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Glossary Terms

Discover the surprising truth about Whole Life and Term Life insurance policies in this comprehensive guide.

Glossary Z

Zone-of-danger rule Negligence Vs. Liability: Deciphering Insurance (Terms) Zone of possible agreement (ZOPA) First Offer Vs. Final Settlement: Negotiation (Tactics) ZOPA (Zone of Possible Agreement)… Read More »Glossary Z

Glossary W

Waiting periods Exclusions Vs. Exceptions: Insurance Policy (Nuances) Co-payment Vs Co-insurance: Decoding Health Insurance (Terms) Short-Term Vs. Long-Term Disability: Insurance (Details) Accidental Death Vs. Dismemberment:… Read More »Glossary W

Glossary V

Vacant homes Peril Vs. Hazard: Understanding Home Insurance (Terminology) Valuation Actual Cash Value Vs. Agreed Value: Insurance (Clarified) Appraisal Vs. Arbitration: Resolving Insurance Disputes (Explained)… Read More »Glossary V

Glossary U

Umbrella insurance Umbrella insurance – Insurance coverage that provides additional liability protection beyond the limits of primary policies. Umbrella Insurance Vs. Excess Liability: What’s The… Read More »Glossary U

Glossary T

Tactics Specific actions taken during a negotiation to achieve a desired outcome. Bad Faith Vs. Denial: Insurance Claim (Misconceptions) Counter-Offer Vs. Rejection: Navigating Negotiation (Strategies)… Read More »Glossary T

Glossary R

Racing and speed contest exclusions Insurance policy exclusions for damages incurred during racing or speed contests. Comprehensive Vs Collision: Understanding Auto Insurance (Basics) Rate increase… Read More »Glossary R

Glossary Q

Qualifying life event A significant life change that allows a person to enroll in or change their insurance coverage outside of the open enrollment period.… Read More »Glossary Q

Glossary P

Pain and suffering Physical or emotional distress caused by an injury. Bodily Injury Vs. Personal Injury: Insurance (Distinction) Compensation Vs. Damages: Insurance Negotiation (Unpacked) Indemnity… Read More »Glossary P

Glossary O

Obsolescence Obsolescence – the state of being outdated or no longer useful. Actual Cash Value Vs. Depreciation: Insurance (Clarified) Actual Loss Vs. Constructive Loss: Insurance… Read More »Glossary O

Glossary N

Named driver exclusion Named driver exclusion – A policy provision that excludes coverage for a specific driver listed on the policy. Comprehensive Vs Collision: Understanding… Read More »Glossary N

Glossary M

Managed care plans Indemnity Vs. Managed Care: Health Insurance (Unveiled) Medicare Vs. Medicaid: Navigating Public Insurance (Options) Marital status The legal status of being married… Read More »Glossary M

Glossary L

Laches defense Insurance Defense Vs. Personal Counsel: Legalities (Explained) Late enrollment penalty A fee charged to individuals who enroll in an insurance policy after the… Read More »Glossary L

Glossary K

Known loss doctrine Occurrence Vs. Claims-Made: Understanding Liability Policies (Unraveled)

Glossary J

Jargon Claim Vs. Premium: Deciphering Insurance (Jargon) How Can I Get Started in a Career as an Insurance Broker? (10 Important Questions Answered) Claim Adjuster… Read More »Glossary J

Glossary I

Identity theft protection endorsement Dwelling Vs. Personal Property: Home Insurance (Focus) Ignition sources Peril Vs. Hazard: Understanding Home Insurance (Terminology) Immunizations Vaccinations that protect against… Read More »Glossary I

Glossary H

Hazardous activities exclusion What Challenges Do Insurance Agents Face Regarding Underwriting Practices? (10 Important Questions Answered) Healthcare access International Health Insurance Vs. Domestic Health Insurance:… Read More »Glossary H

Glossary G

Gap insurance Future Insurability Guarantee – An insurance rider that allows an individual to purchase additional coverage in the future without undergoing medical underwriting. Claim… Read More »Glossary G

Glossary F

Fact-finding process Insurance Defense Vs. Personal Counsel: Legalities (Explained) Facultative reinsurance Insured Vs. Insurer: Grasping Insurance (Roles) Failure to investigate Claim Denial Vs. Reservation of… Read More »Glossary F

Glossary E

Earthquake coverage endorsement Dwelling Vs. Personal Property: Home Insurance (Focus) Earthquake insurance Coverage that protects against damage or loss caused by earthquakes. How Can Landlords… Read More »Glossary E

Glossary D

Damage assessment The process of evaluating the extent of damage caused by an event covered by insurance. Claim Adjuster Vs. Public Adjuster: Roles (Defined) Loss… Read More »Glossary D

Glossary C

Cancellation Policy Expiration Vs. Cancellation: Insurance Implications (Unveiled) Travel Insurance Vs. Medical Insurance: Which One Covers You Better Abroad? Property Vs. Casualty Insurance: Key Aspects… Read More »Glossary C

Glossary B

Bad faith Bad Faith Vs. Denial: Insurance Claim (Misconceptions) Claim Denial Vs. Reservation of Rights: Insurance (Scenarios) Appraisal Vs. Arbitration: Resolving Insurance Disputes (Explained) Claim… Read More »Glossary B

Glossary A

Accelerated death benefit rider An optional add-on to a life insurance policy that allows the policyholder to receive a portion of the death benefit early… Read More »Glossary A