Actuary:

An insurance professional who specializes in statistical information. Actuaries are responsible for determining rates and rating methods and for evaluating insurance company reserves.

Adjuster:

A person employed by a property/casualty insurer to evaluate losses and settle policyholder claims.

Appraisal:

A survey to determine a property's insurable value, or the amount of a loss.

Glossary Alphabet

Blanket coverage:

Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations.

Glossary Alphabet

ChFC:

Chartered Financial Consultant.

Comprehensive physical damage coverage:

Optional auto insurance which pays for damage to your auto caused by things other than collision or rolling the car over, such as fire, theft, vandalism, flood or hail.

Collision insurance:

An optional automobile insurance coverage which pays for damage to the policyholder's car caused by collision.

Coverage:

Another word for insurance, e.g., how much coverage a person has is the amount of insurance he or she carries.

CPCU:

Chartered property/casualty underwriter.

Glossary Alphabet

Deductible:

The amount of loss paid by the policyholder.

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Endorsement:

A written form attached to an insurance policy that alters the policy's coverage, terms or conditions.

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Floater:

Property insurance for items that are moved from location to location, covering losses wherever they occur. It's typically bought to cover jewelry, furs and other items whose full value isn't covered in standard homeowners policies.

Glossary Alphabet

Inland marine insurance:

Inland marine is a broad category of coverage that includes insurance for articles in transit, as well as bridges, tunnels and other means of transportation and communication.

Insurance fraud:

Intentional lying or concealment by policyholders to obtain payment of an insurance claim that would otherwise not be paid.

Insured:

The policyholder is the insured.

Glossary Alphabet

Liability insurance:

Insurance for money the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person and covered in the policy.

Glossary Alphabet

Marine insurance:

Coverage for goods in transit, and for the vehicles that transport them, on waterways, over land and in the air.

Medical payments insurance:

A coverage, available in various liability insurance policies, in which the insurer agrees to reimburse the insured and others, without regard for the insured's liability, for medical or funeral expenses incurred as the result of bodily injury or death by accident under specified conditions.

Multi-peril policy:

A package policy which provides coverage against several different perils.

Glossary Alphabet

Ocean marine insurance:

Coverage on all types of vessels, for property damage to the vessels and cargo, and liabilities connected with them.

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Peril:

A specific risk covered by an insurance policy, such as fire, windstorm, or theft.

Policy:

A written contract for insurance between the insurance company and the policyholder stating which perils or damages are covered, and which are not.

Glossary Alphabet

Title insurance:

Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title.

Tort:

A wrongful act, resulting in injury or damage, on which a civil action may be based. This doesn't apply to breach of contract, for which action would be brought under contract law.

Glossary Alphabet

Umbrella policy:

Coverage for losses above the limit of an underlying policy.

Underwriting:

The basic role of an insurance company—examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge the appropriate premimums for them.

Uninsured:

Person, property or vehicle without insurance coverage.

Glossary Alphabet

Void:

A term to describe a policy contract that for some reason specified in the policy becomes free of all legal effect. If critical information the policyholder gave when applying for coverage was untrue, for example, the policy would be voided.

Glossary Alphabet

We want to look after all your needs. If you would like one of our insurance or financial professionals to contact you, to quote on your insurance or financial needs, please complete one of our Quotes Forms.

For general inquiries, contact us direct at (905) 319-2252 or complete the General Inquiries Form.