Insurance Glossary

Insurance Glossary

Please choose the letter you wish to define:

A   |   B   |   C   |   D   |   E   |   F   |   G   |   H   |   I   |   J   |   K   |   L   |   M   |   N   |   O   |   P   |   Q   |   R   |   S   |   T   |   U   |   V   |   W   |   4   |   5


[ O ]

Click on a term below for the definition.
Abnormal condition or illness caused by factors associated with the workplace. Like occupational injuries, this is covered by workers compensation policies. (See Workers compensation)
Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later. (See Claims-made policy)
Coverage of all types of vessels and watercraft, for property damage to the vessel and cargo, including such risks as piracy and the jettisoning of cargo to save the property of others. Coverage for marine-related liabilities. War is excluded from basic policies, but can be bought back.
States where insurance companies can set new rates without prior approval, although the state's commissioner can disallow them if they are not reasonable and adequate or are discriminatory.
The cost of maintaining a business's property, includes insurance, property taxes, utilities and rent, but excludes income tax, depreciation and other financing expenses.
Contracts that allow, but do not oblige, the buying or selling of property or assets at a certain date at a set price.
Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line when it is rebuilt. This endorsement would cover part of the additional cost.
A life insurance policy that remains in force for the policyholder's lifetime. It contrasts with term insurance, which only lasts for a specified number of years but is renewable. (See Term insurance)
Sheet metal auto parts made by the manufacturer of the vehicle. (See Generic auto parts)
Security that is not listed or traded on an exchange such as the New York Stock Exchange. Business in over-the-counter securities is conducted through dealers using electronic networks.

[ O ]

Please choose the letter you wish to define:

A   |   B   |   C   |   D   |   E   |   F   |   G   |   H   |   I   |   J   |   K   |   L   |   M   |   N   |   O   |   P   |   Q   |   R   |   S   |   T   |   U   |   V   |   W   |   4   |   5

Insurance Glossary is Owned and Copyrighted by the Insurance Information Institute.
R.H. Nicholson & Company Uses This Glossary By Permission.

Phone: (360)352-2222 - Toll Free: (800)660-5262 - Fax: (360)352-9160

  Ph:
  Fax:

  (703) 261-6100
  (703) 261-6101

Email

  Email:

  info@...

522 E. Crockett, Luling, Texas 78648

  3998 Fair Ridge Dr.
  Suite 200
  Fairfax, VA 22033

Hours: Monday - Friday -- 7:30 am - 5:00 pm

  Monday thru Friday
  8:30 am - 4:30 pm

 Home    About Us    Products    Services    Claims    Glossary    Contact Us    Site Map  

Copyright © R.H. Nicholson & Co., Inc.         Website Design by Enhanced Web Services

Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements. Areas We Serve.