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Policy Glossary

POLICY GLOSSARY

Auto Liability Insurance Coverage protects against financial loss because of a legal liability for other 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 another vehicle (coverage can include recreational vehicles, such as motor homes.)

Auto Physical Damage Insurance is motor vehicle insurance coverage, including collision, vandalism, fire, and theft; it insures against material damage to the insured’s vehicle.

Automobile Liability Insurance covers bodily injury and property damage that is incurred through ownership or operation of a vehicle.

Boat Owners/Personal Watercraft Insurance covers damage to pleasure boats, motors, trailers, boating equipment, and personal watercraft as well as bodily injury and property damage liability to others.

Business Income Insurance or Business Interruption Insurance proves protection against the loss of income/revenue due to a business’ inability to operate in the event of a covered loss.

Business Owners Policies (BOPs) combine General Liability and Property Insurance coverage into one comprehensive package for eligible businesses. Policies usually include Business Income/Business Interruption Insurance as well as optional coverage options that tailor these policies to meet your unique to your business.

Commercial Automobile Insurance or Business Auto Liability covers physical damage and liability for amounts, situations, and usage not covered by a personal auto policy.

Commercial Umbrella or Excess Liability Insurance provides additional limits of liability to an underlying policy.

Crime Insurance or Fidelity Insurance protects against criminal acts committed by an employee, such as robbery, burglary, and other forms of theft.

Directors & Officers Liability Insurance or D&O Liability Insurance provide liability protection for directors and officers in the event that claims are made against them while serving on a board of directors and/or as an officer of an organization. This includes for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions.

Disability Income Insurance is a policy designed to compensate insured individuals for a portion of their income lost due to a disabling injury or illness.

Disability Income Insurance–Short-Term policies provide a weekly or monthly income benefit for up to five years for individual coverage and up to one year for group coverage for full or partial disability from an accident and/or sickness.

Disability Income Insurance–Long-Term policies provide a weekly or monthly income benefit for more than five years for individual coverage and up to one year for group coverage for full or partial disability from an accident and/or sickness.

Flood Insurance (also called Flood Coverage) insures for damages made to property caused by rising water due to flooding.

General Liability Insurance protects the insured in the event that he/she is sued for liability or property damage loss due to such things as slips and falls, operations, etc.

Homeowners Insurance is a packaged policy that combines real and personal property coverage with personal liability coverage. Coverage is applicable to the dwelling, apartment structures, unscheduled personal property, and additional living expenses.

Key Man Insurance (also called Key Person Insurance) is coverage for the main person in a business; in a small business, the key person is normally the owner, the founders, or key employees. Without this key person, the business would struggle to operate.

Life Insurance is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay the designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policyholder).

Liquor Liability Insurance provides coverage in the event of a loss that is incurred due to alcohol sold/distributed on behalf of the insured. Performance, Surety, Fidelity & Business Bonds protect against losses resulting from one party failing to meet its commitment. Permanent Life Insurance is a Life Insurance Policy that remains active for the life of the insured.

Personal Articles Insurance Floater is a policy used to insure specific, scheduled personal property on an all-risk basis. The policy is particularly appropriate for property that receives limited coverage under the homeowner forms, such as furs, priceless art work, expensive jewelry, silverware, cameras, collectable items, etc.

Personal Auto Policy is coverage designed to insure private passenger automobiles and specific types of trucks owned by an individual. Personal Injury Protection Coverage/PIP is automobile coverage that is available in states that have enacted no-fault laws or other auto reparation reform laws for treatment of injuries to the insured and passengers of the insured.

Professional Liability Insurance coverage provides protection as a result of errors and omissions in performing professional services, including data breaches or cyber-attacks.

Renters Insurance is liability coverage for contents within a renter’s residence. Coverage does not include the structure, but it does include any affixed items provided or changed by the renter.

Term Insurance is life insurance payable only if the death of the insured occurs within a specified time, such as five or ten years, or before a specified age.

Umbrella and Excess (Personal) Insurance is non-business liability protection for individuals above a specific amount set forth in a basic policy issued by the primary insurer, or by a self-insurer, for losses over a stated amount, or by an insured or self-insurer, for known or unknown gaps in basic coverages or self-insured retentions.

Whole Life Insurance can be kept in place for a person’s entire life; it pays a benefit upon the person’s death, whenever that may be.

Windstorm Insurance is a specific type of property-casualty insurance that protects policyholders from property damage caused by wind, hail, or hurricanes.

Workers Compensation covers wages and medical benefits for employees injured during the term of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for negligence.

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