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Insurance Terms & Definitions

Auto insurance is an insurance product that allows mitigating the risks and expenses directly related to driving a vehicle. Its primary purpose is to physically and financially safeguard auto owners and their transport. The necessary basic coverage may differ depending on the state of the owner’s legal residence.

Like any other insurance category, auto insurance is subject to standard charges like deductibles and premiums. The latter depends on various factors, including driving and violation background, age, state, gender, and others.


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Definition of a Rebuilt Title

Rebuilt title means automobile was in a severe accident and had to be repaired and restored to its driving state. Apart from road accidents, the most standard reason for granting a salvage and, later on, a rebuilt title is weather-specific events.


Definition of Motorcycle Insurance

Motorcycle insurance is an insurance product meant to shield owners and their motor transport from unexpected losses and associated material risks. Different policies are intended to compensate for theft, damage to motor transport or other vehicles, and medical costs.

Riders can purchase multiple add-ons to safeguard the motorbike accessories, ensure towing handling, and compensation for physical harm. The cost depends on the applicant’s age, driving background, state the applicant resides in, type of motor transport, annual mileage, and other factors.


Definition of Boat Insurance

Boat insurance is an insurance product intended to safeguard the vessel and its commuters from accidents and other unexpected events. The policies may differ depending on the specific power limit and the class of boat. Most of them guarantee year-round coverage and typically shield the craft from acts of vandalism, theft, fire, and storm throughout the off-season.

Boat insurance does not cover any replacements or repairs resulting from mechanical wear. The cost depends on the type of the craft, its age, current value, its length, power, cruising area, the owner’s boating background, training, and certification.


Definition of Snowmobile Insurance

Snowmobile insurance is an insurance product aimed at providing integral protection and security of riders and different types of sleds in dangerous seasonal conditions. The majority of skimobile policies include roadside support and towing, but the degree of towing assistance may vary.

The traditional forms of skimobile insurance typically safeguard riders from threats and risks like theft, flooding, fire, and collision. The policy cost depends on the model, age, and producer of the sled, state the owner resides in, recreational or professional usage of the sled, plans on sharing the ride with other people, and other factors.


Definition of Scooter Insurance

Scooter insurance is a category of bike insurance aimed at safeguarding riders and their motor vehicles from numerous damages resulting from deliberate destruction, other transport, fire, and other unexpected accidents. Coverage alternatives and fundamental requirements are often contingent on the state where applicants reside.

Scooter and bike policies share numerous features, terms, and a list of qualitative events. In some cases, scooters can be a part of principal bike policies.


Definition of Health Insurance

Health insurance is an insurance product geared towards bearing the expenses of the applicant’s surgical, clinical, medication plan, and rarely dental treatment. It ensures that applicants are financially secured should they suffer from an illness or injury.

This form of insurance has numerous plan categories and packages. Companies often offer it as a part of the employee benefits. The policy cost is typically affected by a combination of factors, including the selected plan, age, geographical area, tobacco consumption, the current state of health and background, gender, and whether the applicant has dependents.


Definition of Dental Insurance

Dental insurance is a form of personal health plan intended to bear the expenses associated with care services or specific treatments the applicant requires. There is a wide array of plans that can serve personal oral healthcare needs and be in line with different budgets.

It typically covers various forms of check-ups and investigation, polishing, restorative treatments, and emergencies. The cost can vary considerably and often depends on several variables like the present state of oral health, the applicant’s geographic location, and individual needs.


Definition of COBRA Insurance

COBRA insurance is a short-range bridge to extending employer-subsidized coverage. It can be used by workers who decided to quit, were laid off, or were fired. The extension period can last up to 18 months and, in specific cases, up to 36 months. Policyholders typically have to pay the premium costs in full.


Definition of Cancer Insurance

Cancer insurance is a specifically tailored cover aimed at providing the insured with the material support intended to deal with cancer-associated threats and various clinical manifestations of the illness. It can help absorb medical and non-medical spending, including but not limited to examinations, specific treatments, hospitalization, and co-payments. Policies and their costs differ depending on the policy-specific terms, eligibility criteria, and coverage features.


Definition of Life Insurance

Life insurance is an insurance product aimed at creating and safeguarding an estate that responds to the needs and demands of the insured. As a rule, the benefits are payable postmortem to the inheritors indicated in the policy. The insured can indicate close or distant relatives, dependents, or a business. Some categories have a savings element allowing policyholders to save up, take out loans against savings, and make investments.


Definition of Term Life Insurance

Term life insurance is a category of life insurance intended to safeguard the contract holder over the period individually defined and specified in the paperwork. In this case, the contract implies that the benefits cannot be paid if the insured party passed over when the policy is still active. It does not incorporate a savings feature but may grant increasing or decreasing benefits throughout the years and the possibility to transition from term to permanent category.


Definition of Whole Life Insurance

Whole life insurance is a tailored policy geared towards ensuring continuous protection provided that the person makes sure that the outstanding payments are consistent. It typically has a saving element, but the investment options are often limited.

The policy cost is formed by several factors like the required degree of coverage, the present state of health and background, the applicant’s lifestyle, age, and gender.


Definition of Universal Life Insurance

Universal life insurance is a category tailored to ensure lasting coverage in defiance of the regularity of premium payments. Unlike whole life, this category is considered more cost-effective and, as a rule, grants adjustable payment schedules. Some of them can include a saving feature allowing access to loans and investments after sufficient value is accumulated.


Definition of Home Insurance

Home insurance is a category aimed at safeguarding the structure of private residences, dwellings, and items stored inside. The policy typically incorporates different forms of protection, including numerous losses and, in individual cases, extra living costs. It can also secure the homes and adjacent areas from disaster-specific damages.


Definition of Landlord Insurance

Landlord insurance is a category tailored to shield the rented out apartments or buildings from material losses, damages inflicted by tenants, and weather-specific events and conditions, including winds, hail, lightning, and others. It generally incorporates safety and required repairs of dwelling and other essential structures like a fence or garage.


Definition of Mobile Home Insurance

Mobile home insurance is a policy intended to safeguard the homes built off the premises and later assembled or delivered as one piece. As high-risk constructions, mobile homes require financial protection that can help bear the repairs or rebuilding expenses. The policies generally cover the building framework, associated liabilities, and medical bills of home visitors or guests injured on site.


Definition of Renters Insurance

Renters insurance is a policy tailored to shield renters from abrupt liability claims and ensure policy-specific risk and loss absorption. It is typically classified into four categories: individual items, liability coverage, extra accommodation costs, and medical bills of other people.

The policies can be used to safeguard any living space like a mobile home or a studio. Tenants can extend their policies by including add-ons that can cover expensive pieces of clothes, accessories, and other high-priced objects.


Definition of Condo Insurance

Condo insurance is a specific form of insurance aimed at safeguarding the living space by covering its structure and items stored inside of it from the indicated perils like theft and damages caused by acts of vandalism or fire.


Definition of Flood Insurance

Flood insurance is a specifically tailored policy aimed to shield the property, its framework, and stored possessions from dwelling-specific losses and destruction inflicted by flooding, rains, melting snow, clogged drain lines, and others. The cost has to do with the property type, dimensions, area, and other individual factors.


Definition of Mortgage Insurance

Mortgage protection insurance is a specially tailored policy geared towards safeguarding a homeowner and household budget by assisting with repaying the mortgage if the contract holder dies before paying it out in full. Applicants generally do not have to do a check-up or provide health background information to be considered eligible and be allowed to take out this policy.