Insurance Glossary
Insurance terms and definitions from Island Wide Insurance Agency (formerly Stop Agency Inc.).
Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Island Wide Insurance Agency (formerly Stop Agency Inc.) today to learn more.
A
- A-SHARE VARIABLE ANNUITY
- ACCELERATED DEATH BENEFITS
- ACCIDENT AND HEALTH INSURANCE
- ACTUAL CASH VALUE
- ACTUARY
- ADDITIONAL LIVING EXPENSES
- ADJUSTER
- ADMITTED ASSETS
- ADMITTED COMPANY
- ADVERSE SELECTION
- AGENCY COMPANIES
- AGENT
- ALIEN INSURANCE COMPANY
- ALLIED LINES
- ALTERNATIVE DISPUTE RESOLUTION / ADR
- ALTERNATIVE MARKETS
- ANNUAL ANNUITY CONTRACT FEE
- ANNUAL STATEMENT
- ANNUITANT
- ANNUITIZATION
- ANNUITY
- ANNUITY ACCUMULATION PHASE OR PERIOD
- ANNUITY ADMINISTRATIVE CHARGES
- ANNUITY BENEFICIARY
- ANNUITY CONTRACT
- ANNUITY CONTRACT OWNER
- ANNUITY DEATH BENEFITS
- ANNUITY INSURANCE CHARGES
- ANNUITY INVESTMENT MANAGEMENT FEE
- ANNUITY ISSUER
- ANNUITY PROSPECTUS
- ANNUITY PURCHASE RATE
- ANTITRUST LAWS
- APPORTIONMENT
- APPRAISAL
- ARBITRATION
- ARSON
- ASSET-BACKED SECURITIES
- ASSETS
- ASSIGNED RISK PLANS
- AUTO INSURANCE POLICY
- AUTO INSURANCE PREMIUM
- AVIATION INSURANCE
B
- B-SHARE VARIABLE ANNUITY
- BALANCE SHEET
- BANK HOLDING COMPANY
- BASIS POINT
- BEACH AND WINDSTORM PLANS
- BINDER
- BLANKET INSURANCE
- BODILY INJURY LIABILITY COVERAGE
- BOILER AND MACHINERY INSURANCE
- BOND
- BOND RATING
- BOOK OF BUSINESS
- BROKER
- BURGLARY AND THEFT INSURANCE
- BUSINESS INCOME INSURANCE (also known as BUSINESS INTERRUPTION INSURANCE)
- BUSINESSOWNERS POLICY / BOP
C
- C-SHARE VARIABLE ANNUITIES
- CAPACITY
- CAPITAL
- CAPITAL MARKETS
- CAPTIVE AGENT
- CAPTIVES
- CAR YEAR
- CASE MANAGEMENT
- CATASTROPHE
- CATASTROPHE BONDS
- CATASTROPHE DEDUCTIBLE
- CATASTROPHE FACTOR
- CATASTROPHE MODEL
- CATASTROPHE REINSURANCE
- CELL PHONE INSURANCE
- CHARTERED FINANCIAL CONSULTANT / ChFC
- CHARTERED LIFE UNDERWRITER / CLU
- CHARTERED PROPERTY/CASUALTY UNDERWRITER / CPCU
- CLAIMS-MADE POLICY
- COBRA
- COINSURANCE
- COLLATERAL
- COLLATERAL SOURCE RULE
- COLLISION COVERAGE
- COMBINED RATIO
- COMMERCIAL GENERAL LIABILITY INSURANCE / CGL
- COMMERCIAL LINES
- COMMERCIAL MULTIPLE PERIL POLICY
- COMMERCIAL PAPER
- COMMISSION
- COMMUNITY RATING LAWS
- COMPETITIVE STATE FUND
- COMPLETED OPERATIONS COVERAGE
- COMPREHENSIVE COVERAGE
- COMPULSORY AUTO INSURANCE
- CONTINGENT LIABILITY
- COVERAGE
- CRASH PARTS
- CREDIT
- CREDIT DERIVATIVES
- CREDIT ENHANCEMENT
- CREDIT INSURANCE
- CREDIT LIFE INSURANCE
- CREDIT SCORE
- CRIME INSURANCE
- CROP-HAIL INSURANCE
D
- DECLARATION
- DEDUCTIBLE
- DEFERRED ANNUITY
- DEFINED BENEFIT PLAN
- DEFINED CONTRIBUTION PLAN
- DEMAND DEPOSIT
- DEMUTUALIZATION
- DEPOSITORY INSTITUTION
- DEREGULATION
- DERIVATIVES
- DIFFERENCE IN CONDITIONS
- DIMINUTION OF VALUE
- DIRECT PREMIUMS
- DIRECT SALES/ DIRECT RESPONSE
- DIRECT WRITERS
- DIRECTORS AND OFFICERS LIABILITY INSURANCE/D&O
- DIVIDENDS
- DOMESTIC INSURANCE COMPANY
E
- EARLY WARNING SYSTEM
- EARNED PREMIUM
- EARTHQUAKE INSURANCE
- ECONOMIC LOSS
- ELECTRONIC COMMERCE / E-COMMERCE
- ELIMINATION PERIOD
- EMPLOYEE DISHONESTY COVERAGE
- EMPLOYEE RETIREMENT INCOME SECURITY ACT / ERISA
- EMPLOYER’S LIABILITY
- EMPLOYMENT PRACTICES LIABILITY COVERAGE
- ENDORSEMENT
- ENVIRONMENTAL IMPAIRMENT LIABILITY COVERAGE
- EQUITY
- EQUITY INDEXED ANNUITY
- ERRORS AND OMISSIONS COVERAGE / E&O
- ESCROW ACCOUNT
- EXCESS AND SURPLUS LINES
- EXCESS OF LOSS REINSURANCE
- EXCLUSION
- EXCLUSIVE AGENT
- EXCLUSIVE REMEDY
- EXPENSE RATIO
- EXPERIENCE
- EXPOSURE
- EXTENDED COVERAGE
- EXTENDED REPLACEMENT COST COVERAGE
F
- FACULTATIVE REINSURANCE
- FAIR ACCESS TO INSURANCE REQUIREMENTS PLANS / FAIR PLANS
- FARMOWNERS-RANCHOWNERS INSURANCE
- FEDERAL FUNDS
- FEDERAL INSURANCE ADMINISTRATION / FIA
- FEDERAL RESERVE BOARD
- FIDELITY BOND
- FIDUCIARY BOND
- FIDUCIARY LIABILITY
- FILE-AND-USE STATES
- FINANCIAL GUARANTEE INSURANCE
- FINANCIAL RESPONSIBILITY LAW
- FINITE RISK REINSURANCE
- FIRE INSURANCE
- FIRST-PARTY COVERAGE
- FIXED ANNUITY
- FLOATER
- FLOOD INSURANCE
- FORCED PLACE INSURANCE
- FOREIGN INSURANCE COMPANY
- FRAUD
- FREE-LOOK PERIOD
- FREQUENCY
- FRONTING
- FUTURES
G
- GAP INSURANCE
- GENERALLY ACCEPTED ACCOUNTING PRINCIPLES/GAAP
- GENERIC AUTO PARTS
- GLASS INSURANCE
- GRADUATED DRIVER LICENSES
- GRAMM-LEACH-BLILEY ACT
- GROUP INSURANCE
- GUARANTEE PERIOD
- GUARANTEED DEATH BENEFIT
- GUARANTEED INCOME CONTRACT / GIC
- GUARANTEED LIVING BENEFIT
- GUARANTEED REPLACEMENT COST COVERAGE
- GUN LIABILITY
H
I
- IDENTITY THEFT INSURANCE
- IMMEDIATE ANNUITY
- INCURRED BUT NOT REPORTED LOSSES / IBNR
- INCURRED LOSSES
- INDEMNIFY
- INDEPENDENT AGENT
- INDIVIDUAL RETIREMENT ACCOUNT/IRA
- INFLATION GUARD CLAUSE
- INLAND MARINE INSURANCE
- INSOLVENCY
- INSTITUTIONAL INVESTOR
- INSURABLE RISK
- INSURANCE
- INSURANCE POOL
- INSURANCE REGULATORY INFORMATION SYSTEM / IRIS
- INSURANCE SCORE
- INSURANCE-TO-VALUE
- INTEGRATED BENEFITS
- INTERMEDIATION
- INTERNET INSURER
- INTERNET LIABILITY INSURANCE
- INVESTMENT INCOME
L
M
- MALPRACTICE INSURANCE
- MANAGED CARE
- MANUAL
- MARINE INSURANCE
- MCCARRAN-FERGUSON ACT
- MEDIATION
- MEDICAID
- MEDICAL PAYMENTS INSURANCE
- MEDICAL UTILIZATION REVIEW
- MEDICARE
- MEDIGAP/MEDSUP
- MINE SUBSIDENCE COVERAGE
- MONEY SUPPLY
- MORTALITY AND EXPENSE (M&E) RISK CHARGE
- MORTGAGE GUARANTEE INSURANCE
- MORTGAGE INSURANCE
- MORTGAGE-BACKED SECURITIES
- MULTIPLE PERIL POLICY
- MUNICIPAL BOND INSURANCE
- MUNICIPAL LIABILITY INSURANCE
- MUTUAL HOLDING COMPANY
- MUTUAL INSURANCE COMPANY
N
O
P
- PACKAGE POLICY
- PAY-AT-THE-PUMP
- PENSION BENEFIT GUARANTY CORPORATION
- PENSIONS
- PERIL
- PERSONAL ARTICLES FLOATER
- PERSONAL INJURY PROTECTION COVERAGE / PIP
- PERSONAL LINES
- POINT-OF-SERVICE PLAN
- POLICY
- POLICYHOLDERS’ SURPLUS
- POLITICAL RISK INSURANCE
- POLLUTION INSURANCE
- PREFERRED PROVIDER ORGANIZATION
- PREMISES
- PREMIUM
- PREMIUM TAX
- PREMIUMS IN FORCE
- PREMIUMS WRITTEN
- PRIMARY COMPANY
- PRIMARY MARKET
- PRIME RATE
- PRIOR APPROVAL STATES
- PRIVATE PLACEMENT
- PRODUCT LIABILITY
- PRODUCT LIABILITY INSURANCE
- PROFESSIONAL LIABILITY INSURANCE
- PROOF OF LOSS
- PROPERTY/CASUALTY INSURANCE
- PROPERTY/CASUALTY INSURANCE CYCLE
- PROPOSITION 103
- PURCHASING GROUP
- PURE LIFE ANNUITY
R
- RATE
- RATE REGULATION
- RATING AGENCIES
- RATING BUREAU
- REAL ESTATE INVESTMENTS
- RECEIVABLES
- REDLINING
- REINSURANCE
- RENTERS INSURANCE
- REPLACEMENT COST
- REPURCHASE AGREEMENT /’REPO’
- RESERVES
- RESIDUAL MARKET
- RETENTION
- RETROCESSION
- RETROSPECTIVE RATING
- RETURN ON EQUITY
- RIDER
- RISK
- RISK MANAGEMENT
- RISK RETENTION GROUPS
- RISK-BASED CAPITAL
S
- SALVAGE
- SCHEDULE
- SECONDARY MARKET
- SECURITIES AND EXCHANGE COMMISSION / SEC
- SECURITIES OUTSTANDING
- SECURITIZATION OF INSURANCE RISK
- SELF-INSURANCE
- SEVERITY
- SEWER BACK-UP COVERAGE
- SINGLE PREMIUM ANNUITY
- SOFT MARKET
- SOLVENCY
- SPREAD OF RISK
- STACKING
- STATUTORY ACCOUNTING PRINCIPLES / SAP
- STOCK INSURANCE COMPANY
- STRUCTURED SETTLEMENT
- SUBROGATION
- SUPERFUND
- SURETY BOND
- SURPLUS
- SURPLUS LINES
- SURRENDER CHARGE
- SWAPS
T
U
V
NOTICE:
These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.
