Glossary of Insurance Terms

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  Commercial Insurance - Consumer Guides - Glossary of Insurance Terms - Insurance Guides - Introduction to Insurance - Personal Insurance - Property Insurance - Risk Management

  What Is a Catastrophe Model?

  December 30, 2025 - By Our Team

  A catastrophe model is a sophisticated computer-based system that runs thousands, often millions, of plausible “what-if” disaster scenarios. By simulating hurricanes, earthquakes, wildfires, severe storms, and floods, these systems calculate the probable physical damage and financial losses for every property in a specific portfolio or region. These models combine historical…

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  Glossary of Insurance Terms - Introduction to Insurance

  Key Insurance Terms Explained: Premium, Deductible, Claim, and Policy Limit

  January 6, 2025 - By Our Team

  Imagine this: a sudden, unexpected car repair bill lands on your kitchen counter, or a surprise medical expense arrives in the mail. In these moments, stress can quickly mount, made worse by the confusing language found in insurance documents. This experience is common, and it highlights how a lack of…

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  Commercial Insurance - Glossary of Insurance Terms - Introduction to Insurance

  Introduction to Boiler and Machinery Insurance

  November 12, 2024 - By Our Team

  Boiler and machinery insurance, often called equipment breakdown insurance, fills a specific gap in business protection. While standard commercial property policies cover external threats like fire or storms, they typically exclude internal failures of mechanical or electrical systems. Consider a common scenario for a business owner: it is the middle…

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  Glossary of Insurance Terms - Introduction to Insurance

  What Is an Insurance Binder? Understanding Your Temporary Proof of Insurance

  January 5, 2024 - By Our Team

  You are in the final stages of a major purchase. Perhaps you are at a car dealership, ready to drive away in a new vehicle, or at a mortgage closing, about to receive the keys to your new home. In both cases, the transaction hits a sudden pause. The salesperson…

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  Glossary of Insurance Terms - Introduction to Insurance

  What Is an Insurance Agent?

  November 15, 2023 - By Our Team

  When you need to buy insurance, your first point of contact is usually an insurance agent. But who is this person? An insurance agent is a licensed professional who serves as the crucial link between you, the consumer, and the insurance company. This article will clarify exactly what an insurance…

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  Glossary of Insurance Terms - Introduction to Insurance

  What Is an Admitted Company?

  October 19, 2023 - By Our Team

  When shopping for insurance, you may have encountered the term “admitted company” or “admitted insurer.” What does that mean? It sounds like industry jargon, but it’s a distinction that directly affects your financial protection. This article will explain exactly what an admitted company is, the strict insurance regulations they must…

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  Glossary of Insurance Terms - Introduction to Insurance

  What is Aircraft Insurance? A Brief Introduction

  October 11, 2023 - By Our Team

  Imagine you are completing a preflight check on a perfect day for flying. Suddenly, a ground service vehicle misjudges a turn and strikes your aircraft’s wing. Or consider an unexpected mechanical issue that forces an emergency landing, resulting in damage. These scenarios highlight the significant risks involved in owning and…

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  Auto Insurance - Glossary of Insurance Terms - Introduction to Insurance - Property Insurance

  What Is Actual Cash Value? A Guide for Consumers

  September 19, 2023 - By Our Team

  Imagine a sudden storm sends a tree branch crashing onto your car, or a kitchen fire damages your cabinets. In these stressful moments, you rely on your insurance. But how much will your policy actually pay you for the damage? The answer often depends on a term called “actual cash…