General Insurance Terms
The words that appear in every policy regardless of line: deductible, premium, coverage limit, exclusion, underwriting, actual cash value and replacement cost.
17 definitions
Actual Cash Value (ACV)
Actual Cash Value (ACV) definition - Learn what ACV means, how it's calculated, and how it differs from replacement cost coverage.
Adjuster
Adjuster definition - Learn what an insurance adjuster does, types of adjusters, and how they handle claims.
Agent
Agent definition - Learn what an insurance agent is, the difference between captive and independent agents, and how they help you.
Aggregate Limit
Aggregate Limit definition - Learn what an aggregate limit is, how it differs from per-occurrence limits, and why it matters for your coverage.
Broker
Broker definition - Learn what an insurance broker is, how they differ from agents, and when you should use a broker.
Claims
Claims definition - Learn what an insurance claim is, how the claims process works, and what to expect when filing a claim.
Coverage Limit
Coverage Limit definition - Learn what coverage limits are in insurance, how they work, and why choosing the right limit is important.
Covered Peril
Covered Peril definition - Learn what covered perils are, common examples, and why understanding them is crucial for your insurance coverage.
Declarations Page
Declarations Page definition - Learn what a declarations page is, what information it contains, and why it's important to review.
Deductible
Deductible definition - Learn what a deductible is in insurance, how it works, and how it affects your premium.
Exclusions
Exclusions definition - Learn what insurance exclusions are, common examples, and how they affect your coverage.
Policy Limits
Policy Limits definition - Learn what policy limits are, types of limits, and why they matter for your insurance coverage.
Premium
Premium definition - Learn what an insurance premium is, how it's calculated, and factors that affect your premium rates.
Replacement Cost
Replacement Cost definition - Learn what replacement cost coverage means, how it differs from ACV, and why it matters for your insurance.
Risk Assessment
Risk Assessment definition - Learn what risk assessment is in insurance, how it's used, and the factors considered.
Umbrella Insurance
Umbrella Insurance definition - Learn what umbrella insurance is, how it works, and why you might need additional liability coverage.
Underwriting
Clear breakdown of what is underwriting in car insurance, what it means for your insurance policy, coverage and costs.