Insurance policies can contain unfamiliar words and industry terminology that make it difficult to understand exactly what your coverage provides.
At Eastern Insuring Agency, we believe informed clients make better insurance decisions. This guide explains many of the most common insurance terms used in personal, commercial, and life insurance policies.
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These definitions are intended for educational purposes only and may not replace the specific language contained within your insurance policy. Coverage varies by insurance carrier, policy form, endorsements, and applicable New York State insurance regulations.
The value of damaged or lost property after depreciation has been applied.
A person or organization added to an insurance policy who receives certain coverage under that policy.
Coverage that helps pay for injuries to another person if you are legally responsible.
A document verifying insurance coverage and policy limits.
A request submitted to an insurance company for payment after a covered loss.
A policy provision requiring property to be insured for a specified percentage of its value.
Auto insurance covering losses from theft, vandalism, fire, hail, falling objects, animal strikes, and other non-collision events.
The amount you pay out-of-pocket before your insurance coverage begins paying.
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The cost to repair or replace damaged property using materials of similar kind and quality without deducting for depreciation.
A written amendment that changes, adds, or removes coverage from an insurance policy.
No-fault insurance, PIP, SUM, liability coverage, and more.
Understanding insurance shouldn't be confusing. Our experienced advisors are here to explain your policy and answer your questions.
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