU
Collision Coverage
Combined Ratio
Commercial Lines
Commission
Complaint Ratio
Comprehensive Coverage
Contingent Bodily Injury Liability Coverage
Coverage
Credit Score


D
Declaration
Deductible
Demutualization
Deregulation
Direct Sales / Direct Response
Direct Writers
Domestic Insurance Company


E
Earthquake Insurance
Economic Loss
Electronic Commerce / E-commerce
Endorsement
Escrow Account
Excess & Surplus Lines
Exclusion
Exclusive Agent
Expense Ratio
Experience
Exposure
Extended Coverage


F
Fair Access to Insurance Requirements Plans / Fair Plans
Federal Insurance Administration / FIA
Federal Reserve Board
File-and-Use States
Financial Responsibility Law
Fire Insurance
First-Party Coverage
Flood Insurance
Foreign Insurance Company
Fraud
Frequency


G
Generic Auto Parts
Glass Insurance
Graduated Driver Licenses


H
Hacker Insurance
House Year
 


I
Indemnify
Independent Agent
Inflation Guard Clause
Inland Marine Insurance
Insolvency
Insurable Risk
Insurance
Insurance Pool
Insurance Regulatory Information System / IRIS
Insurance-to-Value
Internet Insurer
Internet Liability Insurance


J
Joint Underwriting Association / JUA


L
Law of Large Numbers
Liability Insurance
Limits
Line
Lloyd's of London
Lloyds
Loss
Loss Ratio
Loss Reserves


M
Manual
McCarran-Ferguson
Medical Payments Insurance
Medical Utilization Review
Multiple Peril Policy
Mutual Insurance Company


N
Named Peril
National Flood Insurance Program
No-Fault Medical
Notice of Loss


O
Ordinance or Law Coverage
Ordinary Life Insurance
 


P
Package Policy
Peril
Personal Articles Floater
Personal Injury Protection Coverage / PIP
Personal Lines
Policy
Premises
Premium
Property / Casualty Insurance


R
Rate
Rating Agencies
Reinsurance
Replacement Cost
Reserves
Residual Market
Retention
Rider
Risk
Risk Management


S
Salvage
Schedule
Securities and Exchange Commission / SEC
Self-Insurance
Severity
Solvency
Stock Insurance Company
Structured Settlement
Subrogation


T
Term Insurance
Third-Party Administrator
Third-Party Coverage
Title Insurance
Tort
Tort Law
Tort Reform
Total Loss


U
Umbrella Policy
Underwriting
Underwriting Income
Uninsured Motorists Coverage
Universal Life Coverage


V
Vandalism
Variable Life Insurance
Void


W
Waiver
Whole Life Insurance
Workers Compensation
Write



Reprinted with permission
Insurance Information Institute (I.I.I.)
All Rights Reserved
http://www.iii.org

These definitions provide a brief description of several terms used within the insurance industry. These definitions do not apply for all states or for all products. This is not an insurance contract. Other terms, conditions, and exclusions may apply. These definitions do not change the terms of any insurance contract. The inclusion of a definition of a particular coverage does not necessarily indicate that we offer that coverage. Should any conflict exist between these definitions and the provisions of the applicable insurance policy, the terms of the insurance policy control. Coverage availability varies by state. Please read the Encompass Insurance policy for full details regarding the coverages offered by our underwriting companies.



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