Call Us 847-234-0411 ☰ ˟
Logo
Get a Quote
Get a Quote Call Us: 847-234-0411
  • Home
  • Get a Quote
    • Auto Insurance Quote FormsImage of right arrow
      • Auto Quote Form (short)
      • Classic Cars
    • Business & Commercial Insurance Quote FormsImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Homeowners Insurance Quote
    • Jewelry & Collectibles
    • Life Insurance Quote
    • Motorcycle Insurance Quote
    • Landlord
    • Umbrella
    • Watercraft Insurance Quote
  • Products
    • Auto Liability Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Comprehensive Auto Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Auto Collision Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Uninsured/Underinsured Motorist Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Diminishing/Vanishing Deductible - Lake Forest IL & Glencoe IL - Price Insurance
    • Accident Forgiveness - Lake Forest IL & Glencoe IL - Price Insurance
    • Minor Violation Forgiveness - Lake Forest IL & Glencoe IL - Price Insurance
    • Roadside Assistance - Lake Forest IL & Glencoe IL - Price Insurance
    • Specialty Auto Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • 24-Hour Customer Service - Lake Forest IL & Glencoe IL - Price Insurance
    • Towing Services & Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Rental Reimbursement - Lake Forest IL & Glencoe IL - Price Insurance
    • Medical Payments Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Property Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Homeowners Liability - Lake Forest IL & Glencoe IL - Price Insurance
    • Renters Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Condo Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Condo Association Insurance
    • Mobile Home Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Scheduled Property Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Landlords Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • In-Home Business Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Identity Theft Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Personal Umbrella Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Individual Life Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Group Life Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Long-Term Care Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Mortgage Protection Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Disability Income Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Second-to-Die Policy - Lake Forest IL & Glencoe IL - Price Insurance
    • Key Person (Key Men) Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Medicare Insurance and Supplemental Insurance - Lake Forest, IL and Glencoe, IL
    • Individual & Family Health Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Group Life Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Dental Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Temporary Health Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Supplemental Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Disability Income Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Medical Expenses Protection - Lake Forest IL & Glencoe IL - Price Insurance
    • Child Health Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Travel Health Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Prescription Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Health Savings Accounts (HSAs) - Lake Forest IL & Glencoe IL - Price Insurance
    • Boat/Watercraft Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Motorcycle Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Motorhome Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • ATV Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Snowmobile Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Special Event & Wedding Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Other Services - Lake Forest IL & Glencoe IL - Price Insurance
    • Accounting Firm Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Alarm Contractors Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Insurance for Arborists - Lake Forest IL & Glencoe IL - Price Insurance
    • Construction Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Consulting Firm Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Specialty Trade Contractors Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Law Firm Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Livestock Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Maintenance Contractors Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Manufacturing Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Personal Trainers Insurance
    • Real Estate Businesses Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Retail Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Security Guards Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Self-Storage Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Technology Services Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Tow Trucks Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Coverage for Specific Industries - Lake Forest IL & Glencoe IL - Price Insurance
    • Surety & Fidelity Bonds - Lake Forest IL & Glencoe IL - Price Insurance
    • Builder's Risk insurance
    • Business Owners Policy (BOP) - Lake Forest IL & Glencoe IL - Price Insurance
    • Commercial Auto Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Commercial General Liability - Lake Forest IL & Glencoe IL - Price Insurance
    • Commercial Property Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Commercial Umbrella Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Crime Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Fidelity Bonds - Lake Forest IL & Glencoe IL - Price Insurance
    • Inland Marine Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Marine Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Professional Liability Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Surety Bonds - Lake Forest IL & Glencoe IL - Price Insurance
    • Workers Compensation - Lake Forest IL & Glencoe IL - Price Insurance
    • Coverage for Your Business - Lake Forest IL & Glencoe IL - Price Insurance
    • Group Benefits - Lake Forest IL & Glencoe IL - Price Insurance
    • Group Disability Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Voluntary Benefits - Lake Forest IL & Glencoe IL - Price Insurance
    • Retiree Health Coverage - Lake Forest IL & Glencoe IL - Price Insurance
    • Group Health Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Disability Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Individual Life Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Coverage for Your Employees - Lake Forest IL & Glencoe IL - Price Insurance
    • Crop Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm & Ranch Insurance - Lake Forest IL & Glencoe IL
    • Farm Owners Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Livestock Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Equipment Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Dwelling Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Structures Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Auto Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Umbrella Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm Liability Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Farm / Agricultural Insurance - Lake Forest IL & Glencoe IL - Price Insurance
    • Landscaping Insurance
    • Home & Auto Insurance
  • Blog
    • What's new
    • ArticlesImage of right arrow
      • When Should You Review Your Life Insurance Policy?
      • Commit to Being a Safer Driver this Year
      • The Benefits of Life Insurance When You Have a Baby
      • How Your Home Affects Your Insurance Rate
      • How to Buy Life Insurance to Cover End-of-Life Needs
      • Most Common Causes of Car Accidents and How to Avoid Them
      • Winter Safety Tips
      • Tips to Stay Safe This Summer
      • Why Get a Home Insurance Review
      • Is Employer-Sponsored Life Insurance Enough For You?
      • Questions You Should Ask Before Buying Business Insurance
      • Basic Security Steps for Your Home in 2021
      • Review Your Home Insurance for Coverage Limits
      • When is the Best Time to Get Life Insurance?
      • Pediatricians Warn of Off-Season Spike in Colds and Respiratory Viruses
  • Resources
    • Refer a Friend
    • Carriers
    • Combine and Save
  • About Us
    • About Us
    • Our Team
    • Testimonials
    • Location
    • Subscribe to Emails
  • Contact
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Get a Quote

Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Boat Icon

Watercraft

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Jewelry & Collectibles Icon

Jewelry & Collectibles

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Glossary > E

Insurance Glossary

Insurance terms and definitions from Price Insurance.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Price Insurance today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
EARLY WARNING SYSTEM
A system of measuring insurers’ financial stability set up by insurance industry regulators. An example is the Insurance Regulatory Information System (IRIS), which uses financial ratios to identify insurers in need of regulatory attention.

EARNED PREMIUM
The portion of premium that applies to the expired part of the policy period. Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires.

EARTHQUAKE INSURANCE
Covers a building and its contents, but includes a large percentage deductible on each. A special policy or endorsement exists because earthquakes are not covered by standard homeowners or most business policies.

Coverages and benefits listed above may be available at an additional charge, talk to us today to find out more.

ECONOMIC LOSS
Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property, and legal expenses. It does not include noneconomic losses, such as pain caused by an injury.

ELECTRONIC COMMERCE / E-COMMERCE
The sale of products such as insurance over the Internet.

ELIMINATION PERIOD
A kind of deductible or waiting period usually found in disability policies. It is counted in days from the beginning of the illness or injury.

EMPLOYEE DISHONESTY COVERAGE
Covers direct losses and damage to businesses resulting from the dishonest acts of employees.

EMPLOYEE RETIREMENT INCOME SECURITY ACT / ERISA
Federal legislation that protects employees by establishing minimum standards for private pension and welfare plans.

EMPLOYER’S LIABILITY
Part B of the workers compensation policy that provides coverage for lawsuits filed by injured employees who, under certain circumstances, can sue under common law.

EMPLOYMENT PRACTICES LIABILITY COVERAGE
Liability insurance for employers that covers wrongful termination, discrimination, or sexual harassment toward the insured’s employees or former employees.

ENDORSEMENT
A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions. Sometimes called a rider.

ENVIRONMENTAL IMPAIRMENT LIABILITY COVERAGE
A form of insurance designed to cover losses and liabilities arising from damage to property caused by pollution.

EQUITY
In investments, the ownership interest of shareholders. In a corporation, stocks as opposed to bonds

EQUITY INDEXED ANNUITY
Non-traditional fixed annuity. The specified rate of interest guarantees a fixed minimum rate of interest like traditional fixed annuities. At the same time, additional interest may be credited to policy values based upon positive changes, if any, in an established index such as the S&P 500. The amount of additional interest depends upon the particular design of the policy. They are sold by licensed insurance agents and regulated by state insurance departments.

ERRORS AND OMISSIONS COVERAGE / E&O
A professional liability policy covering the policyholder for negligent acts and omissions that may harm his or her clients.

ESCROW ACCOUNT
Funds that a lender collects to pay monthly premiums in mortgage and homeowners insurance, and sometimes to pay property taxes.

EXCESS AND SURPLUS LINES
Property/casualty coverage that isn’t available from insurers licensed by the state (called admitted insurers) and must be purchased from a non-admitted carrier.

EXCESS OF LOSS REINSURANCE
A contract between an insurer and a reinsurer, whereby the insurer agrees to pay a specified portion of a claim and the reinsurer to pay all or a part of the claim above that amount.

EXCLUSION
A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations.

EXCLUSIVE AGENT
A captive agent, or a person who represents only one insurance company and is restricted by agreement from submitting business to any other company unless it is first rejected by the agent’s company

EXCLUSIVE REMEDY
Part of the social contract that forms the basis for workers compensation statutes under which employers are responsible for work-related injury and disease, regardless of whether is was the employee’s fault and in return the injured employee gives up the right to sue when the employer’s negligence causes the harm.

EXPENSE RATIO
Percentage of each premium dollar that goes to insurers’ expenses including overhead, marketing, and commissions.

EXPERIENCE
Record of losses.

EXPOSURE
Possibility of loss.

EXTENDED COVERAGE
An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basic policy.

EXTENDED REPLACEMENT COST COVERAGE
Pays a certain amount above the policy limit to replace a damaged home, generally 120 percent or 125 percent. Similar to a guaranteed replacement cost policy, which has no percentage limits. Most homeowner policy limits track inflation in building costs. Guaranteed and extended replacement cost policies are designed to protect the policyholder after a major disaster when the high demand for building contractors and materials can push up the normal cost of reconstruction


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Contact Us Today!
847-234-0411

Social Social Social

Resources

  • Our Products
  • Our Carriers
  • About Us
  • Refer A Friend
  • Blog
  • Contact Us

Contact Us

580 N Western Avenue | Lake Forest, IL 60045
P: 847-234-0411
Licensed in AL, AR, AZ, CA, CO, DC, FL, GA, IL, IN, KS, MA, MD, MI, MN, MO, MT, ND, NE, NJ, NV, NY, OH, PA, SC, TN, TX, UT, WI, WA, & WY.
© Copyright. All rights reserved. | Powered by Insurance Website Builder