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 Accident Insurance :
A form of health insurance against loss by bodily injury.
Accounts Receivable Policy :
An inland marine (also burglary) policy written to protect the insured from financial loss due to his inability to collect amounts owed him because of the destruction of his records.
Annuity :
A life insurance company contract that pays a periodic income benefit for a specified period of time.
Assigned Risk :
A risk which underwriters do not care to insure, but because of state law or otherwise, the insured must be protected and the insurance is therefore handled through the state and assigned to companies.
Bailee's Customer Policy :
A policy providing for loss or damages to property of bailee's customers, payable either to bailees for their account or direct to customers..
Blanket Insurance :
(1) Property-liability insurance that covers more than one type of property in one location in one policy or form instead of under separate items, or one or more types of property at more than one location; (2) A contract of health insurance that covers all of a class of persons not individually identified.
Boiler and Machinery Policy :
Insurance against loss due to accidents to boilers, pressure vessels or other machinery including the equipment itself, as well as liability arising out of the accident.
Bond :
An obligation of the insurance company to protect one against financial loss caused by acts of another.
Builder's Risk Insurance :
Insurance against loss to buildings or structures in the course of construction.
Business Interruption Insurance :
A type of policy that pays for loss of earnings when operations are curtailed or suspended because of property loss.
Casualty Insurance :
That type of insurance that is primarily concerned with losses caused by injuries to persons and legal liability imposed for such injury or for damage to property of others. It also includes such diverse forms as Plate Glass, insurance against crime, such as robbery, burglary or forgery, Boiler and Machinery insurance, and Aviation insurance. Many casualty companies also write surety business.
Collision Coverage :
Physical damage protection for the insured's own automobile(s) for damage resulting from a collision with another object or upset.
Commercial General Liability (CGL) :
General liability coverage which may be written as a monoline policy or part of a commercial package. "CGL" now means commercial general liability forms which have replaced the earlier "comprehensive" general liability forms. The latest forms include all sublines, provide very broad coverage, and two variations are available, "Occurrence," and "Claims Made," coverage
Dental Insurance :
Coverage for dental services under a group of individual policy.
Disability Insurance :
A type of health insurance that pays a monthly income to the policyholder when he or she is unable to work because of illness or accident.
Employers Liability Insurance :
Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by workers compensation law.
Fidelity Bond :
A bond which will reimburse an employer for loss up to the amount of the bond, sustained by an employer (the insured) by reason of any dishonest act of an employee (or employees) covered by the bond.
Fire Insurance :
(1) Insurance contracts that indemnify an insured for loss caused by the destruction of the insured's property resulting from a fire; (2) The field of insurance that provides insurance policies on the insured's property for a variety of perils, including fire.
Garagekeepers Legal Liability Policy :
Coverage for losses for which the insured is legally liable, caused by fire or explosion, theft of an entire vehicle, riot and vandalism, collision, and upset to automobiles in his care, custody and control.
Garage Liability Policy :
A liability contract designed to provide the owner of a garage operation with the liability protection needed for the special hazards that exist there.
Health Insurance :
Protection against the costs of hospital and medical care or lost income arising from an illness or injury (sometimes called Accident & Sickness Insurance).
HMO (Health Maintenance Organization) :
An organization that provides health care for a monthly payment set in advance. In a traditional HMO, doctors and other providers are salaried employees and the facilities are owned by the organization. In recent years, however, other forms of HMOs have sprung up that contract with doctors and hospitals to care for members at set, negotiated fees. Many HMOs are hybrids, offering both kinds of care to members.
Indemnity Bond :
A bond which indemnifies the obligee against loss which arises as a result of failure on the part of a principal to perform.
Inland Marine Insurance :
A branch of the insurance business which developed from the insuring of shipments which did not involve ocean voyages. Exposures eligible for this form of protection are described in the nationwide definition of Marine Insurance. Such diverse properties as bridges, tunnels, jewelry, and furs can now be written under Inland Marine forms.
Key Man (Key Employee) Insurance Policy :
An insurance policy on the life of a key employee whose death would cause the employer financial loss, owned by and payable to the employer.
Leasehold Insurance :
Insurance for the tenant of a property leased against the loss of value of the lease or of profit from a sub-lease through termination of the lease by fire or other peril insured against.
Liability Insurance :
Insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract.
Life Insurance :
Protection against the death of the Insured in the form of payment to a designated beneficiary, typically a family member or business.
Long-Term Care Insurance :
A type of insurance policy that covers the cost of long-term custodial care in a nursing facility or at home.
Malpractice Insurance :
A professional liability coverage that insures physicians, lawyers and other specialists against suits alleging their negligence.
Marina Insurance :
Insurance coverage for goods in transit, and for the vehicles that transport them, over waterways, over land, and in air.
Medicaid :
A federal/state program that helps pay for health care for the needy, blind or disabled and for low-income families with children.
Medicare :
A federal health care program for people age 65 and over, and for the disabled.
MediGap :
Insurance coverage sold by private insurers to supplement federal insurance benefits and expenses not covered under the federal Medicare program.
Mortgage Insurance :
Life insurance that pays the balance of a mortgage if the mortgagor (insured) dies.
Package Policy :
An insurance policy including two or more lines or types of coverages in the same contract.
Personal Articles Floater :
Provides all risk coverage for valuable items such as furs, jewelry, etc. formerly insured under separate contracts.
Personal Effects Floater :
An Inland Marine Policy covering worldwide except in the insured's domicile, personal effects usually carried by a tourist.
Personal Injury Protection :
The formal name usually given to no-fault benefits in states that have enacted mandatory or optional no-fault Automobile Insurance coverages. PIP usually includes benefits for medical expenses, loss of work income, essential services, accidental death and funeral expenses.
Products Liability Insurance :
Provides protection against claims arising out of the use, handling or consumption of a product.
Professional Liability Insurance :
Liability insurance to indemnify professionals, doctors, lawyers, architects, etc. for the loss or expense resulting from claim on account of bodily injuries because of any malpractice, error or mistake committed or alleged to have been committed by the insured in his profession.
Property Damage (Liability) Insurance :
Protection against liability for damage to the property of another not in the care, custody and control of the insured, as distinguished from liability for bodily injury.
Property Insurance :
Insurance which indemnifies a person with an interest in physical property for its loss or the loss of its income-producing ability.
Reinsurance :
(1) A contract of indemnity against liability by which the insurance company procures another insurance to insure against loss or liability by reason of the original insurance; (2) Insurance by one insurance company of all or part of a risk accepted by it with another insurance company which agrees to reimburse the insurance company for the portion of the claim insured.
Surety Bond :
A bond in which the surety agrees to answer to the obligee for the non-performance of the principal (known as the obligor).
Term Insurance :
Life insurance issued for a stated temporary period of time.
Title Insurance :
Indemnifies the owner of real estate in the event clear ownership of property is challenged by discovery of faults in the title.
Umbrella Liability Policy :
A liability policy designed to provide liability protection above and beyond that provided by standard liability contracts.
Uninsured Motorists Coverage :
Endorsement to a personal automobile policy that covers an insured involved in a collision with a driver who does not have liability insurance.
Universal Life Insurance :
A flexible premium policy that combines protection against premature death with a savings account that typically earns a money market rate of interest.
Whole Life Insurance :
Life insurance payable to a beneficiary at the time of death of the insured, whenever that occurs.
Workers Compensation :
(1) A schedule of benefits payable to an employee for injury, disability, dismemberment, or death as a result of occupational hazard. The payments are a liability of an employer. (2) Insurance agreeing to pay the Workers Compensation benefits required by law on behalf of the employer.
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