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A word. What it means. A Tennessee example. Why it hits your wallet. We read the form so you don’t have to.

• Actual Cash ValueA claim valuation method that pays the replacement cost of an item minus depreciation for age and condition.
• Additional InsuredA person or organization added to someone else’s liability policy for limited protection related to the named insured’s work or premises, usually by endorsement.
• BeneficiaryThe person or entity named to receive a life insurance death benefit (or similar contract proceeds) when the insured dies.
• BinderTemporary proof of insurance that provides coverage for a short period while the full policy is being issued.
• Business Owners PolicyA packaged policy that typically combines general liability and commercial property (often with business income) for eligible small businesses.
• CollisionAuto coverage that may help repair or replace your vehicle after a crash with another vehicle or object, typically after you pay a deductible.
• ComprehensiveAuto coverage for many non-collision losses to your vehicle — such as theft, vandalism, fire, hail, or hitting an animal — usually subject to a deductible.
• Declarations PageThe summary sheet of your policy listing who's covered, what's covered, limits, deductibles, and what you pay.
• DeductibleThe amount you pay out of pocket on a covered claim before the insurance policy may start paying.
• Dwelling CoverageThe part of a homeowners policy that may help repair or rebuild the residence structure after a covered peril.
• EndorsementA written change added to an insurance policy that alters coverages, limits, or conditions from the base form.
• ExclusionA policy provision that lists what the insurance will not cover, even if other parts of the policy sound broad.
• Gap InsuranceCoverage that may help pay the difference between what you owe on a vehicle loan or lease and the vehicle’s actual cash value after a total loss.
• General LiabilityBusiness liability coverage that may help with claims of bodily injury, property damage to others, and certain personal/advertising injuries arising from your operations.
• LiabilityCoverage that may help pay if you're legally responsible for injuring someone else or damaging their property.
• Loss of UseCoverage that may help with extra living expenses if a covered loss makes your home uninhabitable — hotels, meals difference, temporary housing.
• Medical PaymentsOptional auto or homeowners coverage that may help pay medical bills for you or others after an accident, often regardless of fault, up to a modest limit.
• Named InsuredThe person or entity listed on the policy as the primary insured — the one the contract is written for.
• OccurrenceIn liability insurance, an accident — including continuous or repeated exposure to substantially the same general harmful conditions — that results in bodily injury or property damage during the policy period, as the form defines it.
• Other StructuresCoverage for structures on your property that aren't attached to the dwelling — sheds, detached garages, fences, and similar.
• PerilA cause of loss named or contemplated by an insurance policy — fire, theft, wind, and hail are everyday examples.
• PremiumThe price you pay to keep an insurance policy in force — usually billed monthly, quarterly, or annually.
• Replacement CostA valuation approach that aims to pay what it costs to replace damaged property with new property of similar kind and quality, without subtracting depreciation (subject to policy terms).
• RiderAn add-on to a policy (often used interchangeably with endorsement) that modifies coverage for a specific need.
• Scheduled Personal PropertyAn endorsement or floater that lists specific valuables (jewelry, cameras, instruments) for higher or broader coverage than the base policy's sub-limits.
• SubrogationThe process where your insurer pays your covered claim, then seeks repayment from the party who was legally responsible for the loss.
• UmbrellaAn extra liability policy that sits above your auto and home/renters liability limits to provide additional protection (subject to terms).
• Underinsured MotoristCoverage that may help when an at-fault driver has liability insurance, but their limits aren't enough for your injuries or damages.
• Uninsured MotoristCoverage that may help if you're injured or your property is damaged by a driver who has no liability insurance (or in some hit-and-run situations, depending on the policy).
• Workers CompensationA state-regulated system and insurance that may pay medical costs and wage benefits when employees are injured on the job, generally without proving employer negligence.