Glossary of Terms
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Additional Living Expense
Also called loss of use. This coverage pays for the extra, above normal costs of expenses such as food and lodging incurred while the policyholder’s home is being repaired. These expenses are generally not applicable to children living away at college.
A person licensed by the Department of Insurance whose job is to evaluate the amount of loss and to recommend the amount the insurance company will pay.
A person licensed by the Department of Insurance to solicit and service insurance policies.
Termination of an insurance policy by the insurance company or policyholder before a policy expires.
A request to an insurance company for payment of a loss.
The amount of risk covered by an insurer.
The portion of each covered claim you are responsible for paying.
An amendment to an insurance contract, creating a change in the original terms.
A provision in an insurance contract that removes coverage for certain losses or property.
The three years immediately preceding the date of application or the preparation of renewal.
A person related to you by blood, marriage or adoption who is a resident of your household, including a ward or foster child.
Sometimes called a rider, this is additional coverage for special items such as expensive jewelry or antiques.
The insurance company that is underwriting the contract of insurance.
Provides protection for the insured against loss arising out of legal liability to third parties.
The maximum amount the insurance company will pay in the event of a loss.
The person or persons covered by the insurance contract.
The failure to act as a reasonably prudent person would have acted under similar circumstances.
Means in; upon; getting in, on, or off.
The amount paid in consideration for an insurance policy.