1. Money

A Glossary of Common Insurance Terms

Business insurance uses many terms and acronyms. The most commonly used terms and acronyms are explained in this glossary.

Actual Cash Value
Definition of Actual Cash Value

Bodily Injury

Additional Insured
Definition of Additional Insured

Property Damage

Adjuster
Definition of Adjuster

Personal and Advertising Injury

Agent
Definition of Agent

Broker
Definition of Insurance Broker

Auto Versus Mobile Equipment - What's the Difference?
An article for small business owners about the difference between autos and mobile equipment under commercial auto and general liability policies.

Business Owner's Policy
Definition of a Business Owner's Policy

Hired Auto

Coinsurance
Definition of coinsurance.

Negligence

Endorsement
Business insurance endorsement definition

Coverage Territory

Exclusion
Definition of Exclusion.

Defamation, Libel and Slander

High Deductible Health Plans (HDHP
High Deductible Health Plan Definition

Concurrent Causation and Anti-concurrent Causation

Occurrence
Definition of Occurrence

Primary Care Physician
Primary Care Physician Definition

Reinsurance
Definition of Reinsurance

Meaning of "Insured Contract" under the Commercial Auto Policy
Did you know that a commercial auto policy covers liability you assume under certain types of contracts? Learn what kinds of contracts are covered!

Replacement Cost
Replacement Cost - Business Insurance Definition

Extended Reporting Period

National Council on Compensation Insurance

IRMI Online Glossary of Insurance and Risk Management Terms
The Insurance Risk Management Institutes online glossary has an extensive index of acronyms and clear definitions of industry terms.

Cancellation Condition

Insurable Interest

Omnibus Clause

Market Value

Bodily Injury
The meaning of bodily injury, as this term is used in commercial liability policies.

Contract

What Does Subrogation Mean?
For small business owners, an article explaining the meaning of "subrogation" and the purpose of subrogation clauses found in commercial insurance policies.

Insured Contract
An explanation for small business owners of the term "insured contract" that is found in the standard ISO general liability policy.

Flood and Water

Pollutants
An explanation of the term "pollutants," which is the basis of the pollution exclusions found in commercial insurance policies.

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