Insurance Glossary
Understanding insurance terms made simple - Waycross
General
Accidental Death Benefit
Accidental Death BenefitDefinitionAn Accidental Death Benefit refers to an important aspect of an insurance policy that ...
Base Flood Elevation (BFE)
Base Flood Elevation (BFE)DefinitionBase Flood Elevation (BFE) refers to the computed elevation to which floodwater is a...
Beneficiary
Beneficiary Definition A beneficiary is the person or entity designated to receive the financial benefits from an insura...
Bodily Injury Liability
Bodily Injury LiabilityDefinitionBodily Injury Liability refers to an important aspect of an insurance policy. It specif...
Claim
ClaimDefinitionA claim refers to a formal request made by an insured party to an insurance company for compensation or c...
Coinsurance
CoinsuranceDefinitionCoinsurance refers to an important aspect of an insurance policy that defines the percentage of cos...
Collision Coverage
Collision CoverageDefinitionCollision Coverage refers to an important aspect of an auto insurance policy that helps pay ...
Comprehensive Coverage
Comprehensive CoverageDefinitionComprehensive Coverage refers to an important aspect of an insurance policy. It protects...
Comprehensive Deductible
Comprehensive DeductibleDefinitionA Comprehensive Deductible refers to the amount you agree to pay out of pocket before ...
Deductible
DeductibleDefinitionA deductible refers to the amount of money a policyholder must pay out-of-pocket before their insura...
Dwelling Coverage
Dwelling CoverageDefinitionDwelling Coverage refers to an important aspect of an insurance policy that protects the phys...
Elevation Certificate
Elevation CertificateDefinitionAn Elevation Certificate is a document prepared by a licensed land surveyor, architect, o...
Endorsement
Endorsement Definition An endorsement refers to a written amendment or addition to an insurance policy that alters the c...
Extended Replacement Cost
Extended Replacement CostDefinitionExtended Replacement Cost refers to an important aspect of an insurance policy. It is...
Flood Proofing
Flood ProofingDefinitionFlood Proofing refers to the strategic methods and construction practices used to protect proper...
Flood Zone
Flood ZoneDefinitionA Flood Zone refers to a geographic area identified by the Federal Emergency Management Agency (FEMA...
Gap Insurance
Gap InsuranceDefinitionGap Insurance refers to an important aspect of an insurance policy that protects vehicle owners f...
Liability Coverage
Liability CoverageDefinitionLiability Coverage refers to a fundamental component of an insurance policy designed to prot...
Mitigation Discount
Mitigation DiscountDefinitionMitigation Discount refers to an important aspect of an insurance policy. It is typically a...
Named Perils Policy
Named Perils PolicyDefinitionA Named Perils Policy refers to an important aspect of an insurance policy where only speci...
National Flood Insurance Program (NFIP)
National Flood Insurance Program (NFIP)DefinitionThe National Flood Insurance Program (NFIP) is a federal initiative cre...
Out-of-Pocket Maximum
Out-of-Pocket MaximumDefinitionAn Out-of-Pocket Maximum is the highest amount you could pay for covered healthcare expen...
Personal Injury Protection (PIP)
Personal Injury Protection (PIP)DefinitionPersonal Injury Protection (PIP) refers to an important aspect of an insurance...
Personal Property Coverage
Personal Property Coverage Definition Personal Property Coverage refers to an important aspect of an insurance policy th...
Policy Limit
Policy LimitDefinitionA policy limit is the maximum amount of money an insurance company will pay for a covered loss und...
Pre-Existing Condition
Pre-Existing ConditionDefinitionA Pre-Existing Condition refers to any illness, injury, or medical situation that existe...
Premium
PremiumDefinitionA premium refers to the amount of money an individual or business pays to an insurance company for cove...
Property Damage Liability
Property Damage LiabilityDefinitionProperty Damage Liability refers to an important aspect of an insurance policy. It sp...
Replacement Cost Value (RCV)
Replacement Cost Value (RCV)DefinitionReplacement Cost Value (RCV) refers to the amount it would cost to replace or repa...
Rider
RiderDefinitionA rider refers to an important addition or modification to an existing insurance policy. It is a legal am...
Scheduled Personal Property
Scheduled Personal PropertyDefinitionScheduled Personal Property refers to an important aspect of an insurance policy th...
SR-22 Insurance
SR-22 InsuranceDefinitionSR-22 Insurance refers to an important aspect of an insurance policy. Essentially, it is a form...
Storm Surge
Storm SurgeDefinitionStorm Surge refers to the abnormal rise in seawater level during a coastal storm, primarily caused ...
TWIA ({state} Windstorm Insurance Association)
TWIA (GA Windstorm Insurance Association)DefinitionTWIA (GA Windstorm Insurance Association) refers to an important aspe...
Underinsured Motorist Coverage (UIM)
Underinsured Motorist Coverage (UIM)DefinitionUnderinsured Motorist Coverage (UIM) refers to an important aspect of an i...
Underwriting
UnderwritingDefinitionUnderwriting refers to the careful evaluation process that insurance companies use to decide wheth...
Uninsured Motorist Coverage (UM)
Uninsured Motorist Coverage (UM)DefinitionUninsured Motorist Coverage (UM) refers to an important aspect of an insurance...
Whole Life Insurance
Whole Life InsuranceDefinitionWhole Life Insurance is a type of permanent life insurance that provides coverage for the ...
Windstorm Deductible
Windstorm DeductibleDefinitionThe Windstorm Deductible refers to the specific amount a policyholder must pay out of pock...
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