Glossary of Insurance Terms
Personal insurance, also known as residential insurance, is any type of insurance policy that protects your own personal assets. Personal insurance can protect your home, car, jewelry, and even antiques, just to name a few. To learn more about our personal insurance services, visit our personal insurance page.
Commercial insurance, also known as business insurance, is any type of insurance policy that protects your business. Commercial insurance can protect your business from fraud, cyber-attacks, or the loss of someone in management. Commercial insurance can also protect your assets, such as automobiles and property. To learn more about our commercial insurance, visit our commercial insurance page.
A surety bond is an agreement between three parties, where a contractor (Principal) agrees to do a job according to contract documents.
When talking about insurance, a claim is a formal request from a customer to an insurance company, asking for payment. They payout of an insurance claim depends on what insurance policy and coverage you or your business have.
An obligee is a person bound by contract or some other legal procedure.
An insurance policy is simply a document that lays out the terms and conditions of your insurance coverage.
An asset is an object with value. Our insurance policies, whether it is business insurance or personal insurance, will protect your assets.
Liability is the degree of responsibility, financial or otherwise. In insurance terms, liability insurance (whether it is commercial or residential insurance) is an insurance policy that will protect you or your business from financial responsibility.
Insurance coverage is the amount of liability that is covered, based on your insurance policy.