Insurance Glossary - Understanding Common Terms
Our glossary is divided alphabetically by
insurance term in a quick reference guide to assist understanding the language commonly used by insurance companies. Policy documents contain a number of these terms because they typically define
the limitations of risk and liability on the insured and any exclusions of coverage.
If you plan to start a new policy or renew your current policy with a different
carrier or agency, it is important to review and understand the policy differences
behind individual quotes from multiple carriers. Lower policy
premiums may be the result of decreased payout benefits, higher deductibles, or maximum
damages allowed. It is important to identify these unique features in any
policy comparison, otherwise a lower price may come at a much higher cost when
you have to file a claim for loss or damages in the future.
Select the first letter of the word or term to locate a definition and brief description.
For example, to get help with the terms "Automobile Liability Insurance" or "Premium", select either the letter A or P from the menubar below:
Insurance Glossary: Terms that Begin with the Letter 'k'
- Concept permitting a property/casualty insurer to write $2 of new net premiums for each $1 of policyholders surplus.
Keogh (HR 10) Account
- An account to which a self-employed person can make annual tax deductible contributions and which may be withdrawn without penalty after the age of 59 1/2. Income generated in the account accumulates tax-deferred.
- Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.
Don't see an insurance term listed here? Ask Customer Service