Glosario de seguros
El vocabulario detrás de su póliza, definido en lenguaje sencillo por profesionales de seguros con licencia.
A
- Actual Cash ValueActual cash value is replacement cost minus depreciation, the default way property policies value a loss. How ACV is calculated and how it compares to RCV.
- Additional InsuredAdditional insured meaning: a party added to another business's liability policy by endorsement. How CG 20 10 works and why contracts require the status.
- Aggregate LimitAggregate limit is the most your policy pays for all claims combined during the policy term. How the general aggregate and products aggregate work on CG 00 01.
B
C
- Certificate HolderCertificate holder meaning: the party named on a certificate of insurance as proof coverage exists. Why a certificate holder is not an additional insured.
- CoinsuranceCoinsurance requires insuring property to a set percentage of its value, often 80%. How the penalty formula works, plus a worked example of an underinsured loss.
D
- Declarations PageAn insurance declarations page summarizes who is insured, what is covered, limits, deductibles, and premium. How to read each section of your dec page.
- DeductibleAn insurance deductible is the part of a covered loss you pay before the insurer pays. How deductibles apply per occurrence and what they do to your premium.
E
- Experience Modification RateExperience modification rate (emod) explained for brokers: how NCCI calculates the mod, primary vs excess losses, unit stat data, and what moves it at renewal.
- Extended Reporting PeriodExtended reporting period (ERP) or tail coverage lets claims be made after a claims-made policy ends. Basic vs supplemental ERPs, pricing, and placement traps.
H
I
- Indemnification ClauseIndemnification clause meaning: a contract provision where one party agrees to pay for another's losses. How the indemnitor, indemnitee, and CGL coverage fit.
- Insurance BinderAn insurance binder is temporary proof that coverage is in force before the policy is issued. How binders differ from policies and certificates of insurance.
- Insurance PremiumAn insurance premium is the price you pay for coverage. How insurers calculate premiums from exposure bases, rates, experience mods, and end of term audits.
L
- Loss of UseLoss of use coverage pays additional living expenses or lost rent when covered damage makes your home unlivable. What Coverage D includes and excludes.
- Loss RunsLoss runs are carrier-issued claim history reports underwriters use to price your account. How to request them, valuation dates, and why open reserves matter.
M
N
O
P
- PerilA peril in insurance is the cause of loss a policy covers, like fire, wind, or theft. Named perils vs open perils and why the difference decides your claim.
- Primary and NoncontributoryPrimary and noncontributory means the named insured's policy pays first and seeks no contribution from the additional insured's coverage. CG 20 01 explained.
R
S
- Self-Insured RetentionSelf insured retention (SIR) is the amount the insured pays before the policy responds. How an SIR differs from a deductible in defense, limits, and claims.
- Special Lines' Surplus Line BrokerSpecial lines' surplus line broker: California's Ins. Code 1760.5 license for placing marine, aviation, and railroad risks with non-admitted insurers.
- SubrogationSubrogation lets your insurer recover a paid claim from the party that caused the loss. How it works, why your deductible comes back, and when it is waived.
- Surplus Lines BrokerSurplus lines broker: the specially licensed broker who places coverage with non-admitted insurers after the admitted market declines a risk. License and tax.