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Wollam-Grand Valley Insurance Agency - Personal Insurance Consultants
     
 
Wollam-Grand Valley Insurance Agency - Personal Insurance Consultants

General Insurance Terms

 
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Earned Premium The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid in advance and is one year old would have only partly earned the premium.
Elimination Period The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as "waiting period."
Employers Liability Insurance Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workers' compensation law.
Encumbrance A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of the property owner is reduced by the amount of the encumbrance.
Exclusions Items or conditions that are not covered by the general insurance contract.
Expense Ratio The ratio of underwriting expenses (including commissions) to net premiums written. This ratio measures the company's operational efficiency in underwriting its book of business.
Exposure Measure of vulnerability to loss, usually expressed in dollars or units.
Extended Replacement Cost This option extends replacement cost loss settlement to personal property and to outdoor antennas, carpeting, domestic appliances, cloth awnings, and outdoor equipment, subject to limitations on certain kinds of personal property; includes inflation protection coverage.
File-and-Use Rating Laws State-based laws which permit insurers to adopt new rates without the prior approval of the insurance department. Usually insurers submit their new rates with supporting statistical data.
Financing Entity Provides money for purchases.
Floater A separate policy available to cover the value of goods beyond the coverage of a standard renters insurance policy including movable property such as jewelry or sports equipment.

 

 
 
   
 
Wollam-Grand Valley Insurance Agency - Personal Insurance Consultants Wollam-Grand Valley Insurance Agency - Personal Insurance Consultants