Insurance Lingo
This is the amount you pay to keep your insurance coverage. Usually paid monthly or annually
What is premium
This is the amount of money paid to the beneficiary when the insured dies
What is a death beneift
This is the amount the insurer pays when you become disabled
What is the benefit amount
This type of insurance protects a business from third party claims for bodily injury or property damage
What is general liability
This term refers to the licensed entity that places business with non admitted carriers
What is a surplus lines broker or MGA
This is the person, business, or entity covered by the insurance policy
What is the insured
This is the person who receives the money from a life insurance policy
What is the beneficiary
This is a condition that was present before the policy was issued and may be excluded from coverage
What is a preexisting condition
This is a bundle of coverages typically associated with small businesses including property and liability
What is business owner's policy (BOP)
This term refers to an insurer that is not licensed in a particular state but is legally allowed to do business there
What is a non-admitted carrier
This must be present in order to purchase a policy
What is Insurable Interest
This type of policy provides coverage for a specific amount of time and has no cash value
What is term insurance
In regards to underwriting, this is the most important factor when it comes to receiving a rating
What is occupational class
This coverage protects employees from work-related injuries
What is worker's-compensation
Non admitted carriers don't have the financial backing of which state department
What is the state department of insurance
This is a document attached to a policy that modifies it's coverage, either expanding or limiting it
What is an endorsement or rider
This policy builds cash value and lasts the insureds entire life
What is whole life
This rider allows some benefits to be available due to a minor disability
What is the partial disability rider
This specific coverage is needed for businesses who have unowned vehicles in their care custody or control
What is garage keepers
This is a common type of property risk often vacate, under renovation, or in poor condition.
What is vacate building
This is the length of time between the date of a loss and the date the benefits become available to the policy holder
What is a waiting period
This rider transfers the premium payment responsibility to the company if the insured becomes disabled.
What is the waiver of premium rider
This rider increases your benefit overtime to keep up with inflation
What is the Cost of Living Adjustment (COLA) rider.
This type of liability insurance covers claims of negligence related to services or adivise provided by a business
What is professional liability insurance or Errors and omissions (E&O)
Policies written through E&S markets are always submitted on what standard form
What is ACORD