What happens if I don’t get auto insurance?


If you get in an accident and you’re uninsured, you face getting sued, losing your life’s savings and getting jail time.


Who can take out a policy on my life?


Only someone who has an "insurable interest" can purchase an insurance policy on your life. That means a stranger cannot buy a policy to insure your life. People with an insurable interest generally include members of your immediate family. In some circumstances your employer or business partner might also have an insurable interest.


What Is Errors and Omissions Insurance?


Errors and omissions insurance (or "E and O") covers a business for a service rendered which did not have the expected or promised results, or which results in a loss or personal injury suffered by the person receiving those services. It also covers situations where the individual or company failed to render service at all.

Insurance from A to Z


Think of actual cash value as the eBay price of used items. It’s how much an item would go for today (same make and model), minus depreciation.

An additional insured is a person you add to your insurance policy (not related to you by blood, marriage, or adoption) who lives with you and/or has a financial interest in your place. 

An additional insured is a person you add to your insurance policy (not related to you by blood, marriage, or adoption) who lives with you and/or has a financial interest in your place. 


Bodily injury (liability) is a term describing physical harm to others caused by you, or anyone else covered on your insurance policy including your pets! 


A claim is basically a request for reimbursement you submit to your insurer for damages/losses to your place (if you’re a homeowner) or your stuff. 

Co-op insurance is protection for you, your stuff, and your place, but not the rest of the building, facilities, or grounds. 

Condominium, or condo, insurance is a type of insurance policy that protects you, your stuff, and your unit (everything from the outermost walls, inward). 

Insurance coverage is meant to help you financially recover from sudden, unexpected, and accidental things that may happen (such as a stolen computer, getting sued, or an apartment fire). 


Date of issue in insurance refers to the actual date your policy was created (note: this isn’t when your insurance kicks in and becomes active, that’s the effective date). 

A declarations page is a summary of your insurance policy — it includes important stuff like coverage amounts, deductible, who’s covered, and more. 

A deductible is the amount of money you’ll pay for losses or damages, before your insurance company steps in and reimburses you. 


An effective date refers to the exact date and time your insurance policy will officially become active (aka, when your coverage kicks in). 

In insurance, an endorsement can be an exclusion, addition, or any other type of change to the original terms of your insurance policy. 

An exclusion is any loss or damage that isn’t covered by your insurance policy (read: you won’t be able to file a claim for them). 


Fire insurance provides extra protection, on top of what your insurance policy would normally cover, in the event of losses or damages to your property. 

Flood insurance provides you with coverage when your stuff and/or property is ruined as a result of… you guessed it, flooding. 


A grace period is an amount of time your insurance company allows you to pay after your monthly premium is due (while keeping your coverage active). 


An Ho5 policy is a type of premium insurance policy that provides broader protection and higher coverage limits than your typical homeowners policy. 

A homeowners association (aka HOA) is an organization of residents from a community seeking to keep common areas in order and maintain a certain quality of living. 

A type of property and casualty insurance, homeowners insurance works to financially buffer you, your family, and your property (including your stuff!) against a bunch of bad things that have potential to do some serious damage to your bank account.  


Insurable interest means having a financial stake in a piece of property to the extent that if it was damaged or destroyed, you’d stand to lose…a lot. 

An “insured” is how the person (aka policyholder) being covered is referred to on a homeowners or renters insurance policy. 

An “insurer” refers to the company providing you with financial coverage in the case of unexpected, bad events covered on your renters or homeowners policy. 


Limit of liability refers to the max amount of money your insurer is on the hook for if something bad happens to you, your stuff, or your property. 

Loss of use is a type of insurance coverage — it’ll help with temp living expenses if your place becomes uninhabitable due to a peril like a fire, mandatory evacuation, etc. 


A moral hazard is a situation in which a person with insurance takes greater risks than they normally would without insurance, because they know their insurer will foot the bill if something bad happens. 


A named insured is a person who’s covered outright under a renters or home insurance policy — that includes the policyholder and anyone else living with them related by blood, marriage, or adoption. 

Named perils are specific damages or losses listed in your policy — if any of these ruin something you own (aka your personal property), your coverage will kick in. 

Negligence is insurance lingo for describing reckless or unreasonable actions that result in damages or losses because of you, someone covered on your policy, or someone else. 


An occurrence is another word for an accident — in insurance, it refers to any bodily injury or property damage that happens when your policy is active. 

Open perils is coverage for losses or damages to your stuff, and in the case of homeowners, your house — if something’s not specifically excluded, it’s covered. 


Personal liability refers to bodily injury or property damage to other people (or their stuff) as a result of your actions, at your home, and anywhere else. 

Personal property is insurance lingo for “your stuff” (bikes, laptops, TVs, etc.) — it’s also known as Coverage C on renters and homeowners insurance policies. 

An insurance policy is essentially a contract between you and your insurance company — it lays out what’s covered, what isn’t, and other details of your agreement. 

A policyholder refers to the person who owns and is covered under a given renters or home insurance policy. 

An insurance premium refers to how much your insurance policy costs, usually on a monthly basis. 


An insurance quote is an estimate of how much a renters or homeowners policy would cost (note: it isn’t set in stone so your final premium may be a little different… or the same!)


In homeowners insurance, real property refers to land, and any structures attached to it (like your fence, garage, garden, etc.) including your house.

Renters insurance is financial coverage for 1) damages or losses to your stuff 2) legal fees if you’re sued 3) other’s medical bills if you’re at fault and 4) temp living expenses if your place becomes uninhabitable. Score!

Think of replacement cost as the ‘Amazon’ price for how your insurance company will value stolen or damaged stuff – it’s how much something of the same make and model would go for today, but all shiny and new.


A schedule in insurance lingo for list – they’re used to define various add-ons, exclusions, or clarifications in your policy (like extra coverage for your stuff, or protection against mold).

Subrogation is a fancy way to describe a situation where your insurance company steps in to get back money from a third party (or their insurer) who caused damages/losses to you or your property.


A term is the amount of time you’ll be covered under your renters or home insurance policy – it’s also referred to as “policy period” and “policy term” in insurance.

Theft is a peril (aka a bad thing) your insurer covers – it applies to your personal property at home, and anywhere else.


Underwriting is how insurance companies price risk, aka how they figure out how much coverage a potential policyholder needs vs. the likelihood they’ll claim. They then use this info to set a monthly premium.

An uninsurable peril is a bad event or situation your insurance policy won’t cover if it results in damages or losses to your stuff (aka personal property).


Vandalism refers to intentional damage by someone else to your place or your stuff without your consent. It’s considered a ‘named peril’ and is (almost always) covered by your insurance policy.


Windstorms in insurance are considered a named peril, or something bad that could happen to your property that your renters or home insurance will cover. 

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