Nw-Protection : Gloud Insurance Agency

As used in poperty insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.

An adjustment (rider) to a life insurance policy that allows for the early payment of some portion of the policy's face amount should the insured suffer from a terminal illness or injury

An adjustment (rider) to a life insurance policy that provides for payment of an additional cash benefit when death occurs by accidental means. This amount depends on the value of the policy.

An Insurance poicy that provides payment if the insured's death occurs as a results from an accident.

Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records

Cost to repair or replace damaged property with materials of like kind and quality, less depreciation

A person or organization for whom insured status is arranged by endorsement

General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services

An authorized representative of an insurance company.

The maximum amount an insurance company will pay during the policy

Property insurance covering loss arising from all causes of loss except those that are specifically excluded

Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year.

A form with the information needed for an insurance company to underwrite and rate a specific policy

The transfer of ownership of a Life Insurance policy from one person to another.

Your current age. Your attained age is a factors life insurance companies use to determine premiums.

A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums

A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment'

Making the effective date of a policy earlier than the date of application. Backdating is often used to make the age of the applicant lower than it actually was at the time of application so that he/she can get a lower premium. State laws often set limits to this.

Coverage on property left in the care of the insured for storage, repair or servicing

Property coverage for named perils: Fire, Lightening, Explosion, Smoke, Windstorm, Hail, Riot, Civil Commotion, Aircraft, Vehicles, Vandalism, Sprinkler Leakage, Sinkhold Collapse and Volcanic Action

The minimum limits of liability that can be carried by an insured

The designated person set to receive the death benefit if the insured should die.

A rating system by A.M. Best Company giving the financial condition of insurance companies

A temporary insurance policy that expires at the end of a specific time period or when a permanent policy is written. A binder is given to an applicant for insurance during the time it takes the an insurance company to complete the policy paperwork.

The most an insurer will pay under Part Two of a Workers' Compensation Policy for claims arising out of any one accident, regardless of how many employee claims arise out of the accident

The most an insurer will pay under Part Two of a Workers' Compensation Policy for damages due to bodily injury by disease to any one employee

The most an insurer will pay under Part Two of a Workers' Compensation Policy employee bodily injury by disease claims during the policy period regardless of the number of employees who make such claims

The insured is legally liable for damages due to bodily injury, sickness, or disease, including resulting death

Coverage for loss caused by mechanical or electrical equipment breakdown, including damage to the equipment

A written agreement in which one party, the surety, guarantees the performance or honesty of a second party, the principal (obligor), to the third party (obligee) to whom the performance or debt is owed

Property insurance coverage that allows the insured to remove labels from damaged goods or mark the items as 'salvage,' provided the goods are not damaged in the process

Property coverage for the named perils: Fire, Lightening, Explosion, Smoke, Windstorm, Hail, Riot, Civil Commotion, Aircraft, Vehicles, Vandalism, Sprinkler Leakage, Sinkhole Collapse, Volcanic Action, Breakage of Building Glass, Falling Objects, Weight of Snow, Ice or Sleet, Water Damage (in the form of leakage from appliances) and Collapse from Specified Causes

Covers against loss caused by enforcement or ordinances or laws regulating construction and repair of damaged buildings

Theft of property by forcible entry, which is evidenced by visible signs, in a premises, by a person

Auto Policy for businesses that includes auto liability and auto physical damage coverages

Insurance covering loss of income by a business when operations are interrupted due to property loss that is a covered cause of loss

See Business Income Coverage

A policy that combines property and liability coverages for special types of small businesses

The termination of an insurance policy usually before its expiration Care, Custody or Control:An exclusion of liability insurance which eliminates coverage for damage to property in the insured's care, custody or control

The insurance company which provides coverage

The Money that is paid to the policy holder upon settlement of a covered claim.

The equity amount or "savings" accumulation in a whole life insurance policy.

Insurance that covers loss caused by injuries to persons and the legal liability imposed on the insured for injury or for damage to property of others

A severe loss causing sizable financial loss

The commercial property forms that define the covered causes of loss for which coverage is provided. Commonly, there are 3 Cause of Loss Forms: Basic, Broad and Special
A document providing evidence that insurance has been purchased

A request by a policyholder or a claimant for payment under a policy of insurance

Expenses of settling or investigating a claim
Claimant: The person presenting a claim

An amount of money set aside to meet claims reported but not paid

A group of businesses who have common or similar exposures and are grouped together for rating purposes

The arranging or establishing of business groups or categories for rating purposes

An insurance provision for property coverages in which the policyholder must carry an amount of insurance that is at least equal to a set percentage of the value of the property in order to receive full payment of a loss

Collapse of a building and collapse of personal property within a building due to specified causes (such as weight of snow, ice or rain). Does not include collapse due to design error or due to faulty workmanship or materials if the collapse occurs after construction is complete

Provides for payment to a covered automobile resulting from the striking of another object by a moving vehicle

A coverage which protects business organizations against liability claims for bodily injury and property damage. Those claims may be the result of events at your place of business, from your business operations, the products or services you make or do, communications or advertisements your business broadcasts

State-owned and operated facilities that write Workers' Compensation Insurance solely for that state

A General Liability coverage for the work of the insured that has been completed away from the business premises

Covers an automobile for loss or damage for all causes except for those specifically excluded

Insurance that is required by law
Concealment: Failure to disclose facts which may void an insurance policy

Given to policy owners when they pay a premium at the time of the application. These receipts bind the insurance company, provided your policy is approved, but are subject to any other conditions stated on the receipt.

Things agreed upon in an insurance policy that state the rights and the requirements of the insured and the insurer

An indirect loss such as the reduction in value of property that is the result of a direct damage loss

Term used when damage to property is more than the value of the property

A provision in an insurance policy setting forth the conditions or time period under which the insurance company may contest or void the policy. After this time has lapsed, typically two years, the policy cannot be contested. Example: Suicide.

Person or persons designated to receive the value of an insurance policy in case the original beneficiary is not alive.

An agreement between two or more parties with characteristics of mutual assent, competent parties, a valid consideration and legal subject

Coverage is just another term for Insurance. It can be used to mean either the dollar amounts of insurance purchased ($500,000 of liability coverage), or the type of loss covered (coverage for theft).

A policy that may be changed to another form by contractual provision and without evidence of insurability. Most term policies are convertible into permanent insurance.

The signature of a licensed agent or representative on a policy that is required to validate the policy

An agreement that provides that upon a business owner's death, surviving owners will purchase the deceased's interest, often with funds from life insurance.

A type of injury which occurs from the repetition of tasks over an extended length of time

All risk property insurance for electronic data processing equipment (computers), computer programs and data including mechanical breakdown, electrical injury and changes in temperature and humidity

The amount of money paid to the beneficiary when the insured person dies.

Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force to the date the policy expires, while the premium remains level. The intervals between decreases are usually monthly or annually.

The cost of removal of debris from covered property damaged by an insured peril

The amount of loss which is paid or absorbed by the insured prior to determining the insurance company's liability

The amount of premium required at the beginning of a policy prior to the actual premium being determined

The reduction in value of property over a period of time. Usually as a result of age, wear and tear, or economic obsolescence

Causes of loss that produce direct and straightforward property damage (without interruption in time or deviation in space) from the cause of the event to the damaged property

Payment of twice the basic benefit in the event of loss resulting from specified causes or under specified circumstances.

An endorsement that can be added to an automobile policy that gives protection while the insured designated in the endorsement is driving a car other than the one named in the policy

A clause used in Umbrella policies providing that the Umbrella will 'drop-down' over underlying policy aggregate limits when they have been reduced or exhausted

The amount of premium that has been used for certain periods of time

An exclusion found in most property insurance policies eliminating coverage for earth movement or earthquake, except ensuing fire

The date on which an insurance binder or policy goes into effect

An exclusion usually contained in property insurance policies eliminating coverage for damage to electrical appliances caused by artificially generated currents, except for ensuing fire or explosion

Coverage for theft of money, securities or property by an employee

A staffing method which an employee leasing company provides all or most of its client's employees

Insurance coverage purchased by employers that do not subscribe to the Texas Workers' Compensation law

Part 2 of the Workers' Compensation policy which pays on behalf of the employer all sums that the employer becomes legally obligated to pay because of bodily injury by accident or disease sustained by any employee of the insured arising out of and in the course of his employment by the insured

A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination and sexual harassment

A document attached to an insurance policy that changes the original policy provisions

A property insurance coverage for equipment that is often moved from place to place

A preliminary premium amount that could be adjusted based on a variance in exposures

Any statement or proof of a person's physical condition, occupation, etc., affecting acceptance of the applicant for insurance

Coverage that is provided by insurers not licensed in the states where the risk is located

A policy that provides additional limits in excess of an underlying liability policy

Specified hazards listed in a policy for which benefits will not be paid.

An exclusion for injury or damage that is expected or intended

Coverage providing reimbursement of expenses for temporary repairs and costs incurred to speed up the permanent repair or replacement of covered property or equipment

A small flat expense charged to Workers' Compensation policies

A debit or credit factor developed by measuring the difference between the insured's actual past experience and the expected or actual experience of the class of business

The ending date of an insurance policy

The basis of rates that are applied to determine premium. Some exposures may be measured by payroll, receipts, sales, square footage, area, man-hours or per unit

Coverage for reimbursement of expenses in excess of normal operating expenses that are incurred to continue operations after a direct damage loss

The coverage for extending workers' compensation law to provide benefits for workers hired in one state but injured while working in another state

The amount covered by the terms of an insurance contract, usually found on the first page of the policy.

The liability placed on trustees, employers, fiduciaries and professional administrators with respect to errors and omissions in the administration of employee benefit programs

Expenses incurred at the time of a person's death. These include but are not limited to:funeral costs, court expenses, current bills or debt, mortgages, loans and taxes.

Coverage in a property insurance policy for charges incurred by the insured from a fire department for their services in fighting a fire

Liability coverage for the insured's legal liability for fire damage to premises rented by the insured

A wall designed to prevent the spread of fire from one part of a building to another

A computer that protects a company's private network from outside internet users

A death benefit, the dollar amount of which does not vary.

The full cancellation of a policy as of the effective date of coverage which requires the return of paid premium in full

Coverage for damage to property caused by flood

A provision in most all property insurance policies eliminating coverage for damage by flood and possibly other types of water damage, such as seepage and sewer backup

An umbrella policy provision that follows the underlying policy for coverages and policy provisions

Covers loss due to the dishonesty of writing, signing or altering of checks and bank drafts

An event that is subject to chance without the implication of suddenness

Trial period required in most states where policy owners have up to 20 days to examine their new policies with no obligation.

The number of times that a loss will occur within any given period of time

Any form of insurance that provides payment in full of all losses caused by the perils insured against without applying a deductible or depreciation

Expenses including casket, vault, grave plot, headstone and funeral director.

Insurance coverage for the legal liability of automobile dealers, garages, repair shops and service stations for bodily injury and property damage arising out of their business operations

Provides coverage to owners of storage garages, parking lots and body and repair shops for their liability of damage to automobiles left in their custody for safekeeping or repair

The maximum amount of insurance payable during the policy period for losses (other than those arising from the products - completed operations hazards as covered under the standard commercial general liability policy)

Insurance protecting businesses from most liability exposures other than automobile and professional liability

A property insurance policy covering breakage of building glass regardless of cause

In Workers' Compensation Insurance, the classification that best describes the workers' compensation exposure of an employer's business

Period of time after the due date of a premium during which the policy remains in force without penalty.

A type of whole life policy designed for people who want more life coverage than they can currently afford. They pay a lower premium rate that increases gradually over the first three to five years and then remains constant over the life of the policy.

Willful and wanton misconduct

The weight specified by a manufacturer for the maximum total loaded weight of a single vehicle

A form of renewable term insurance that remains in force as long as the premiums are paid on time. With guaranteed term insurance, the insurance company cannot terminate the policy during the term.

An automobile whose exclusive use has been temporarily given to another for a monetary sum or other consideration. The business auto definition of 'hired autos,' however, includes autos borrowed except those borrowed from employees or partners.

A contractual agreement that requires one contracting party to assume certain legal liabilities of the other party.

Liability coverage for hosts of business or social functions arising out of the serving or distribution of alcoholic beverages by a party not engaged in this activity as a business enterprise.

A clause in a policy providing that a policy has been in effect for a given length of time (two or three years), the insurer shall not be able to contest the statements contained in the application. In life policies, if an insured lied as to the condition of his health at the time the policy was taken out, that lie could not be used to contest payment under the policy if death occurred after the time limit stated in the incontestable clause.

The amount of paid claims and loss reserves within a particular period of time, usually a policy year. Customarily computed as losses incurred during the period, plus outstanding losses at the end of the period, less outstanding losses at the beginning of the period

Additions or changes made by a lessee at his own expense to property that may not legally be removed. Usually covered under the tenants property coverage

A claims adjuster who provides adjustment services to insurance companies but is not employed by them

An individual or company who has agreed, in writing, with another party to perform a job or function on behalf of that party

A provision that increases the limit of insurance by a specified percentage over a specified period of time to offset inflation costs

The condition of the individual wishing to be insured, including their health, susceptibility to injury and life expectancy.

A formal social device for reducing risk by transferring the risks of several
individual entities to an insurer.The insurer agrees,for a consideration, to pay for the loss in the amount specified in the contract.

The printed form which serves as the contract between an insurer and an insured.

Insurance written in an amount equal to the value of the property or which meets coinsurance requirements

The party who is being insured. In life insurance, it is the person because of his or her death the insurance company would pay out a death benefit to a designated beneficiary.

The insurance company; Party that provides insurance coverage, typically through a contract of insurance.

A beneficiary that cannot be changed without that beneficiary's consent.

Term life insurance in which the death benefit increases periodically over the policy's term. Usually purchased as a cost of living rider to a whole life policy.

A business relationship when two or more persons join their labor or property for a business undertaking and share profits

Termination of a policy due to the policy owner's failure to pay the premium within the grace period.

Property insurance covering the loss suffered by a tenant due to termination of a lease because of damage to the leased premises by a covered loss

The person to whom a lease is granted

The person granting the lease

The legal obligation to pay a monetary award for injury or damage caused by one's negligent or statutorily prohibited action

A provision within an insurance policy that broadens the coverage if the insurance company offers a broader coverage form within the first 45 days of coverage

An obligation that can be held by an individual who has an interest in a particular matter or property

The average number of years a person is expected to live based on a national average per age group, and other factors.

Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.

The most an insurance company agrees to pay in the case of loss

A type of whole life insurance designed to let the policyholder pay higher premiums over a specific time period such as 10 or 20 years so that they won't have to pay any premiums for the rest of his or her life.

A federal law that provides workers' compensation benefits to employees of a vessel injured in maritime employment - usually in loading, unloading, repairing or building a vessel - but not applicable to crew members

The amount an insurance company pays for damages under the terms of a policy

The cost assessed to a particular claim for investigating and adjusting that claim

A flat charge added to the premium of small workers' compensation policies to offset higher loss ratios

A technique that is put in place to reduce the possibility that a loss will occur or reduce the severity of those that do occur

An insurance clause that authorizes loss payments to a person or entity having an insurable interest in the covered property

Percentage of losses incurred against earned premiums

A form showing reported claims which provides information such as the date of occurrence, type of claim, amount paid and amount reserved for each loss

An estimated amount set aside for a particular claim that has not yet been paid

A signed statement by the named when the insured wishes to cancel the policy, but has lost or mislaid the policy, which releases the insurance company from all liability or loss.

A document completed by a physician or another approved examiner and submitted to an insurer (insurance company) in order to provide medical information. This is usually done to determine insurability (or lack of insurability) or is sometimes done in relation to a claim.

Reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, prosthetic devices, and funeral expenses. What is considered reasonable is outlined in a policy.

Coverage, which is optional, under an auto policy to pay for medical expenses for bodily injury caused by an auto accident, regardless of fault. Coverage for persons other than the named insured and his or her family members is typically restricted to circumstances when they are occupants of the insured auto

A general liability coverage that reimburses others, regardless of fault, for medical or funeral expenses incurred as a result of bodily injury or death sustained by an accident

Coverage which is sometimes provided under automobile policies for the operation of an insured motor vehicle within Mexico, usually limited to a stated number of miles from the U.S. border

The lowest amount of premium to be charged for providing a particular insurance coverage

The act of knowingly presenting false information.

Equipment such as earthmovers, tractors, diggers, farm machinery, forklifts, etc., that even when self-propelled, are not considered as automobiles for insurance purposes

States or Jurisdictions where an employer must obtain workers' compensation insurance from a state fund or qualify as a self-insurer, as is allowed in five of the states, North Dakota, Ohio, Washington, West Virginia, Wyoming, Puerto Rico and the U.S. Virgin Islands

The number of deaths in a group of people, usually expressed as deaths per thousand.

A table showing the incidence of death at specified age groups

Property insurance provisions granting protection for the mortgagee named in the policy. It establishes that loss to mortgaged property is payable to the insured and to the mortgagee named in the policy

A property insurance term referring to exact causes of loss specifically listed as covered

A federally funded program established to make flood insurance available to properties located in participating communities

An insurance company that is not licensed to do business in a specific state. The insurers may write coverage through an excess and surplus lines broker that is licensed in these jurisdictions

In commercial auto policies, coverage for autos that are used in connection with the named insured's business but are neither owned, leased, hired, rented or borrowed by the named insured. The term specifically applies to vehicles owned by employees and used for company business

A Workers' Compensation term used in Texas that refers to employers who choose to be out of the workers' compensation system. Firms that are proven negligent in causing a worker's injury, can be held liable in tort, since nonsubscribing employers waive the traditional common law defenses available to employers subject to workers' compensation laws

The age you were when you bought an insurance policy.

The temporary addition to an insurance policy, usually a member of the direct family.

All rights, benefits and privileges under life insurance policies are controlled by their owners. Policy owners may or may not be the insured. Ownership may be assigned or transferred by written request of current owner.

A condition in the workkplace that increases the chances of the an accident, sickness, or death. It usually will mean higher premiums.

A continual, gradual or repeated exposure to substantially the same general harmful conditions. General liability policies insure liability for bodily injury or property damage that is caused by an occurrence

A policy providing several different coverages combined into one policy. Refers to a policy providing both general liability insurance and property insurance

A limit on the amount of payroll for certain classifications used for the development of premium

Cause of loss such as fire, windstorm, collision, etc.

A policy insuring private-passenger autos owned by individuals

A General Liability coverage for insurable offenses that cause harm, other than bodily injury, such as false arrest, detention or imprisonment, malicious prosecution, wrongful eviction, slander, libel and invasion of privacy