Insurance 101

Glossary

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Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage

Pollution Liability Insurance: covers costs related to pollution, such as the costs associated with restoration and cleanup or the liability for injuries and deaths caused by pollution

Professional Liability Insurance: protects professionals such as doctors, lawyers, engineers, beauticians, architects, and insurance agents against third-party liability claims due to negligence in their performance of professional services

Property Insurance: covers loss to an organization's buildings or business personal property, including a tenant's improvements to a leased space

Rate: the cost of insurance

Renters Insurance: form of insurance that covers a policyholder's belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others; provides personal liability coverage for damage the policyholder or dependents cause to third parties; provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or her residence is being repaired

Replacement Cost: insurance that pays the dollar amount needed to replace damaged personal property or dwelling property

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