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The term coverage refers to the amount and/or type of protection provided by an insurance policy.
What are Optional Coverages?
These are options available to purchase additional or increased benefits and coverage.
What is a deductible?
A deductible is the portion of a loss that you are required to pay before your insurance coverage activates. For example, if you owned a policy with a $300 deductible and you suffered a covered loss totaling $1,000, you would pay the first $300 and your insurance company would pay the remaining $700. If the loss was only $300, you would pay the entire amount and your insurance company would pay nothing. Generally, when you choose a higher deductible, your premium is lower.
What is meant by the term "underwriting"?
Underwriting is the process of evaluating a risk for the purpose of issuing insurance coverage on it.
What is a settlement?
A settlement is usually a claim payment. It arises from an agreement between both parties to the policy contract as to the amount and method of payment.
What is meant by "policyholder"?
The policyholder is the person (or persons) whose risk of financial loss from an insured peril is protected by the policy.
What is a policy?
An insurance policy is a legal document issued to the insured setting out the terms of the contract of insurance.
Glossary