A loss under an insurance policy which does not either (1) completely destroy or render worthless the insured property, or (2) exhaust the insurance applying thereto.
Cause of a possible loss. For example, fire, theft, or hail.
PERSONAL ARTICLES FLOATER
Provides all risk coverage, subject to reasonable exclusions for valuable items such as furs, jewelry, cameras, silverware, etc. formerly insured under separate contracts. The items are generally listed by description and value. This can be contrasted to the personal effects floater.
PERSONAL EFFECTS FLOATER
An inland Marine policy covering world-wide except in the insured’s domicile, personal effects usually carried by a tourist. In two forms, “All Risk” or Broad Form and “Specified Perils” form.
Injury other than bodily injury arising out of false arrest or detention, malicious prosecution, wrongful entry or eviction, libel or slander, or violation of a person’s right to privacy committed other than in the course of advertising, publishing, broadcasting or telecasting. Contrast with Advertising Injury.
Any property of an insured other than real property. Homeowner policies protect the personal property of family members, and commercial forms are used to protect many types of business personal property of an insured.
PERSONAL PROPERTY FLOATER
A broad policy covering all personal property world-wide, including insured’s domicile.
PERSONAL PROPERTY LIMITATIONS
Don’t assume everything you own is adequately insured by a standard homeowner’s policy. The typical homeowner’s policy provides only limited coverage for many expensive items. Extra coverage can be purchased separately.
A generic term indicating actual damage to property.
PHYSICAL DAMAGE COVERAGE
Physical damage coverage insures you against damage to your car. The physical damage section of an automobile policy can include both comprehensive coverage ñ which protects you against theft and vandalism, among other things and collision coverage.
The material, structural, or operational features of the risk itself, apart from the morale or moral hazards of the persons owning or managing it.
Petty theft, especially theft of articles in less than package lots.
Legal document issued to the insured setting out the terms of the contract of insurance.
POLICY EXPIRATION DATE
The date when your current insurance policy expires. This date can be found on your current Declaration (or “DEC”) page, insurance identification card, or recent cancellation notice. This date is not to be confused with the date of your next payment or the date when your renewal payment is due.
The maximum amount a policy will pay, either overall or under a particular coverage.
POLICY PERIOD (OR TERM)
The period during which the policy contract provides protection, e.g., six months or one or three years.
The person (or persons) whose risk of financial loss from an insured peril is protected by the policy.
An insurance classification indicating a risk that is superior to the average risk on which the rate has been calculated and thus eligible for a reduced rate.
The particular location of property or a portion thereof as designated in a policy.
The amount of money an insurance company charges for insurance coverage.
The place where you will reside for the majority of your policy term.
The person who drives the car most often.
PROFESSIONAL LIABILITY INSURANCE
Liability insurance to indemnify professionals, doctors, lawyers, architects, etc. for loss or expense resulting from claim on account of bodily injuries because of any malpractice, error, or mistake committed or alleged to have been committed by the insured in his profession.
Any class of business which an insurance company will not insure under any condition.
PROOF OF LOSS
A formal statement made by the insured to the insurance company regarding a loss. The purpose of the proof of loss is to place before the company sufficient information concerning the loss to enable it to determine its liability under the policy.
PROPERTY DAMAGE LIABILITY
Pays when an insured person is legally liable for damage to the property of others caused by your vehicle or your operation of most non-owned vehicles. This coverage also pays for your legal defense costs if you are sued.
PROPERTY DAMAGE UNINSURED MOTORIST
Property damage uninsured or underinsured coverage protects you in situations where your vehicle has been wrecked by another driver who doesn’t have adequate coverage or no insurance at all, and can’t pay for your losses. With this coverage, your own insurance company would pay up to the limit of your policy, to have your car fixed or replaced.
Property Insurance indemnifies an insured whose property is stolen, damaged, or destroyed by a covered peril. The term property insurance includes direct or indirect property losses covered in several lines of insurance.
Term used interchangeably with the word “coverage” to denote the insurance provided under the terms of a policy. (2) Term used to indicate the existence of fire-fighting facilities in an area known as a “protected” area.