Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
An umbrella insurance policy, also known as excess liability insurance, is a type of policy that provides additional liability coverage beyond the limits of your existing insurance policies, such as your homeowner’s, auto, or boat insurance.
Underinsurance occurs when the insured person or business has insufficient insurance coverage to fully replace or repair damaged or destroyed property in the event of a loss.
Underwriting renewal is the process an insurance company undertakes to re-evaluate the risk of renewing an existing insurance policy.
In the context of insurance, “unidentified cash” typically refers to cash that cannot be attributed to a specific source or owner.
Uninsured motorist coverage (UM) is a type of auto insurance that protects you if you’re hit by a driver who doesn’t have any liability insurance.
Usage-based insurance (UBI), also known as telematics insurance or pay-as-you-drive insurance, is a type of insurance where the premium is based on how you actually drive your vehicle, rather than just traditional factors like your age, driving history, and vehicle type
Vandalism is the intentional destruction or defacement of property belonging to another person.
In the USA, VIN stands for Vehicle Identification Number.
Warehouse to warehouse coverage is a type of marine cargo insurance that extends coverage beyond just the sea voyage.
A type of insurance that provides coverage for boats and other watercraft, including protection against damage to the vessel, liability for injuries or damages caused to others, and coverage for personal belongings on board.
A type of insurance that provides benefits to employees who are injured or become ill on the job.
Workers’ Compensation (WC) Market Structure and Classification refers to the regulatory and competitive framework that determines how WC insurance is provided and governed across different states in the United States
