Deductible
The amount the insured is responsible for under the policy before or alongside covered payment, subject to the contract.
Client resource
Insurance Glossary
Plain-language definitions for common insurance terms.
Designed around the client
Insurance Glossary
Words can have policy-specific meanings. Use this glossary as a starting point and confirm the applicable definition in the actual policy.
Limit
The maximum amount available for a coverage, occurrence, person, item, location, or policy period, as stated in the contract.
Endorsement
A form that changes, adds, or removes policy terms when issued as part of the contract.
Premium
The amount charged for insurance coverage, subject to the policy’s billing and payment terms.
Additional insured
A person or organization provided insured status under specified policy terms, often by endorsement.
Replacement cost
A valuation approach based on replacing damaged property with property of comparable kind and quality, subject to policy terms.
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