Home Insurance Glossary O-R
Occurrence
An accident or loss, including continuous or repeated exposure to
substantially the same general harmful conditions, that result in
bodily injury or property damage.
Partial Loss
A loss that does not completely destroy the insured property that is
covered by an insurance policy.
Payroll Deduction
The policyholder authorizes his or her employer to deduct amounts from
the employee's earnings to cover the premium.
Peril
The cause of a possible accident, loss, or claim.
Personal Inland Marine Insurance (Personal Articles Floater)
Worldwide coverage on an all risk basis for scheduled valuable
personal property.
Policy
A formal written contract of insurance.
Policyholder
The party to whom a policy is issued who agrees to pay a premium to an
insurer in consideration of the latter's promise to provide insurance
protection.
Premium
The amount that a policyholder agrees to pay to the insurance company
for an insurance policy.
Policy Anniversary
Date on which an insurance policy must be reinstated to remain in
force.
Protection
Coverage afforded by an insurance contract.
Premises
The building insured or containing the insured property. Depending on
policy conditions, it may also include an adjacent area.
Property Damage
Means physical injury to, destruction of, or loss of use of tangible
property.
Property Insurance
First party insurance of real and personal property against physical
loss or damage.
Rate
The cost of insurance per unit; used as a base for the determination
of premiums.
Real Property
The earth and all attached land and buildings, also known as real
estate.
Reinstatement
Returning a lapsed policy to its full value after its termination as
if it was never terminated.
Renewal
A policy issued to replace one that has expired.
Replacement Cost
Coverage for replacing property with new material; depreciation is not
taken into consideration.
Residence Employee
An employee of an insured whose duties are related to the maintenance
or use of the insured residence premises.
Residence Premises
Principal residence of the named insured.
To find glossary words starting with the following letters:
