When youre ready to take the next step, compare quotes for free. Business insurance uses many terms, acronyms, and jargon. Insurance that must be maintained as a condition of the most personal umbrella policies. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. Visit progressive commercial insurance for more detailed information on all our commercial products, or call 18882409837 to get a free quote. Every industry has its own jargon, and the property and casualty insurance business is no exception. If you have any questions about the use or meaning of. Whether youre buying business insurance for the first time or taking out a new policy, its really important that you have a good understanding of your insurance. We offer insurance by phone, online and through independent agents.
It summarizes the key elements of your policy, assuring prospects and customers that your business. Below are some standard terms and definitions used when describing business and personal insurance coverages. The information provided on this website does not constitute insurance advice. Not sure where to start when it comes to learning about and shopping for life insurance. These definitions provide a brief description of the coverages progressive offers and some of the terms and phrases used in connection with homeowners insurance. There are various types of health insurance and different markets. The definitions are based on various insurance references. General insurance such as principles of utmost good faiths material fact principle of insurable insures and principle of indemnity. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance.
It is possible to approach several agents for quotes on your commercial insurance business since any particular agent may represent a limited number of insurance. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Choosing health insurance is one of the most important choices you can make to help protect the health and wellbeing of you and your family. The term property insurance includes many lines of available insurance. Acquisition costs all expenses directly related to acquiring insurance. Think of it as homeowners insurance for your business.
Small business insurance resources for tech companies. Pennsylvania s health insurance market can be broken down into medicaid and chip, medicare, and commercial. Business income insurance also known as business interruption insurance, this replaces lost revenues and covers extra expenses in the event that your business has to shut down or relocate due to fire, wind damage or other covered losses. Standard bops usually cover general liability insurance and business personal property andor buildings. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. These definitions represent a common or general insurance andor legal use of the term. Glossary of insurance terms business insurance products. Agents are appointed by insurance companies and are paid a commission by the insurance company with which business is placed. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. Most of the definitions below are provided courtesy of the insurance institute of canada. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Below are some commonly used insurance terms and their meanings. Commercial property insurance protects your business against damage to buildings and their contents from fire, theft, and other hazards. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. An independent agent represents more than one company. The most comprehensive investing glossary on the web. The cfpbs glossary of english spanish financial terms.
Insurance definitions, dictionary, glossary and terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Commercial vehicle insurance might be necessary if your business uses any type of auto. Business terminology shouldnt be reserved for insurance agents. Primary insurance acts as the first layer of coverage on common types of losses.
Employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. The payment required for an insurance policy to remain in force. This usually includes auto, motorcycle and homeowner insurance, but may also include boat insurance, commercial. This page provides an index of insurance terms and definitions that are commonly used in the insurance business. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and other insurance. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business. Complete insureons online application and contact one of our licensed insurance professionals to obtain advice for your specific business insurance.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions. As such, we are subject to prudential requirements and standards, regulated by. As the name suggests, commercial insurance protects businesses, including business owners and their employees. Insurance 446 commercial umbrella insurance 447 surety bonds 448 surplus lines 451 federal terrorism risk insurance act of 2002 451 unit test 455 answers and rationales to unit test 458. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Making a list of all your insurance policies makes sense to help you keep track and for your loved ones if the day comes that your life insurance. New courses are added throughout the year, and existing courses are.
Glossary of customs and trade terms b bl abbreviation for bill of lading. In that case, you can find and use application form samples to make your insurance application form templates. Because every business is different, there is no onesizefitsall insurance policy for small business owners. A business owners policy is a good starting point when looking for commercial insurance for your business. Business insurance definitions commercial insurance. Auto insurance premiums are quoted for either 6 month or annual policy periods. Here youll find explanations for the most commonly used terms related to business insurance. Insurance handbook insurance information institute. Thank you for choosing to learn more about residential title insurance. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance. Glossary of common auto insurance terms helpinsure. A certificate of liability insurance also known as a certificate of insurance coi or an acord certificate of liability insurance is a onepage document that proves you have liability insurance. Get a quick, free quote on commercial insurance now its super easy.
The insurance handbook reflects this diversity of subjects and issues. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020. Browse and search thousands of insurance abbreviations and acronyms in our comprehensive reference resource. We know that business insurance terminology can be confusing our glossary will help you understand some of the key terms. Educate yourself on common terms used in commercial real estate transactions, leasing, sales and finance. Health insurance, car insurance, and life insurance are a part of everyday life.
Property damage liability coverage part of a standard auto insurance. Glossary of health coverage and medical terms page 1 of 4 glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. Whether youre in manufacturing, hospitality, retail, or any other industry, we have the right solutions to help protect your business. Zurich is an insurance company authorised under the insurance act 1973 to carry on general insurance business in australia.
Business vehicle or fleet insurance covers vehicles owned and used by your business. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. For instance, an ice cream shop has very different insurance. A form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a. Commercial lines courses below is a list of the commercial lines continuing education courses currently offered by irmi and webce. The language of insurance can be quite complex and confusing. Your insurance needs are as unique as your business. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Business income loss from the coronavirus article added to commercial property insurance april 2020. Business income insurance also known as business interruption insurance commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Understanding business insurance terminology trusted choice. Definitions provided by insurance bureau of canada are indicated with an asterisk. This also takes into account the fact that your applicants might want to apply for different kinds of insurance such as life or health insurance.