Glossary Terms

An agreement where one party gives up the right to allow their insurance company to seek compensation from another party. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

The right of an insurance company to recover money from a third party who caused a loss after paying a claim. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

The amount needed to replace damaged property without deducting for depreciation. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

The amount of money you pay for your insurance policy is typically monthly, quarterly, or annually. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore all our business insurance options 👉 Explore our Personal Insurance options

A specific risk or cause of loss covered by an insurance policy (such as fire, theft, or hail). Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

The main person or business protected under an insurance policy. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

A record from your insurance company showing your claims history over a specific time period. Typically three years for business insurance. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

Protects you if you are held legally responsible for injury or damage to another person or property. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

A promise that an insurance company will restore you financially after a covered loss. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options

Covers businesses for claims involving bodily injury, property damage, and personal injury to others. Need Help Understanding Insurance Coverage? We’re here to make insurance simple.👉 Explore our Business Insurance options👉 Explore our Personal Insurance options