Glossary Terms

A situation, condition, or item specifically not covered by an insurance policy.

An addition or change to your original insurance policy that adjusts coverage, terms, or cost.

The amount you agree to pay out-of-pocket before your insurance starts to cover a loss.

The amount and type of protection provided under an insurance policy.

A request made to an insurance company to cover a loss based on the terms of the policy.

A document showing proof that an individual or business has insurance coverage in place.

A temporary insurance contract that provides proof of coverage until a permanent policy is issued.

The maximum amount an insurance company will pay for all claims during a policy period.

A person or business added to an insurance policy to share the benefits and protection under the policy.

The value of an item is based on its current worth, considering depreciation, not what you paid originally.