{"id":2521,"date":"2022-12-06T02:26:43","date_gmt":"2022-12-06T02:26:43","guid":{"rendered":"https:\/\/www.costulessdirect.com\/?page_id=2521"},"modified":"2022-12-12T23:37:30","modified_gmt":"2022-12-12T23:37:30","slug":"glossary","status":"publish","type":"page","link":"https:\/\/www.costulessdirect.com\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"<div class=\"c-section c-section--bg-blue-light\" id=\"hero\">\n    <div class=\"o-wrapper o-wrapper--small\">\n        <h1 class=\"c-section__title c-section__title--blue c-section__title--big\">Glossary of Insurance Terms and Definitions<\/h1>\n        <div class=\"c-section__content\">\n            <div class=\"o-component s-cms-content s-cms-content--center s-cms-content--big\">\n                <p>The following list of car insurance terms &#038; definitions has been provided to help consumers purchasing auto insurance select coverage and understand the terms and conditions of the policy. <\/p>\n<p>\n    <strong> Enter it below to jump to the definition.<\/strong>\n<\/p>            <\/div>\n            <div class=\"o-component c-searchbar\">\n                <div class=\"c-searchbar__form\">\n                    <div class=\"c-searchbar__item\">\n                        <label class=\"c-searchbar__label u-hidden-visually\" id=\"searchGlossaryLabel\" for=\"searchGlossary\"><\/label>\n                        <div id=\"searchGlossary\"><\/div>\n                        <!--\n                        <span class=\"c-searchbar__submit\" type=\"submit\" aria-label=\"Search on site\">\n                            <span class=\"o-icon\"><svg focusable=\"false\" role=\"img\">\n                                    <title>Search<\/title><use xlink:href=\"https:\/\/www.costulessdirect.com\/wp-content\/themes\/culv2\/assets\/images\/icons\/icons.svg#icon-search\"><\/use>\n                                <\/svg><\/span>\n                        <\/span>\n                        -->\n                    <\/div>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>\n\n<div class=\"c-section\">\n    <div class=\"o-wrapper o-wrapper--small\">\n        <div class=\"c-section__content\">\n            <div class=\"o-component c-glossary\">\n                                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">A<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Abandonment\" class=\"c-glossary__title\">Abandonment<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Accounts%20Receivable%20Coverage%20\" class=\"c-glossary__title\">Accounts Receivable Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Actual%20Cash%20Value%20(ACV)%20\" class=\"c-glossary__title\">Actual Cash Value (ACV) <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Cost to repair or replace damaged property with materials of like kind and quality, less depreciation.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Additional%20Insured%20\" class=\"c-glossary__title\">Additional Insured <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A person or organization for whom insured status is arranged by endorsement.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Advertising%20Injury%20\" class=\"c-glossary__title\">Advertising Injury <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured\u2019s advertising of its goods or services.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Aggregate\" class=\"c-glossary__title\">Aggregate<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The maximum amount an insurance company will pay during the policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"All%20Risk%20Coverage%20\" class=\"c-glossary__title\">All Risk Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property insurance covering loss arising from all causes except those specifically excluded.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Application\" class=\"c-glossary__title\">Application<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A form with the information needed for an insurance company to underwrite and rate a specific policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Audit\" class=\"c-glossary__title\">Audit<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Automobile\" class=\"c-glossary__title\">Automobile<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including \u2018mobile equipment\u2019.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">B<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Bailee%20Coverage%20\" class=\"c-glossary__title\">Bailee Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage on property left in the care of the insured for storage, repair or servicing.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Basic%20Cause%20of%20Loss%20Form%20\" class=\"c-glossary__title\">Basic Cause of Loss Form <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property coverage for named perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse and volcanic activity.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Basic%20Limits%20\" class=\"c-glossary__title\">Basic Limits <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The minimum limits of liability that can be carried by an insured.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Best%E2%80%99s%20Rating%20\" class=\"c-glossary__title\">Best\u2019s Rating <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A rating system by A.M. Best Company giving the financial condition of insurance companies.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Binder\" class=\"c-glossary__title\">Binder<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A legal agreement issued on behalf of insurance companies to provide temporary evidence of insurance until a policy can be issued.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Bodily%20Injury%20by%20Accident%20Limit%20\" class=\"c-glossary__title\">Bodily Injury by Accident Limit <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The most an insurer will pay under Part Two of a Workers\u2019 Compensation Policy for claims arising out of any one accident, regardless of how many employee claims arise out of the accident.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Bodily%20Injury%20by%20Disease%2C%20Each%20Employee%20\" class=\"c-glossary__title\">Bodily Injury by Disease, Each Employee <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The most an insurer will pay under Part Two of a Workers\u2019 Compensation Policy for damages due to bodily injury by disease to any one employee.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Bodily%20Injury%20by%20Disease-Policy%20Limit%20\" class=\"c-glossary__title\">Bodily Injury by Disease-Policy Limit <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The most an insurer will pay under Part Two of a Workers\u2019 Compensation Policy employee bodily injury by disease claims during the policy period regardless of the number of employees who make such claims.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Bodily%20Injury%20Liability%20Limit%20\" class=\"c-glossary__title\">Bodily Injury Liability Limit <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The insured is legally liable for damages due to bodily injury, sickness, or disease, including resulting death.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Boiler%20%26%20Machinery%20Insurance%20\" class=\"c-glossary__title\">Boiler &#038; Machinery Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage for loss caused by mechanical or electrical equipment breakdown, including damage to the equipment.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Bond\" class=\"c-glossary__title\">Bond<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A written agreement in which one party, the surety, guarantees the performance or honesty of a second party, the principal (obligor), to the third party (obligee) to whom the performance or debt is owed.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Brands%20and%20Labels%20Endorsement%20\" class=\"c-glossary__title\">Brands and Labels Endorsement <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property insurance coverage that allows the insured to remove labels from damaged goods or mark the items as \u2018salvage,\u2019 provided the goods are not damaged in the process.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Broad%20Causes%20of%20Loss%20Form%20\" class=\"c-glossary__title\">Broad Causes of Loss Form <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property coverage for the named perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, breakage of building glass, falling objects, weight of snow, ice or sleet, water damage (in the form of leakage from appliances) and collapse from specified causes.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Building%20Ordinance%20Coverage%20\" class=\"c-glossary__title\">Building Ordinance Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Covers against loss caused by enforcement or ordinances or laws regulating construction and repair of damaged buildings.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Burglary\" class=\"c-glossary__title\">Burglary<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Theft of property by forcible entry evidenced by visible signs of entry, in a premise, by a person.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Business%20Auto%20Policy%20\" class=\"c-glossary__title\">Business Auto Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Auto Policy for businesses that includes auto liability and auto physical damage coverages.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Business%20Income%20Coverage%20\" class=\"c-glossary__title\">Business Income Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">See Business Income Coverage<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Business%20Owners%20Policy%20\" class=\"c-glossary__title\">Business Owners Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A policy that combines property and liability coverages for special types of small businesses.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">C<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Cancellation\" class=\"c-glossary__title\">Cancellation<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The termination of an insurance policy usually before its expiration.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Care%2C%20Custody%20or%20Control%20\" class=\"c-glossary__title\">Care, Custody or Control <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An exclusion of liability insurance which eliminates coverage for damage to property in the insured\u2019s care, custody or control.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Carrier\" class=\"c-glossary__title\">Carrier<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The insurance company which provides coverage.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Casualty%20Insurance%20\" class=\"c-glossary__title\">Casualty Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance that covers loss caused by injuries to persons and the legal liability imposed on the insured for injury or for damage to property of others.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Catastrophe\" class=\"c-glossary__title\">Catastrophe<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A severe calamity or disaster causing considerable financial loss.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Causes%20of%20Loss%20Forms%20\" class=\"c-glossary__title\">Causes of Loss Forms <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The commercial property forms that define the covered causes of loss for which coverage is provided. Commonly, there are three (3) Cause of Loss Forms: Basic, Broad and Special.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Certificate%20of%20Insurance%20\" class=\"c-glossary__title\">Certificate of Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A document providing evidence that insurance has been purchased.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Claim\" class=\"c-glossary__title\">Claim<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A request by a policyholder or a claimant for payment under a policy of insurance.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Claim%20Expense%20\" class=\"c-glossary__title\">Claim Expense <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Expenses of settling or investigating a claim.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Claimant\" class=\"c-glossary__title\">Claimant<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The person presenting a claim.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Claims%20Reserve%20\" class=\"c-glossary__title\">Claims Reserve <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An amount of money set aside to meet claims reported but not paid.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Class\" class=\"c-glossary__title\">Class<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A group of businesses who have common or similar exposures and are grouped together for rating purposes.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Classification\" class=\"c-glossary__title\">Classification<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The arranging or establishing of business groups or categories for rating purposes.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Coinsurance%20Provision%20\" class=\"c-glossary__title\">Coinsurance Provision <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An insurance provision for property coverages in which the policyholder must carry an amount of insurance that is at least equal to a set percentage of the value of the property in order to receive full payment of a loss.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Collapse\" class=\"c-glossary__title\">Collapse<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Collapse of a building and collapse of personal property within a building due to specified causes (such as weight of snow, ice or rain). Does not include collapse due to design error or due to faulty workmanship or materials if the collapse occurs after construction is complete.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Collision%20Insurance%20\" class=\"c-glossary__title\">Collision Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Provides for payment to a covered automobile resulting from the striking of another object by a moving vehicle.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Commercial%20General%20Liability%20Policy%20\" class=\"c-glossary__title\">Commercial General Liability Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A coverage which protects business organizations against liability claims for bodily injury and property damage. Those claims may be the result of events at your place of business, from your business operations, the products or services you make or do, communications or advertisements your business broadcasts.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Competitive%20State%20Funds%20\" class=\"c-glossary__title\">Competitive State Funds <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">State-owned and operated facilities that write Workers\u2019 Compensation Insurance solely for that state.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Completed%20Operations%20\" class=\"c-glossary__title\">Completed Operations <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A General Liability coverage for the work of the insured that has been completed away from the business premises.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Comprehensive%20Auto%20Coverage%20\" class=\"c-glossary__title\">Comprehensive Auto Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Covers an automobile for loss or damage for all causes except for those specifically excluded.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Compulsory%20Insurance%20\" class=\"c-glossary__title\">Compulsory Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance that is required by law.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Concealment\" class=\"c-glossary__title\">Concealment<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Failure to disclose facts which may void an insurance policy<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Conditions\" class=\"c-glossary__title\">Conditions<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Things agreed upon in an insurance policy that state the rights and the requirements of the insured and the insurer<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Consequential%20Loss%20\" class=\"c-glossary__title\">Consequential Loss <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An indirect loss such as the reduction in value of property that is the result of a direct damage loss<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Constructive%20Total%20Loss%20\" class=\"c-glossary__title\">Constructive Total Loss <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An indirect loss such as the reduction in value of property that is the result of a direct damage loss<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Contract\" class=\"c-glossary__title\">Contract<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An agreement between two or more parties with characteristics of mutual assent, competent parties, a valid consideration and legal subject<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Countersignature\" class=\"c-glossary__title\">Countersignature<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The signature of a licensed agent or representative on a policy that is required to validate the policy<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Cumulative%20Injury%20\" class=\"c-glossary__title\">Cumulative Injury <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A type of injury which occurs from the repetition of tasks over an extended length of time<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">D<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Data%20Processing%20or%20EDP%20Coverage%20\" class=\"c-glossary__title\">Data Processing or EDP Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">All risk property insurance for electronic data processing equipment (computers), computer programs and data including mechanical breakdown, electrical injury and changes in temperature and humidity.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Debris%20Removal%20\" class=\"c-glossary__title\">Debris Removal <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The cost of removal of debris from covered property damaged by an insured peril.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Deductible\" class=\"c-glossary__title\">Deductible<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount of loss which is paid or absorbed by the insured prior to determining the insurance company\u2019s liability.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Deposit%20Premium%20\" class=\"c-glossary__title\">Deposit Premium <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount of premium required at the beginning of a policy prior to the actual premium being determined.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Depreciation%20\" class=\"c-glossary__title\">Depreciation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The reduction in value of property over a period of time. Usually as a result of age, wear and tear, or economic obsolescence.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Direct%20Damage%20\" class=\"c-glossary__title\">Direct Damage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Causes of loss that produce direct and straightforward property damage (without interruption in time or deviation in space) from the cause of the event to the damaged property.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Driver%20Other%20Car%20Endorsement%20\" class=\"c-glossary__title\">Driver Other Car Endorsement <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An endorsement that can be added to an automobile policy that gives protection while the insured designated in the endorsement is driving a car other than the one named in the policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Drop%20Down%20Provision%20\" class=\"c-glossary__title\">Drop Down Provision <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A clause used in Umbrella policies providing that the Umbrella will \u2018drop-down\u2019 over underlying policy aggregate limits when they have been reduced or exhausted.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">E<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Earned%20Premium%20\" class=\"c-glossary__title\">Earned Premium <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount of premium that has been used for certain periods of time.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Earth%20Movement%20or%20Earthquake%20Exclusion%20\" class=\"c-glossary__title\">Earth Movement or Earthquake Exclusion <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An exclusion found in most property insurance policies eliminating coverage for earth movement or earthquake, except ensuing fire.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Effective%20Date%20\" class=\"c-glossary__title\">Effective Date <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The date on which an insurance binder or policy goes into effect.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Electrical%20Damage%20or%20Injury%20Exclusion%20\" class=\"c-glossary__title\">Electrical Damage or Injury Exclusion <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An exclusion usually contained in property insurance policies eliminating coverage for damage to electrical appliances caused by artificially generated currents, except for ensuing fire or explosion.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Employee%20Dishonesty%20Coverage%20\" class=\"c-glossary__title\">Employee Dishonesty Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage for theft of money, securities or property by an employee.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Employee%20Leasing%20\" class=\"c-glossary__title\">Employee Leasing <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A staffing method which an employee leasing company provides all or most of its client\u2019s employees.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Employers%20Excess%20Indemnity%20Insurance%20\" class=\"c-glossary__title\">Employers Excess Indemnity Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance coverage purchased by employers that do not subscribe to the Texas Workers\u2019 Compensation law.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Employers%20Liability%20Coverage%20\" class=\"c-glossary__title\">Employers Liability Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Part 2 of the Workers\u2019 Compensation policy which pays on behalf of the employer all sums that the employer becomes legally obligated to pay because of bodily injury by accident or disease sustained by any employee of the insured arising out of and in the course of his employment by the insured.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Employment%20Practices%20Liability%20Insurance%20\" class=\"c-glossary__title\">Employment Practices Liability Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination and sexual harassment.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Endorsement\" class=\"c-glossary__title\">Endorsement<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A document attached to an insurance policy that changes the original policy provisions.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Equipment%20Floater%20\" class=\"c-glossary__title\">Equipment Floater <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A property insurance coverage for equipment that is often moved from place to place.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Estimated%20Premium%20\" class=\"c-glossary__title\">Estimated Premium <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A preliminary premium amount that could be adjusted based on a variance in exposures.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Excess%20and%20Surplus%20Lines%20Insurance%20\" class=\"c-glossary__title\">Excess and Surplus Lines Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage that is provided by insurers not licensed in the states where the risk is located.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Excess%20Liability%20Policy%20\" class=\"c-glossary__title\">Excess Liability Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A policy that provides additional limits in excess of an underlying liability policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Exclusion\" class=\"c-glossary__title\">Exclusion<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A circumstance or peril that is not covered by the policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Expected%20or%20Intended%20\" class=\"c-glossary__title\">Expected or Intended <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An exclusion for injury or damage that is expected or intended.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Expediting%20Expense%20Coverage%20\" class=\"c-glossary__title\">Expediting Expense Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage providing reimbursement of expenses for temporary repairs and costs incurred to speed up the permanent repair or replacement of covered property or equipment.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Expense%20Constant%20\" class=\"c-glossary__title\">Expense Constant <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A small flat expense charged to Workers\u2019 Compensation policies.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Experience%20Modifier%20\" class=\"c-glossary__title\">Experience Modifier <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A debit or credit factor developed by measuring the difference between the insured\u2019s actual past experience and the expected or actual experience of the class of business.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Expiration%20\" class=\"c-glossary__title\">Expiration <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The ending date of an insurance policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Exposure%20Base%20\" class=\"c-glossary__title\">Exposure Base <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The basis of rates that are applied to determine premium. Some exposures may be measured by payroll, receipts, sales, square footage, area, man-hours or per unit.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Extra%20Expense%20Coverage%20\" class=\"c-glossary__title\">Extra Expense Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage for reimbursement of expenses in excess of normal operating expenses that are incurred to continue operations after a direct damage loss.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Extraterritorial%20Coverage%20\" class=\"c-glossary__title\">Extraterritorial Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The coverage for extending workers\u2019 compensation law to provide benefits for workers hired in one state but injured while working in another state.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">F<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Fiduciary%20Liability%20\" class=\"c-glossary__title\">Fiduciary Liability <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The liability placed on trustees, employers, fiduciaries and professional administrators with respect to errors and omissions in the administration of employee benefit programs.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Fire%20Department%20Service%20Charge%20Coverage%20\" class=\"c-glossary__title\">Fire Department Service Charge Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage in a property insurance policy for charges incurred by the insured from a fire department for their services in fighting a fire.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Fire%20Legal%20Liability%20Coverage%20\" class=\"c-glossary__title\">Fire Legal Liability Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\"> Liability coverage for the insured\u2019s legal liability for fire damage to premises rented by the insured.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Fire%20Wall%20\" class=\"c-glossary__title\">Fire Wall <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A wall designed to prevent the spread of fire from one part of a building to another.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Firewall\" class=\"c-glossary__title\">Firewall<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A computer that protects a company\u2019s private network from outside internet users.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Flat%20Cancellation%20\" class=\"c-glossary__title\">Flat Cancellation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The full cancellation of a policy as of the effective date of coverage which requires the return of paid premium in full.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Flood%20Coverage%20\" class=\"c-glossary__title\">Flood Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage for damage to property caused by flood.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Flood%20Exclusion%20\" class=\"c-glossary__title\">Flood Exclusion <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A provision in most all property insurance policies eliminating coverage for damage by flood and possibly other types of water damage, such as seepage and sewer backup.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Follow%20Form%20\" class=\"c-glossary__title\">Follow Form <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An umbrella policy provision that follows the underlying policy for coverages and policy provisions.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Forgery%20or%20Alteration%20Coverage%20\" class=\"c-glossary__title\">Forgery or Alteration Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An event that is subject to chance without the implication of suddenness.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Fortuitous%20Event%20\" class=\"c-glossary__title\">Fortuitous Event <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An umbrella policy provision that follows the underlying policy for coverage and policy provisions.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Frequency\" class=\"c-glossary__title\">Frequency<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The number of times that a loss will occur within any given period of time.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Full%20Coverage%20\" class=\"c-glossary__title\">Full Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Any form of insurance that provides payment in full of all losses caused by the perils insured against without applying a deductible or depreciation.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">G<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Garage%20Liability%20Insurance%20\" class=\"c-glossary__title\">Garage Liability Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance coverage for the legal liability of automobile dealers, garages, repair shops and service stations for bodily injury and property damage arising out of their business operations.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Garagekeepers%20Coverage%20\" class=\"c-glossary__title\">Garagekeepers Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Provides coverage to owners of storage garages, parking lots and body and repair shops for their liability of damage to automobiles left in their custody for safekeeping or repair.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"General%20Aggregate%20Limit%20\" class=\"c-glossary__title\">General Aggregate Limit <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The maximum amount of insurance payable during the policy period for losses (other than those arising from the products \u2013 completed operations hazards as covered under the standard commercial general liability policy).<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"General%20Liability%20Insurance%20\" class=\"c-glossary__title\">General Liability Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance protecting businesses from most liability exposures other than automobile and professional liability.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Glass%20Insurance%20\" class=\"c-glossary__title\">Glass Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A property insurance policy covering breakage of building glass regardless of cause.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Governing%20Classification%20\" class=\"c-glossary__title\">Governing Classification <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">In Workers\u2019 Compensation Insurance, the classification that best describes the workers\u2019 compensation exposure of an employer\u2019s business.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Gross%20Negligence%20\" class=\"c-glossary__title\">Gross Negligence <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Willful and wanton misconduct.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Gross%20Vehicle%20Weight%20(GVW)\" class=\"c-glossary__title\">Gross Vehicle Weight (GVW)<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The weight specified by a manufacturer for the maximum total loaded weight of a single vehicle.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">H<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Hired%20Automobile%20\" class=\"c-glossary__title\">Hired Automobile <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An automobile whose exclusive use has been temporarily given to another for a monetary sum or other consideration. The business auto definition of \u2018hired autos,\u2019 however, includes autos borrowed except those borrowed from employees or partners.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Hold%20Harmless%20Agreement%20\" class=\"c-glossary__title\">Hold Harmless Agreement <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A contractual agreement that requires one contracting party to assume certain legal liabilities of the other party.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Host%20Liquor%20Liability%20\" class=\"c-glossary__title\">Host Liquor Liability <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Liability coverage for hosts of business or social functions arising out of the serving or distribution of alcoholic beverages by a party not engaged in this activity as a business enterprise.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">I<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Improvements%20and%20Betterments%20\" class=\"c-glossary__title\">Improvements and Betterments <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Additions or changes made by a lessee at his own expense to property that may not legally be removed. Usually covered under the tenants property coverage.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Incurred%20Losses%20\" class=\"c-glossary__title\">Incurred Losses <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount of paid claims and loss reserves within a particular period of time, usually a policy year. Customarily computed as losses incurred during the period, plus outstanding losses at the end of the period, less outstanding losses at the beginning of the period.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Independent%20Adjuster%20\" class=\"c-glossary__title\">Independent Adjuster <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A claims adjuster who provides adjustment services to insurance companies but is not employed by them.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Independent%20Contractor%20\" class=\"c-glossary__title\">Independent Contractor <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An individual or company who has agreed, in writing, with another party to perform a job or function on behalf of that party.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Inflation%20Guard%20Provision%20\" class=\"c-glossary__title\">Inflation Guard Provision <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A provision that increases the limit of insurance by a specified percentage over a specified period of time to offset inflation costs.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Insurance%20to%20Value%20\" class=\"c-glossary__title\">Insurance to Value <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance written in an amount equal to the value of the property or which meets coinsurance requirements.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Insurer\" class=\"c-glossary__title\">Insurer<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An insurance company that provides insurance coverage and other insurance-related services.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">J<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Joint%20Venture%20\" class=\"c-glossary__title\">Joint Venture <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A business relationship when two or more persons join their labor or property for a business undertaking and share profits.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">L<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Lapse\" class=\"c-glossary__title\">Lapse<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The termination of an insurance policy due to the failure to pay the premium.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Leasehold%20Interest%20\" class=\"c-glossary__title\">Leasehold Interest <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property insurance covering the loss suffered by a tenant due to termination of a lease because of damage to the leased premises by a covered loss.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Lessee\" class=\"c-glossary__title\">Lessee<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The person to whom a lease is granted.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Lessor%20\" class=\"c-glossary__title\">Lessor <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The person granting the lease.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Liability\" class=\"c-glossary__title\">Liability<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The legal obligation to pay a monetary award for injury or damage caused by one\u2019s negligent or statutorily prohibited action.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Liberalization%20Clause%20\" class=\"c-glossary__title\">Liberalization Clause <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A provision within an insurance policy that broadens the coverage if the insurance company offers a broader coverage form within the first 45 days of coverage.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Lien\" class=\"c-glossary__title\">Lien<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An obligation that can be held by an individual who has an interest in a particular matter or property.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Limit%20of%20Liability%20\" class=\"c-glossary__title\">Limit of Liability <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The most an insurance company agrees to pay in the case of loss.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Longshore%20and%20Harbor%20Workers%E2%80%99%20Compensation%20Act%20\" class=\"c-glossary__title\">Longshore and Harbor Workers\u2019 Compensation Act <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A federal law that provides workers\u2019 compensation benefits to employees of a vessel injured in maritime employment \u2013 usually in loading, unloading, repairing or building a vessel \u2013 but not applicable to crew members.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss\" class=\"c-glossary__title\">Loss<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount an insurance company pays for damages under the terms of a policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Adjustment%20Expense%20\" class=\"c-glossary__title\">Loss Adjustment Expense <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The cost assessed to a particular claim for investigating and adjusting that claim.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Constant%20\" class=\"c-glossary__title\">Loss Constant <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A flat charge added to the premium of small workers\u2019 compensation policies to offset higher loss ratios.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Control%20\" class=\"c-glossary__title\">Loss Control <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A technique that is put in place to reduce the possibility that a loss will occur or reduce the severity of those that do occur.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Payable%20Clause%20\" class=\"c-glossary__title\">Loss Payable Clause <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An insurance clause that authorizes loss payments to a person or entity having an insurable interest in the covered property.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Ratio%20\" class=\"c-glossary__title\">Loss Ratio <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Percentage of losses incurred against earned premiums.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Report%20\" class=\"c-glossary__title\">Loss Report <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A form showing reported claims which provides information such as the date of occurrence, type of claim, amount paid and amount reserved for each loss.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Loss%20Reserve%20\" class=\"c-glossary__title\">Loss Reserve <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An estimated amount set aside for a particular claim that has not yet been paid.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Lost%20Policy%20Release%20\" class=\"c-glossary__title\">Lost Policy Release <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A signed statement by the named when the insured wishes to cancel the policy, but has lost or mislaid the policy, which releases the insurance company from all liability or losses.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">M<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Medical%20Payments%2C%20Auto%20\" class=\"c-glossary__title\">Medical Payments, Auto <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage, which is optional, under an auto policy to pay for medical expenses for bodily injury caused by an auto accident, regardless of fault. Coverage for persons other than the named insured and his or her family members is typically restricted to circumstances when they are occupants of the insured auto.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Medical%20Payments%2C%20General%20Liability%20\" class=\"c-glossary__title\">Medical Payments, General Liability <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A general liability coverage that reimburses others, regardless of fault, for medical or funeral expenses incurred as a result of bodily injury or death sustained by an accident.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Mexico%20Coverage%20\" class=\"c-glossary__title\">Mexico Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage which is sometimes provided under automobile policies for the operation of an insured motor vehicle within Mexico, usually limited to a stated number of miles from the U.S. border.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Minimum%20Premium%20\" class=\"c-glossary__title\">Minimum Premium <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The lowest amount of premium to be charged for providing a particular insurance coverage.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Misrepresentation\" class=\"c-glossary__title\">Misrepresentation<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A false or misleading statement, either directly or indirectly that, if intentional and material, can allow the insurer to void the insurance contract.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Mobile%20Equipment%20\" class=\"c-glossary__title\">Mobile Equipment <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Equipment such as earthmovers, tractors, diggers, farm machinery, forklifts, etc., that even when self-propelled, are not considered as automobiles for insurance purposes.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Monopolistic%20State%20Funds%20\" class=\"c-glossary__title\">Monopolistic State Funds <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">States or Jurisdictions where an employer must obtain workers\u2019 compensation insurance from a state fund or qualify as a self-insurer, as is allowed in five of the states: North Dakota, Ohio, Washington, West Virginia, Wyoming, Puerto Rico and the U.S. Virgin Islands.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Mortgage%20Clause%20\" class=\"c-glossary__title\">Mortgage Clause <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property insurance provisions granting protection for the mortgagee named in the policy. It establishes that loss to mortgaged property is payable to the insured and to the mortgagee named in the policy.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">N<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Named%20Perils%20Coverage%20\" class=\"c-glossary__title\">Named Perils Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A property insurance term referring to exact causes of loss specifically listed as covered.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"National%20Flood%20Insurance%20Program%20\" class=\"c-glossary__title\">National Flood Insurance Program <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A federally funded program established to make flood insurance available to properties located in participating communities.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Nonadmitted%20Insurer%20\" class=\"c-glossary__title\">Nonadmitted Insurer <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An insurance company that is not licensed to do business in a specific state. The insurers may write coverage through an excess and surplus lines broker that is licensed in these jurisdictions.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Nonowned%20Automobile%20\" class=\"c-glossary__title\">Nonowned Automobile <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">In commercial auto policies, coverage for autos that are used in connection with the named insured\u2019s business but are neither owned, leased, hired, rented or borrowed by the named insured. The term specifically applies to vehicles owned by employees and used for company business.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Non-subscription%20\" class=\"c-glossary__title\">Non-subscription <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A Workers\u2019 Compensation term used in Texas that refers to employers who choose to be out of the workers\u2019 compensation system. Firms that are proven negligent in causing a worker\u2019s injury, can be held liable in tort, since nonsubscribing employers waive the traditional common law defenses available to employers subject to workers\u2019 compensation laws.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">O<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Occupational%20Disease%20\" class=\"c-glossary__title\">Occupational Disease <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A condition or disorder that is caused by exposure to environmental factors associated with employment, including acute and chronic illnesses or diseases that may be caused by inhalation, absorption, ingestion, or direct contact.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Occupational%20Injury%20\" class=\"c-glossary__title\">Occupational Injury <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An injury arising in the course and scope of employment that is caused by factors associated with the work undertaken.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Occurrence%20\" class=\"c-glossary__title\">Occurrence <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A continual, gradual or repeated exposure to substantially the same general harmful conditions. General liability policies insure liability for bodily injury or property damage that is caused by an occurrence.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">P<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Package%20Policy%20\" class=\"c-glossary__title\">Package Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A policy providing several different coverages combined into one policy. Refers to a policy providing both general liability insurance and property insurance.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Payroll%20Limitation%20\" class=\"c-glossary__title\">Payroll Limitation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A limit on the amount of payroll for certain classifications used for the development of premium.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Peril\" class=\"c-glossary__title\">Peril<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Cause of loss such as fire, windstorm, collision, etc.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Personal%20Auto%20Policy%20(PAP)%20\" class=\"c-glossary__title\">Personal Auto Policy (PAP) <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A policy insuring private-passenger autos owned by individuals.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Personal%20Injury%20\" class=\"c-glossary__title\">Personal Injury <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A General Liability coverage for insurable offenses that cause harm, other than bodily injury, such as false arrest, detention or imprisonment, malicious prosecution, wrongful eviction, slander, libel and invasion of privacy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Personal%20Injury%20Protection%20(PIP)\" class=\"c-glossary__title\">Personal Injury Protection (PIP)<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An automobile insurance coverage mandated by law in some states. The statutes typically require insurers to provide or offer to provide first-party benefits for medical expenses, loss of income, funeral expenses and similar expenses without regard to fault.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Personal%20Property%20\" class=\"c-glossary__title\">Personal Property <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">All tangible property not classified as real property such as contents.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Policy%20Fee%20\" class=\"c-glossary__title\">Policy Fee <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A one-time charge per policy that does not change with the size of the premium.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Policy%20Period%20\" class=\"c-glossary__title\">Policy Period <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The term or duration of a policy including the effective and expiration dates.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Pollutant\" class=\"c-glossary__title\">Pollutant<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">An irritant or contaminant, whether in solid, liquid, or gaseous form, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Premises\" class=\"c-glossary__title\">Premises<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The location where coverage applies.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Premises-Operations%20\" class=\"c-glossary__title\">Premises-Operations <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A category of hazard ordinarily insured by a general liability policy which is composed of those exposures to loss that fall outside the defined \u2018products-completed operations hazard,\u2019 including liability for injury or damage arising out of the insured\u2019s premises or out of the insured\u2019s business operations while such operations are in progress.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Premium\" class=\"c-glossary__title\">Premium<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount of money an insurance company charges to provide coverage in a policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Pro%20Rata%20Cancellation%20\" class=\"c-glossary__title\">Pro Rata Cancellation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The cancellation of an insurance policy with the return premium being the full proportion of premium for the unexpired term of the policy, without penalty for early cancellation.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Product\" class=\"c-glossary__title\">Product<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Item manufactured, sold, handled, distributed or disposed of by the named insured or others involved with the named insured in the course of their business. Includes containers, parts and equipment, product warranties and provision of or failure to provide instructions and warnings.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Product%20Liability%20\" class=\"c-glossary__title\">Product Liability <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The liability for bodily injury or property damage a merchant or manufacturer may incur as a consequence of some defect in the product sold or manufactured.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Products-Completed%20Operations%20\" class=\"c-glossary__title\">Products-Completed Operations <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\"> General Liability coverage for liability arising out of the insured\u2019s products or business operations conducted away from the insured\u2019s premises once those operations have been completed.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Professional%20Liability%20\" class=\"c-glossary__title\">Professional Liability <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage designed to protect professionals such as physicians and real estate brokers, against liability incurred as a result of errors and omissions in performing professional services.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Property%20Damage%20\" class=\"c-glossary__title\">Property Damage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">In the general liability policy, a physical injury to property, resulting in the loss of use.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Property%20Insurance%20\" class=\"c-glossary__title\">Property Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">First-party insurance for real and personal property against physical loss or damage.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Property%20insurance%20for%20works%20of%20art%20\" class=\"c-glossary__title\">Property insurance for works of art <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The coverage for extending workers\u2019 compensation law to provide benefits for workers hired in one state but injured while working in another state.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">R<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Real%20Property%20\" class=\"c-glossary__title\">Real Property <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Real estate including buildings and vegetation.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Renewal%20Policy%20\" class=\"c-glossary__title\">Renewal Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A policy issued to replace an expiring policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Rents%20or%20Rental%20Value%20Insurance%20\" class=\"c-glossary__title\">Rents or Rental Value Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance that reimburses a building owner for loss of rental income due to damage by an insured peril.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Replacement%20Cost%20Coverage%20Endorsement%20\" class=\"c-glossary__title\">Replacement Cost Coverage Endorsement <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A property insurance provision that changes the valuation of covered property to replacement cost with no deduction for depreciation.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Return%20Premium%20\" class=\"c-glossary__title\">Return Premium <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The amount of premium due the insured should the actual cost of a policy be less than the insured previously paid.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Robbery%20\" class=\"c-glossary__title\">Robbery <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Theft of property while force is used or threatened.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">S<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Short-Term%20Cancellation%20\" class=\"c-glossary__title\">Short-Term Cancellation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Cancellation of an insurance policy prior to the expiration date in which a penalty in the form of a less than full pro-rata premium refund is allowed.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Special%20Causes%20of%20Loss%20Form%20\" class=\"c-glossary__title\">Special Causes of Loss Form <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A cause of loss form providing coverage from all causes of loss unless specifically excluded or limited.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Specified%20Causes%20of%20Loss%20Coverage%20\" class=\"c-glossary__title\">Specified Causes of Loss Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Auto physical damage coverage only for losses caused by the perils listed in the policy.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Sprinkler%20Leakage%20Coverage%20\" class=\"c-glossary__title\">Sprinkler Leakage Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage for property damage caused by the accidental discharge or leakage of water from automatic sprinkler systems or other fire prevention devices.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Surplus%20Lines%20Insurance%20\" class=\"c-glossary__title\">Surplus Lines Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Insurance written by insurers not licensed in the states where the risks are located and placed with such insurers under the surplus line laws of the various states. Before such placements can be made through specially licensed surplus line agents and brokers, state laws generally require evidence reported before some predetermined future date (\u2018sunset\u2019).<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">T<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Time%20Element%20Insurance%20\" class=\"c-glossary__title\">Time Element Insurance <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A term referring to property coverage for loss of earnings or income resulting from the inability to put damaged property to its normal use.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Transit%20Coverage%20\" class=\"c-glossary__title\">Transit Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage on the insured\u2019s property while in transit from one location to another, over land.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">U<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Umbrella%20Liability%20Policy%20\" class=\"c-glossary__title\">Umbrella Liability Policy <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">A policy designed to provide additional protection against catastrophic losses covered under liability policies, such as the business auto policy, commercial general liability policy, watercraft and aircraft liability policies and employers liability coverage. It provides excess limits when the limits of the underlying liability policies are used up by the payment of claims and it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims. It also provides protection against some claims not covered by the underlying policies, subject to a self-insured retention.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Underinsured%20Motorists%20Coverage%20\" class=\"c-glossary__title\">Underinsured Motorists Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Provides coverage for bodily injury, and in some states property damage, for losses incurred by an insured when an accident is caused by a motorist who does not have sufficient insurance limits.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Underlying%20Coverage%20\" class=\"c-glossary__title\">Underlying Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The insurance or coverage in place on the same risk that will respond to loss before the excess policy is called on to pay any portion of the claim.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Underwriter\" class=\"c-glossary__title\">Underwriter<\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">The person whose job it is to decide if you are eligible for coverage and how much you will pay for it.Unearned Premium \u2013 That portion of the policy premium that represents the unexpired policy term.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Uninsured%20Motorist%20Coverage%20\" class=\"c-glossary__title\">Uninsured Motorist Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Provides coverage for bodily injury, and in some states property damage, for losses incurred by an insured when an accident is caused by a motorist who is not insured.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Utility%20Service%20Interruption%20Coverage%20\" class=\"c-glossary__title\">Utility Service Interruption Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage for the loss to an insured due to lack of incoming electricity which was caused by damage from a covered cause of loss, such as a fire or windstorm, to property away from the insured\u2019s premises \u2013 usually the utility generating station. Also referred to as \u2018off-premises power coverage\u2019.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">V<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Vacancy%20Provision%20\" class=\"c-glossary__title\">Vacancy Provision <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Property insurance provision found in commercial property policies that restrict coverage in connection with buildings that have been vacant for a specified number of days, usually 60 days.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Valuable%20Papers%20and%20Records%20Coverage%20\" class=\"c-glossary__title\">Valuable Papers and Records Coverage <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Coverage that pays the cost to reconstruct damaged or destroyed valuable papers and records and usually includes almost all forms of printed documents or records except money or securities; data processing programs, data and media are usually excluded.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                            <div class=\"c-glossary__letters\">\n                            <div class=\"c-glossary__letter-wrapper\">\n                                <div class=\"c-glossary__letter\">W<\/div>\n                            <\/div>\n                            <ul class=\"o-list-bare c-glossary__list\">\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Waiver%20of%20Subrogation%20\" class=\"c-glossary__title\">Waiver of Subrogation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Also known as \u2018transfer of rights of recovery,\u2019 the relinquishment by an insurer of the right to collect from another party for damages paid on behalf of the insured.<\/div>\n                                <\/li>\n                                                                <li class=\"o-list-bare__item c-glossary__item\">\n                                    \n                                    <h2 id=\"Workers%E2%80%99%20Compensation%20\" class=\"c-glossary__title\">Workers\u2019 Compensation <\/h2>\n                                    <div class=\"c-glossary__text s-cms-content\">Protection that provides benefits to employees for injury or contracted disease arising out of and in the course of employment. Most states have laws that require such protection for workers and prescribe the length and amount of such benefits provided.<\/div>\n                                <\/li>\n                                                            <\/ul>\n                        <\/div>\n                                                    \n            <\/div>\n        <\/div>\n    <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/pages\/2521"}],"collection":[{"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/comments?post=2521"}],"version-history":[{"count":10,"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/pages\/2521\/revisions"}],"predecessor-version":[{"id":2975,"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/pages\/2521\/revisions\/2975"}],"wp:attachment":[{"href":"https:\/\/www.costulessdirect.com\/wp-json\/wp\/v2\/media?parent=2521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}