Loss of Rents
Loss of Rents refers to the compensation provided to property owners when rental income is lost due to damage or destruction of the rental property.
Group Savings Plans
Group Savings Plans are employer-sponsored financial programs that allow employees to save for future goals, such as retirement or education, often with tax benefits.
Multi-Car Discount
A Multi-Car Discount is a price reduction offered by auto insurance providers to policyholders who insure more than one vehicle under the same policy.
Good Student Discounts
Good Student Discounts offer reduced rates on car insurance for students who maintain good academic standing, encouraging responsible driving and study habits.
Insurance Discounts
Insurance discounts are reductions in the cost of insurance premiums offered to policyholders for various qualifying factors, such as safety features or loyalty.
Personal Liability
Personal liability refers to the legal responsibility an individual holds for any harm or damage they may cause to others, whether intentional or accidental.
Other Structures
Other Structures refers to additional constructions on a property that are separate from the primary dwelling, such as sheds, detached garages, or fences.
Market Value
Market value is the estimated amount an asset would sell for in the open market, commonly used in property and car insurance to determine coverage amounts.
Sump Over Water Backup Coverage
Sump over water backup coverage is a type of insurance that protects homeowners against water damage caused by the overflow of a sump pump or sewer backup.
Accident
An accident is an unexpected and unintentional event that causes damage or injury, often involving vehicles, property, or personal harm.
Replacement Parts
Replacement parts refer to specific components used to fix or enhance machinery, vehicles, or equipment after the original part has failed or worn out.
Physical Damage
Physical damage refers to any tangible harm or destruction inflicted on property, such as a vehicle or building, that may be covered by insurance.
Personal Property
Personal property refers to movable possessions or assets that are owned by an individual, which are not permanently attached to real estate.
Loss of Use
Loss of use refers to the inability to live in or use your property due to damage or a covered peril under an insurance policy.
Co-insurance
Co-insurance is a cost-sharing arrangement in insurance where the policyholder and the insurer split covered expenses based on a predetermined percentage after the deductible is met.
Replacement Cost
Replacement cost refers to the amount of money it would take to replace a damaged or destroyed item or property with a similar one at current market prices.
Depreciation
Depreciation refers to the gradual loss of value of an asset over time, commonly due to wear and tear or obsolescence.
Clue Report
A Clue Report is a detailed document that provides information about an individual’s insurance claim history, primarily used in the auto and homeowners insurance sectors.
Bundle Discount
A bundle discount is a reduction in insurance premiums offered when an individual or business combines multiple insurance policies, like home and auto, under the same provider.
Inflation Guard
Inflation Guard is a feature in insurance policies that adjusts coverage to account for inflation, ensuring the policy’s value keeps pace with rising costs.
Burglar/Fire Alarm
A burglar/fire alarm system detects unauthorized entry and fire threats, protecting homes and businesses from theft and fire-related damages.
Additional living expenses (ALE)
Additional living expenses (ALE) coverage helps pay for temporary living costs if your home is uninhabitable due to a covered peril, such as fire or storm damage.