Home Insurance Glossary D-G
Damages
A sum of money that a party is legally obligated to pay to another as
compensation for injury.
Declarations
The part of the policy that provides detailed information about the
insured, the insurer, and the coverages.
Deductible
The amount of a claim that the policyholder has agreed to pay. This
amount is deducted from a claims payment.
Depreciation
A decrease in the value of any type of tangible property over time.
Effective Date
The date the coverage begins on an insurance contract (policy).
Endorsement
An amendment to your policy written especially to cover unique items just for you.
An endorsement is also a change to your policy that is made during the policy's term.
An endorsement is attached to your policy to modify the terms of the insurance contract.
Exclusion
Part of an insurance contract that excludes coverage of certain
perils, persons, property, or locations.
Expiration Date
The ending date of an insurance contract (policy).
Extended Coverage
A clause in an insurance policy or in an endorsement that provides
additional coverage for other hazards or risks than those provided
under the basic policy provisions.
Fire Insurance
Contract prescribed by each state insuring against direct loss by
fire, lightning, and other defined causes.
Flood Insurance
Coverage against damage caused by the rising or overflowing of bodies
of water. This is available through a national insurance program and
must be bought separately.
To find glossary words starting with the following letters:
A-C |
H-K |
L-N |
O-R |
S-Z
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