A
- actual cash value
- The replacement cost of property minus depreciation, representing the current market value.
- actuarial
- Relating to statistical calculations used in the insurance industry to determine risk, premiums, and benefit structures.
B
- baggage loss
- Coverage that provides reimbursement for lost, stolen, or damaged baggage during your trip.
- beneficiary
- The person or entity designated to receive the benefits of an insurance policy, such as a death benefit from a life insurance policy.
- bodily injury
- Physical injury, sickness, or disease sustained by a person, including death resulting from any of these.
- business interruption
- Coverage that replaces lost income and pays for extra expenses when a business is affected by a covered peril.
- business owner's policy
- A package insurance policy for small businesses that combines general liability and property insurance.
C
- cancel for any reason
- An optional add-on coverage that allows you to cancel your trip for reasons not otherwise covered by the standard policy, typically reimbursing a percentage of your trip costs.
- catastrophic coverage
- Insurance that protects against major, infrequent losses such as natural disasters.
- claim
- A formal request made to an insurance company asking for payment based on the terms of the insurance policy.
- co-payment
- A fixed amount you pay for a covered healthcare service, usually at the time of service.
- coinsurance
- The percentage of costs you pay for covered healthcare services after you've met your deductible.
- commercial property
- Insurance that covers buildings, contents, and other property owned by a business.
- coverage
- The protection provided by an insurance policy, defining what risks are insured against.
- cyber insurance
- Coverage that helps businesses recover from data breaches, cyberattacks, and other technology-related risks.
D
- deductible
- The amount you pay out of pocket before your insurance coverage begins to pay. Higher deductibles typically result in lower premium costs.
- diminished value
- The reduction in a property's market value after it has been damaged and repaired.
- directors and officers
- Insurance that protects directors and officers of a company against personal losses if they are sued as a result of serving as a director or officer.
- dwelling coverage
- Insurance that protects the physical structure of your home.
E
- errors and omissions
- Professional liability insurance that protects businesses against claims of inadequate work or negligent actions.
- exclusion
- Specific conditions, perils, or situations listed in the policy that are not covered by the insurance.
- explanation of benefits
- A statement from your health insurance company explaining what medical treatments and services were paid for on your behalf.
- exposure
- The state of being subject to a risk or vulnerability.
F
- flood insurance
- A specific insurance policy covering damage caused by flooding, typically not included in standard homeowners policies.
G
- general liability
- Insurance that covers claims of bodily injury or property damage for which your business may be legally responsible.
I
- indemnification
- Compensation for damage or loss, restoring the insured to the same financial position they were in before the loss occurred.
- insurance-to-value
- The relationship between the amount of insurance coverage and the value of the insured property.
L
- liability coverage
- Protection against claims resulting from injuries and damage to other people or property.
- loss control
- Practices designed to reduce the likelihood of a loss or to reduce the severity of a loss after it occurs.
- loss of use
- Coverage that pays for additional living expenses if your home becomes uninhabitable due to a covered loss.
M
- medical evacuation
- Coverage for emergency transportation to the nearest adequate medical facility or back to your home country if medically necessary.
N
- network provider
- A healthcare provider who has contracted with an insurance company to provide services to plan members at pre-negotiated rates.
O
- out-of-pocket maximum
- The most you have to pay for covered services in a plan year, after which the insurance company pays 100% of the costs.
P
- peril
- A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or windstorm.
- personal injury
- Injuries to a person's rights or reputation, such as libel, slander, false arrest, or invasion of privacy.
- personal property
- Belongings that are not permanently attached to a structure, such as furniture, clothing, and electronics.
- pet insurance
- Health insurance for pets that covers veterinary expenses for illness or injury.
- policy
- A legal contract between the policyholder and the insurance company detailing the terms and conditions of insurance coverage.
- policyholder
- The individual or entity that owns the insurance policy and pays the premium.
- pre-existing condition
- A medical condition that existed before the effective date of your insurance policy, which may be excluded from coverage or have limited coverage.
- premium
- The amount paid by a policyholder to an insurance company for coverage under an insurance policy, typically paid monthly, quarterly, or annually.
- professional liability
- Insurance that protects professionals against claims of negligence or failure to perform professional duties.
- property damage
- Physical injury to tangible property, including the loss of use of that property.
R
- replacement cost
- The cost to replace damaged property with new property of the same kind and quality, without deducting for depreciation.
- rider
- An add-on to an insurance policy that provides additional coverage for items or perils not covered in the standard policy.
- risk assessment
- The process of identifying and analyzing potential events that may negatively impact individuals, assets, or the environment.
- risk mitigation
- The process of reducing risk exposure or minimizing the likelihood and impact of potential risks.
- risk retention
- The decision to accept and bear certain risks rather than transferring them through insurance.
- risk transfer
- The process of shifting risk from one party to another, often through insurance contracts.
S
- subrogation
- The right of an insurer to pursue a third party that caused an insurance loss to the insured, in order to recover the amount paid to the insured for the loss.
T
- third-party damage
- Damage caused to someone else's property for which you may be held legally responsible.
- travel delay
- Coverage that provides reimbursement for additional expenses incurred when your trip is delayed for a covered reason.
- trip cancellation
- Coverage that reimburses prepaid, non-refundable trip costs if you need to cancel your trip for a covered reason.
- trip interruption
- Coverage that reimburses the unused portion of your trip if it's interrupted for a covered reason.
U
- umbrella policy
- Additional liability insurance that provides protection beyond existing policy limits and coverages.
- underwriting
- The process an insurance company uses to determine whether to accept an applicant for coverage and what premium to charge.
W
- wedding insurance
- Coverage that protects against financial loss from cancellation or postponement of a wedding due to unforeseen circumstances.
- workers' compensation
- Insurance that provides medical benefits and wage replacement to employees injured in the course of employment.