Term
| Umbrella liability policy |
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Definition
| A liability policy that provides excess coverage above underlying policies and may also provide coverage not available in the underlying policies, subject to a self-insured retention. |
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Term
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Definition
| Coverage that protects the insured from damages owed because of legal liability to another party. For auto policies, it protects insureds against liability arising out of the ownership or operation of automobiles. |
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Term
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Definition
| Life insurance that provides coverage for a specified period, such as ten or twenty years, with no cash value. |
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Term
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Definition
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Term
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Definition
| Insurance that pays for extended medical care or custodial care received in a nursing home, hospital, or home. |
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Term
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Definition
| A type of life insurance policy or contract that makes periodic pay- ments to the recipient for a fixed period or for life in exchange for a specified premium. |
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Term
| Commercial Package Policy (CPP) |
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Definition
| Policy that covers two or more lines of business by combining ISO’s commercial lines coverage parts. |
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Term
| Businessowners policy (BOP) |
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Definition
| A package policy that combines most of the property and liability coverages needed by small and medium-sized businesses. |
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Term
| Commercial auto insurance |
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Definition
| Insurance that covers a business or a not-for-profit organization against loss exposures arising out of the ownership, maintenance, or use of automobiles. |
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Term
| Auto physical damage coverage |
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Definition
| Coverage for damage to or theft of a covered auto that can include both collision coverage and other than collision (comprehensive) coverage. |
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Term
| Commercial property insurance |
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Definition
| Insurance that covers commercial buildings and their contents against various types of property loss. |
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Term
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Definition
| Insurance that covers vessels and their cargoes, including various vessel-related liability exposures. |
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Term
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Definition
| Insurance that covers many different classes of property that typically involve an element of transportation. |
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Term
| Commercial crime insurance |
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Definition
| Insurance that covers (1) money and securities against numerous perils (not limited to crime perils) and (2) property other than money and securities against crime perils, such as employee theft, robbery, theft by outsiders, and extortion. |
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Term
| Commercial general liability (CGL) insurance |
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Definition
| Insurance that covers many of the common liability loss exposures faced by an organization, including its premises, operations, and prod- ucts. |
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Term
| Professional liability insurance |
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Definition
| Insurance that covers persons engaged in various occupations against liability resulting from their rendering or failing to render professional services. |
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Term
| Workers compensation insurance |
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Definition
| Insurance that provides coverage for benefits an employer is obligated to pay under workers compensation laws. |
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