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Insurance Terms

Additional Insured:

A person or Organization other than the original named insured, who is entitled to protection under a policy either by virtue of the wording of the basic policy or because the policy has been modified to protect such interest.

Bodily Injury:

Refers to physical injury, or death caused by actions of the insured or insured’s employees – subject to definitions or limitations in the policy.

Certificate of Insurance:

A memorandum stating that a policy has been issued. The certificate states the coverage afforded, policy number and policy term.

Combined Single Limit:

In the most simplest of terms, this type of auto insurance coverage is a combination of all the liability limits so that you receive the most complete liability coverage available. There is no split differential between the three main components of personal injury, accident damage, or personal property damage. A combined single limit is exactly what it implies; it is combined into one single limit.

Commercial General Liability:

CGL is coverage that will protect against claims you are legally liable for including bodily injury or property damage.

Comp/Coll:

Comprehensive & collision coverage, also known as “physical damage coverage” pays for damage caused to an owner’s auto when this coverage has been added. With both comp/coll. the policy company agrees to pay for the damages specified in the policy(ies) minus the chosen deductible.

Dec Pages:

These provide the essentials of insurance policy. Things typically seen on an insurance dec page would include; insured’s name and address and insurance company, information on how to contact insurance company for questions and or a claim, what the insurance policy is for and how much coverage, how long insurance is valid, any endorsements, additions, changes or discounts on the policy. Dec pages are not proof of insurance!!

Liability:

Insurance protecting the insured against financial loss arising out of legal liability imposed upon him/her in connection with bodily injuries (or death) suffered, or alleged to have suffered, by persons of the public, or damage caused to property other than property owned by or in the custody of the insured as a result of the maintenance of the premises, or the business operations of the insured.

Loss Runs:

These are reports provided by your insurance company that document the claim activity on each of your policies. Even if no claims have been reported on a policy, a loss run report should be generated reflecting no losses. These are available free of charge from your insurer.

Med Pay:

A coverage found in auto and liability policies that pays medical expenses to covered (injured) persons without regard to liability.

Proof of Insurance:

I.D. Card – lists policy information, insured information and vehicle covered.

Split Limit:

In auto insurance, where rather than one liability amount applying on a per accident occurrence basis, separate amounts apply to bodily injury and property damage liability. For example, a liability limit 100/300/100 means bodily injury limits of 100,000 per person 300,000 per accident and a property damage of 100,000 per accident.

Uninsured Motorist:

UM an addition to a standard auto insurance policy that provides coverage in the event the other driver is both legally responsible for an accident and does not have insurance.