Donn Gerelli Associates Insurance Agency, Inc.
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Insurance Terms

List of common insurance terms

  1. Premium: The amount you pay for your insurance policy, typically on a regular basis (e.g., monthly or annually).
  2. Deductible: The amount you must pay out of pocket before your insurance coverage kicks in.
  3. Policyholder: The person or entity who owns an insurance policy.
  4. Coverage: The specific protection or benefits provided by an insurance policy.
  5. Policy: The formal written contract between the insured (policyholder) and the insurer (insurance company).
  6. Claim: A formal request to your insurance company to pay for a covered loss or event.
  7. Beneficiary: The person or entity designated to receive the benefits from an insurance policy, such as in a life insurance policy.
  8. Underwriting: The process insurers use to evaluate and determine the risk associated with insuring a person or entity.
  9. Exclusion: Specific conditions or events that are not covered by an insurance policy.
  10. Rider: An optional addition to an insurance policy that provides extra coverage for specific circumstances.
  11. Coverage Limit: The maximum amount your insurance policy will pay for a covered loss or event.
  12. Policy Term: The duration for which an insurance policy is in effect.
  13. Premium Rate: The cost of insurance per unit of coverage, often calculated on a per-month or per-year basis.
  14. Policyholder's Obligation: The responsibilities and requirements of the policyholder, such as paying premiums on time.
  15. Loss: The financial setback or damage that triggers an insurance claim.
  16. Liability: Legal responsibility for an event or damage that results in injury or loss to another party.
  17. No-Claims Bonus: A discount or reduction in premiums for policyholders who do not file claims during a specified period.
  18. Copayment: A fixed amount you pay for certain covered services or prescriptions, usually at the time of service.
  19. Co-Insurance: A cost-sharing arrangement in which the policyholder pays a percentage of covered expenses, while the insurer pays the rest.
  20. Grace Period: A specified time period after a premium due date during which the policy remains in force without penalty.
  21. Indemnity: The principle that insurance is meant to restore the policyholder to the same financial position they were in before a covered loss.
  22. Umbrella Insurance: Extra liability insurance that provides additional coverage beyond the limits of your primary policies.
  23. Risk Assessment: The process of evaluating the potential risks associated with insuring a person, property, or entity.
  24. Claim Adjuster: A representative of the insurance company who assesses and processes insurance claims.
  25. Insurance Broker: A professional who helps individuals and businesses find suitable insurance policies from various insurers.
  26. Insurance Agent: A representative of an insurance company who sells and services insurance policies.
  27. Subrogation: The process by which an insurer seeks reimbursement from a third party for a claim they have already paid.
  28. In-force Policy: A policy that is active and has not expired or been canceled.
  29. Renewal: The process of extending or continuing an insurance policy beyond its original term.
  30. Term Life Insurance: A type of life insurance that provides coverage for a specified term (e.g., 10, 20, or 30 years).
Including definitions and explanations of these terms on your resource page can be a valuable resource for individuals looking to better understand insurance terminology.

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Donn Gerelli Associates
​Insurance Agency, Inc.

Croton Professional Building
321 S. Riverside Avenue
Croton-on-Hudson, NY 10520​
(914) 271-6600​
Click Here to Email Us

Location

New Croton Dam NY1.jpg Photo by Acroterion | CC-BY-SA-3.0 | Website by InsuranceSplash
  • Home
  • Quotes
    • Auto Quotes >
      • Auto Quote
      • ATV Insurance Quote
      • Boat Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Community Associations Quote
      • Condo/COOP/Unit Owners Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Business Quotes >
      • Business Insurance Quote
      • Commercial Auto Insurance Quotes
      • Commercial Bonds Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Long Term Care Insurance Quote
    • Life Quotes >
      • Life Insurance Quote
    • Other Quotes >
      • Event Insurance Quote
      • Wedding Insurance Quote
  • Service
    • Request a COI
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Policy Review
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Community Associations Insurance
      • Condo/COOP/Unit Owners Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Business >
      • Business Insurance
      • Commercial Auto Insurance
      • Commercial Bonds
      • Workers Compensation
    • Health >
      • Long Term Care Insurance
    • Life >
      • Life Insurance
    • Other >
      • Event Insurance
      • Wedding Insurance
  • About
    • Staff Directory
    • Client Testimonials
    • Refer a Friend
    • Careers
    • Agency Photo Gallery
    • Videos
    • Accessibility Statement
    • Privacy Policy
    • Blog
  • Resources
    • Insurance Terms
    • Defensive Driving
  • Contact