The definitions appearing in this Glossary are provided solely for general informational purposes. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. As well, in the case of any inconsistency between the definitions in this Glossary and the definitions appearing in the actual policy, the definitions contained in the actual policy shall govern.

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  • Accidents Benefits

    A type of coverage that is available to every insured that is injured in an automobile accident regardless of who caused the accident. Because of this, it is considered a “no-fault” insurance coverage.

  • All Risk Coverage

    A type of coverage that covers all losses except those specially excluded.

  • Basic/Named Perils Policy

    A policy that provides coverage only for the perils named or listed in the policy.

  • Basic/Named Perils Policy

    A policy that provides coverage only for the perils named or listed in the policy.

  • Broad policy

    A general insurance industry term referring to either a homeowner’s policy or a commercial building policy.  A “broad form” homeowner’s policy is usually an all risk policy on the building and named perils on the contents.  A commercial building “broad form” provides all risk coverage on the building structure.

  • Building Insurance

    The amount of insurance coverage on a building. It may be a residential or a commercial building.

  • Contents Insurance

    The amount of coverage on contents in the house or in the commercial building.

  • Distribution Network

    An insurance industry term to explain how insurance companies sell their insurance products. Insurance products are distributed by independent insurance brokers through numerous insurance companies, or by agents on behalf of one company.

  • Liability Loss

    Loss or damage for which an insured is legally responsible.

  • Risk Drivers

    A criteria set out by the insurance company on an individual person(s) and is based on their probability of a loss.

  • Risk exposure

    The amount of loss in a claim that could possibly eventually occur. It could also refer to a specific peril.

  • Risk Management Alternatives

    Making decisions that will miminize the losses on a risk. For example, increasing the deductible or changing a procedure that will help reduce a claim.