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ACA Marketplace — The health insurance exchange created under the Affordable Care Act where individuals can shop for and enroll in subsidized health coverage.
Actual Cash Value (ACV) — The value of covered property at the time of loss, factoring in depreciation — replacement cost minus depreciation.
Additional Insured — A person or business added to a policy who receives some of the protections of the named insured, often required in contracts.
Adjuster — The person who investigates a claim on behalf of the insurance company and determines how much the insurer will pay.
Agreed Value — A coverage option where the insurer and policyholder agree in advance on the value of an item, removing depreciation disputes at claim time.
Annuity — A financial product that provides a stream of income, typically used for retirement, in exchange for a lump sum or series of payments.
Auto Liability Insurance — Coverage that pays for injuries or property damage you cause to others while operating a vehicle.
Beneficiary — The person or entity designated to receive the payout from a life insurance policy or annuity.
Binder — A temporary agreement that provides proof of insurance coverage until the formal policy is issued.
Bobtail Insurance — Liability coverage for a semi-truck when it’s being driven without a trailer and not under dispatch. Bobtail and non-trucking liability are different coverage concepts; confirm the policy definition and use of the vehicle.
Bodily Injury Liability — Coverage that pays for injuries you cause to another person in an accident you’re responsible for.
Business Owners Policy (BOP) — A bundled policy combining general liability and commercial property coverage, typically for small to mid-sized businesses.
Cargo Insurance — Coverage for goods being transported, protecting against loss or damage while in transit — also called Motor Truck Cargo insurance.
Certificate of Insurance (COI) — A summary of insurance information. A certificate does not change coverage or replace the policy and endorsements.
Claim — A formal request to your insurance company for payment based on the terms of your policy.
Coinsurance — The percentage of covered costs you’re responsible for after your deductible is met, common in health insurance.
Commercial Auto Insurance — Insurance for vehicles used for business purposes, covering liability and physical damage.
Commercial Property Insurance — Coverage for a business’s physical location and contents against risks like fire, theft, and weather damage.
Coverage Limit — The maximum amount an insurance policy will pay out for a covered loss.
Cyber Liability Insurance — Coverage that protects businesses against losses from data breaches, cyberattacks, and related liability.
Declarations Page (Dec Page) — The summary page of a policy that lists the policyholder, coverage types, limits, deductibles, and premium.
Deductible — The amount you pay out of pocket before your insurance coverage begins to pay.
Dependent — A person, typically a spouse or child, covered under someone else’s health or life insurance policy.
Disability Insurance — Coverage that replaces a portion of your income if you’re unable to work due to illness or injury.
DOT Number — A unique identifier issued by the Department of Transportation to commercial motor carriers, often tied to insurance filing requirements.
Effective Date — The date on which insurance coverage begins.
Endorsement — A change or addition to an insurance policy that modifies the original coverage — also called a rider.
Errors & Omissions (E&O) Insurance — Professional liability coverage that protects against claims of negligence, mistakes, or inadequate work in services provided.
Exclusion — A specific condition, event, or item that a policy explicitly does not cover.
Final Expense Insurance — A small whole life policy designed to cover funeral and end-of-life costs.
Fleet Insurance — A single policy covering multiple vehicles owned or operated by the same business.
Flood Insurance — Separate coverage for damage caused by flooding, not typically included in standard homeowners policies.
General Liability Insurance — Coverage that protects a business against claims of bodily injury, property damage, and personal injury caused to third parties.
Grace Period — A set window of time after a premium due date during which coverage stays active even if payment hasn’t been received.
Guaranteed Issue — A type of coverage, often Medigap, that must be offered without medical underwriting during specific enrollment windows.
Hazmat Endorsement — A certification required for truck drivers who transport hazardous materials, often affecting insurance requirements.
Homeowners Insurance — A policy that covers a home and its contents against damage, theft, and liability, and typically includes loss-of-use coverage.
Independent Agent — An insurance professional who represents multiple carriers and can shop coverage on a client’s behalf, rather than working for a single insurer.
Initial Enrollment Period (IEP) — The 7-month window around a person’s 65th birthday during which they can first enroll in Medicare.
Intermodal Insurance — Coverage designed for cargo and equipment moving between different modes of transport, such as truck, rail, and ship.
Insured — The person or business covered by an insurance policy.
Landlord Insurance — Coverage for property owners who rent out residential or commercial units, covering the building, liability, and lost rental income.
Liability Insurance — Coverage that pays for injury or damage you’re legally responsible for causing to someone else.
Life Insurance — A contract that pays a death benefit to designated beneficiaries in exchange for premium payments.
Limit of Liability — See Coverage Limit.
Medicare Advantage (Part C) — A Medicare-approved plan offered by private insurers that bundles Part A, Part B, and often prescription drug coverage.
Medicare Part D — Prescription drug coverage offered through private insurers to supplement Original Medicare.
Medicare Supplement (Medigap) — A private insurance policy that helps cover the out-of-pocket costs Original Medicare doesn’t pay, like copays and coinsurance.
Motor Truck Cargo Insurance — See Cargo Insurance.
Named Insured — The specific person or business listed on the declarations page as the policyholder.
Non-Owned Auto Coverage — Liability protection for a business when employees use their personal vehicles for work purposes.
Occupational Accident Insurance — An alternative to workers’ compensation, often used for independent contractors like owner-operators, covering injury-related medical costs and lost income.
Open Enrollment Period — A designated time each year when individuals can enroll in or change health, ACA, or Medicare coverage without a qualifying life event.
Owner-Operator — A truck driver who owns their own vehicle and operates independently, often responsible for securing their own insurance.
Policy — The written contract between the insurer and policyholder outlining coverage, terms, and conditions.
Policyholder — The individual or business that owns the insurance policy.
Premium — The amount you pay, usually monthly or annually, to keep your insurance policy active.
Professional Liability Insurance — See Errors & Omissions Insurance.
Qualifying Life Event (QLE) — A significant life change, such as marriage, birth, or job loss, that allows enrollment in health coverage outside the standard open enrollment window.
Quote — An estimate of what a policy will cost based on the information provided, before a policy is bound.
Renewal — The process of continuing a policy for another term, typically at the end of the current policy period.
Renters Insurance — Coverage for a tenant’s personal belongings and liability, since a landlord’s policy doesn’t cover the renter’s possessions.
Rider — See Endorsement.
Rollover (Retirement) — The process of moving retirement funds from one qualified account, like a 401(k), into another without triggering taxes or penalties.
Roth IRA — An individual retirement account funded with after-tax dollars, where qualified withdrawals in retirement are tax-free.
SEP IRA — A retirement plan that allows self-employed individuals and small business owners to make tax-deferred contributions for themselves and employees.
Short-Term Disability — Coverage that replaces a portion of income for a limited period, typically a few months, following a qualifying injury or illness.
Surety Bond — A three-party agreement that guarantees a business will fulfill a contractual or legal obligation, backed by a bonding company.
Term Life Insurance — Life insurance that provides coverage for a fixed period, such as 10, 20, or 30 years, with no cash value component.
Total Loss — When the cost to repair damaged property exceeds its actual value, resulting in the insurer paying out the vehicle or property’s worth instead of repairing it.
Umbrella Insurance — Extra liability coverage that kicks in once the limits on your underlying home, auto, or business policy are exhausted.
Underwriting — The process an insurer uses to evaluate risk and determine coverage eligibility and pricing.
Uninsured/Underinsured Motorist Coverage — Protection that pays for your injuries or damage when the at-fault driver has no insurance or not enough coverage.
Universal Life Insurance — A form of permanent life insurance with flexible premiums and a cash value component that earns interest.
Whole Life Insurance — Permanent life insurance that provides lifelong coverage and builds cash value at a guaranteed rate.
Workers’ Compensation Insurance — Coverage required in most states that pays for medical costs and lost wages for employees injured on the job.
Definitions help you prepare questions. Your policy wording determines the actual terms.