Fire Insurance
Coverage that protects property against losses due to fire or lightning. Such coverage is usually included in homeowners or commercial multiple peril policies.

Collision Coverage
Pays for damage to your vehicle when it collides with another vehicle or object, or if it overturns.

Group Insurance
Insurance policy or health services contract covering a group of employees (and often their dependents) under a single contract issued to an employer or other group by an HCSC, HMO or other insurer.

Underinsured Motorist
Is coverage for any bodily injury resulting from the operation of a motor vehicle, which is covered under a liability policy at the time of the injury causing occurrence.

Underwriter
A person trained in evaluating risks and determining what rates and coverages that will be used for them.

Universal Life Insurance
A flexible premium policy that combines protection against premature death with a cash value account that earns a money market rate of interest. Death benefits can be altered during the life of the policy within limits, generally subject to a medical examination. Once funds accumulate in the cash value account, the premium can be paid at any time but the policy will lapse if there isn’t enough money to cover annual mortality charges and administrative costs.

Term Insurance
Life insurance that covers the policyholder for a specific period of time, the “term” specified in the policy. It pays a benefit to a beneficiary only if the insured dies within that specified period of time. Term life policies are renewable.

Floater
A floater insures movable property, covering losses wherever they may occur. Items often insured with a floater include expensive jewelry, musical instruments, and furs. It provides more general coverage than a regular homeowners policy when it comes to these items.

Co-Insurance
In health insurance, it is a provision that the insured and the carrier share losses in agreed proportion. Also known as percentage participation.

Extended Coverage
A clause added to an insurance policy that provides additional coverage for risks not covered in a basic policy.