Glossary Terms

An agreement where one party gives up the right to allow their insurance company to seek compensation from another party.

The right of an insurance company to recover money from a third party who caused a loss after paying a claim.

The amount needed to replace damaged property without deducting for depreciation.

The amount of money you pay for your insurance policy is typically monthly, quarterly, or annually.

A specific risk or cause of loss covered by an insurance policy (such as fire, theft, or hail).

The main person or business protected under an insurance policy.

A record from your insurance company showing your claims history over a specific time period. Typically three years for business insurance.

Protects you if you are held legally responsible for injury or damage to another person or property.

A promise that an insurance company will restore you financially after a covered loss.

Covers businesses for claims involving bodily injury, property damage, and personal injury to others.