Insurance Products and Important Terms Explainer
The Insurance Products Explainer page intends to provide clarification of types of Insurance Products from the vast network of United States Insurance Carriers and important Insurance terms.
Insurance is the business of insuring Person(s) or Property(ies).
All Terrain Vehicle (ATV) is a small motor vehicle for use on a wide range of terrain and insurance policy(ies) are available to insure this type of vehicle.
Automobiles are usually four wheeled automotive vehicles, such as trucks, buses, and cars, utilized to convey passengers.
Automobile insurance is required in most States and is a contract between an Insured Person (Insured) and the Insured`s insurance company. The insurance protects the Insured against financial loss, if the Insured has an authorized automobile claim. Automobile policies contain a variety of required and optional coverages. Insured agrees to pay a fee, called the premium, and the insurance Company agrees to provide financial support, if there is an authorized automobile claim within the agreed upon limits and terms.
There are insurance policy(ies) available to insure valuable Bicycles of all types, including road, hybrid, mountain, electric and manual.
There are insurance policy(ies) available to insure large recreational water vehicles, like Boats, Sailboats and Yachts.
Business Insurance comprises the General Liability and additional insurance coverage and policy(ies) that Businessperson chooses to insure one`s business.
Commercial Automobile Insurance includes the automobile Insurance on motor vehicles utilized as approved Work vehicles, and usually includes four wheel vehicles, such as cars, trucks, vans, and buses.
Condominium (Condo) is defined as individual ownership of a unit, such as an apartment, in a multiunit structure, and has specific Insurance Policy options different than Homeowner`s insurance.
Cybersecurity is protection of a computer system against unauthorized access or attack; and Insurance Policies are available to provide options to mitigate risk associated with cyber.
Dwelling is a shelter, such as a house, in which People live, and can be referred to as an abode or residence.
Flood Insurance can be purchased to cover certain types of water related insurance claims.
Homeowners Insurance, although not required in Pennsylvania or New Jersey, is often required when purchasing a home by a mortgage company, and includes insurance on dwelling and attached building(s), such as garages, and includes coverge of important infrastructure.
Insurance is the business of insuring Person(s) or Property(ies).
An Insurance claim is created, if a Person reports an incident with the Insurance Company that may be covered with the Insurance policy. There is a process to review the Claim by the Insurance Company to determine if the claim is covered with the current Insured`s policy.
Insurance Agencies, along with licensed Insurance Professionals, provide professional services, such as Advisory of Insurance Products, Insurance specific Knowledge, and Insurance Policy Management services to purchasers of Insurance Policies. Insurance Companies are held to a high standard of professional ethics that prohibit illegal and unethical activities and have regulatory overseeing from relevant Federal and State Insurance regulators, who provide clear processes and guidelines that support legal compliance.
Insurance Policy is the set of terms that provide the scope of insurance coverages, such as insurance values, limits and deductibles, that an Insurance company and Insured agree upon in a contract.
An Insurance Product, unlike other types of goods and services, isn`t a production of an Insurance Agency, but rather the Insurance product is a type of insurance policy that can be purchased to insure Person(s) or Property(ies).
Insured refers to the Person or Company, who is insured by the Insurance Policy.
Jet ski is a motorized vehicles that can be utilized by an individual to travel on the water, usually for recreational purposes, and policy(ies) can insure a jet ski.
Important personal artifacts and jewelry can be insured based on the value assesment of a licensed appraiser or credible expert.
An Owner of property(ies), who leases or rents that property to another Person, is called a Landlord, and insurance is available to both the Landlord, as Landlord`s Insurance, and Renter, called Renter`s or Tenant`s Insurance.
Life Insurance includes various policies, such as whole and term policies.
Motorbike is a small lightweight motorcycle and policy(ies) are available to insure this type of vehicle.
Motorcycle is a two-wheeled motor vehicle and policy(ies) are available to insure this type of vehicle.
Policy is a writing whereby a contract of insurance is made.
Policyholder is one granted an insurance policy, often referred to as an Insured.
Property signifies ownership by a Person, and property is a tangible or intangible thing owned, such as a piece of real estate.
Renter`s Insurance, or Tenant`s Insurance, provides Insurance policies to one that rents a dwelling.
An Umbrella is defined as something that provides protection and Umbrella Insurance provides insurance over standard Homeowner`s Insurance and Automobile Insurance.
Water vehicles include jet skis, wave runners and other motorized vehicles that can be utilized to travel on the water, usually for recreational purposes, and policy(ies) can insure these types of vehicles.
Wave runner is a motorized water vehicle that an individual can utilize to travel on the water, usually for recreational purposes, and policy(ies) can insure a wave runner.
Sources include information from the Pennsylvania Department of Insurance at https://www.pa.gov/agencies/insurance and terms from Merriam-Webster`s Dictionary and Thesaurus, Copyright 2020.
Relevant resources include Pennsylvania Insurance Agency information available at https://www.pa.gov/agencies/insurance and New Jersey Insurance Agency information is available at https://www.nj.gov/dobi/division_consumers/insurance/ins_menu.htm .
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