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4 days ago · The insurance industry has a reputation for using complicated language. From unusual acronyms to technical terms, these complex words can easily confuse customers. We think it’s time to make things a little clearer. So, in alphabetical order, here’s a list of the most common insurance jargon words and what they mean. Accessories (or accessory)
May 17, 2024 · Key Auto Insurance Terms. Here are the terms you might come across during the auto insurance shopping process. Actual cash value (ACV): Actual cash value is the vehicle’s replacement cost minus depreciation. If the insurer uses ACV as a calculation in the contract, this is the amount insurers will pay the insurance policyholder if the car is ...
- I received an insurance “binder” via email. Is this my policy?No, an insurance binder is not your policy. A binder is an overview of your policy that acts as temporary proof of insurance until the insurer issu...
- Can I cancel a policy after I have reviewed it?You can generally change your mind and cancel the policy at any time in the insurance process. However, there might be penalties. First, discuss yo...
- How can I change a policy’s coverage and/or terms?You can change your coverage, coverage amounts, and/or terms through an endorsement. You can add an endorsement when you purchase the policy, in th...
- How do I add a car to my existing car insurance policy?Follow these steps to add a car to your existing policy: Contact your insurer. Provide the new car’s VIN, make and model number, and license plate...
May 11, 2024 · EP – earned premium. EPA – Environmental Protection Agency. EPD – expected policyholder deficit. EPL – employment practices liability. EPLI – employment practices liability insurance. ETB – engaged in trade or business. F. FAIR – Fair Access to Insurance Requirements. FALU – Fellow of the Academy of Life Underwriting.
- What are some common insurance acronyms?Common insurance acronyms may include: BOP: Business Owner’s Policy COBRA: Consolidated Omnibus Budget Reconciliation Act D&O: Directors and Office...
- What is a BOP?A BOP, or Business Owner’s Policy, is a type of insurance policy that combines property and liability insurance into one package. BOPs are typicall...
- What is COBRA?COBRA, or Consolidated Omnibus Budget Reconciliation Act, is a federal law that allows certain employees to continue their health insurance coverag...
- What is D&O insurance?D&O insurance, or Directors and Officers insurance, is a type of liability insurance that provides coverage for claims made against directors and o...
- What is EPLI insurance?EPLI insurance, or Employment Practices Liability Insurance, is a type of liability insurance that provides coverage for claims made by employees a...
- What is an HMO?An HMO, or Health Maintenance Organization, is a type of managed care health insurance plan that typically requires members to choose a primary car...
- What is PLI insurance?PLI insurance, or Public Liability Insurance, is a type of liability insurance that provides coverage for claims made against a business or individ...
May 3, 2024 · Insured: The “insured” is the policyholder in the relationship. The insured is protected by the insurer in the case of a loss or claim. Insurer: The insurer is the actual insurance company/carrier that provides the coverage and approves policies. The insurer will work with insurance agencies to help cover clients.
6 days ago · v. t. e. This is a list of British words not widely used in the United States. In Commonwealth of Nations, Malaysia, Singapore, Hong Kong, Ireland, Canada, New Zealand, India, South Africa, and Australia, some of the British terms listed are used, although another usage is often preferred. Words with specific British English meanings that have ...
May 16, 2024 · Renters insurance company. Your company's name and business address. 2.) Policy number. This is your individual policy number. You will need this in order to make a claim. 3.) Start/finish date. This shows the dates between which your policy is active.
May 20, 2024 · The A.M. Best ratings for insurance companies are crucial for understanding a company’s stability, with specific assessments like A.M. Best life insurance ratings and A.M. Best credit ratings. The A.M. Best ratings chart visually represents these evaluations, making it easier for users to grasp the distinctions and reliability of different ...
