Theodore & Associates - A Relation Company
  • HOME
  • ABOUT
    • Team
    • History
    • Summerville office
    • Why an Independent Agent?
    • Featured Carriers
    • Trusted Choice® Pledge of Performance
    • Introducing Health, Life & Employee Benefits
    • Our Columbia Office Has Moved!
    • Midlands Green Business
  • REQUEST A QUOTE
  • INSURANCE
    • Vehicle Insurance >
      • Auto Insurance
      • Motorcycle Insurance
      • Classic Car Insurance
      • Boat & Watercraft Insurance
      • Motorsport & ATV Insurance
      • RV and Mobile Home Insurance
    • Property Insurance >
      • Homeowners Insurance >
        • How Much Home Insurance is Enough?
      • Renters Insurance
      • Condo Insurance
      • Landlord Protection
      • Flood Insurance
      • Earthquake Insurance
      • Personal Umbrella Insurance
      • Pet Insurance
      • Home Warranty
    • Business Insurance >
      • Condominium Homeowners Association Insurance
      • Cyber Liability Insurance
      • Business Owners Insurance
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • General Liability Insurance
      • Commercial Auto Insurance
      • Workers' Compensation Insurance
      • Surety Bonds
      • Specialty Insurance
    • Health, Life & Employee Benefits Insurance >
      • Individuals >
        • Health Insurance
        • Short Term Health Insurance
        • Dental Insurance
        • Vision Insurance
        • Life Insurance >
          • How Much Life Insurance is Enough?
        • Disability
      • Employers >
        • Group Health Insurance
        • Group Dental Insurance
        • Group Vision Insurance
        • Group Life Insurance
        • Group Disability Insurance
        • 401(k)
        • Worksite Marketing Plans
      • Seniors
    • Insurance FAQs
  • ONLINE SERVICES
    • Pay My Bill
    • Report a Claim
    • Applications
    • Customer Reviews
    • Social Media
    • Blog
    • Flood Claim Information
    • Helpful Links
  • CONTACT
COLUMBIA:803.799.9979 SUMMERVILLE:843.871.3950
Visit RelationInsurance.com
THEODORE THURSDAYS
blog

understanding common insurance terms

3/20/2019

0 Comments

 
​We, at Theodore & Associates, know the language used by the insurance industry can be confusing. We want to make sure that you clearly understand your options and know exactly what you’re paying for.

Here are some common terms that are used for different types of coverage. We hope this glossary helps make the world of insurance easier to understand!

Additional Living Expenses
If you can’t live in your home because of a covered loss, your insurance company may pay the necessary increase in living expenses while damage is assessed and your home is repaired or rebuilt.

Broad Form Liability Coverage
Helps protect you from expenses related to injuries or property damage you or your watercraft cause in an accident. Some policies also cover certain accidental fuel spill liabilities and wreckage removal.

C.L.U.E.
C.L.U.E. (Comprehensive Loss Underwriting Exchange) is a claims history database created by ChoicePoint that enables insurance companies to access consumer claims information when they are underwriting or rating an insurance policy. It typically contains up to five years of personal auto or personal property claims history.

You can order a C.L.U.E. report:

LexisNexis Personal Reports
Call toll free 1-866-312-8076

Or you can request a copy from the seller of a home you are purchasing.

Collision Coverage
Pays to repair your auto, classic auto, motorcycle, RV damages caused by an accident. Your agent can help you determine the limits you need based on the agreed value of your vehicle.

Comprehensive Coverage
Pays to repair or replace your vehicle if it is stolen, vandalized or damaged in some way other than in a collision. May include loss from fire, cracked windshields, floods, falling objects, and wind.

Custom Parts & Equipment Coverage
Many motorcycle owners like to customize their rides, and some policies pay for customized parts and equipment, often at no extra charge. Ask Theodore & Associates for details.

Deductible
When you get insurance, you agree to pay up to a certain amount out-of-pocket in case of a loss. This amount is called your “deductible.” The deductible you choose often affects how much you pay for your premium. For example, a higher deductible usually means a lower premium. In the case of a covered loss, you’ll only be required to pay your deductible, and the insurance company usually covers the excess, up to the applicable limit for that loss under your policy.

Emergency & Roadside Assistance
For auto, boat and personal watercraft, emergency assistance pays for the cost of towing or emergency service. For RVs, it also covers housing and transportation costs if your RV becomes uninhabitable and covers the loss of personal property in your RV. Some policies also provide roadside assistance for motorcycles.

Excess Liability
Sometimes used interchangeably with “umbrella”, “excess liability” refers to extended liability coverage. This coverage is meant to supplement your insurance coverage if the damages exceed your liability coverage. Be sure to talk to Theodore & Associates about what your excess liability covers.

Fidelity Coverage
Companies and businesses often purchase this coverage to protect them against loss from employee dishonesty (such as theft of money, equipment, or other assets).

Identity Theft
Identity theft occurs when someone steals your personal information and uses it to open accounts or incur charges without your permission. Thieves can access your personal information in a variety of ways, such as stealing your personal mail, your wallet, or hacking your computer files. The thief then uses your identity to rack up debt in your name or perhaps to issue fake IDs. For more information on identity theft and tips on prevention visit the FTC’s Identity Theft Site.

Indemnity
Providing indemnity means to financially restore someone after a loss, through payment, repair or replacement.
Insurance ScoreAn Credit Based Insurance Score (CBIS) is derived from information on your credit report. It is a number that measures likelihood of having an insurance claim – not a measure of credit worthiness. Insurers use CBIS along with a number of other factors, including driving records, claims history, and the type of home or vehicle owned, to evaluate new and renewal auto and homeowner insurance policies.

Medical Coverage (Home)
Covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover healthcare costs for you or other members of your household.

Medical Coverage (Auto, Boat & Personal Watercraft, Motorcycle, RV)
Provides for your passenger and your medical expenses that are the result of an accident.

Liability & Personal Liability Coverage
For homeowners, this coverage applies if someone is injured or property is damaged and you are to blame. The coverage applies anywhere in the world. When choosing liability coverage for your home, auto, boat, personal watercraft, or RV, consider things like how much money you make and what you own. Your liability coverage should be high enough to protect your belongings if you are sued.

Personal Property Coverage
Your home is filled with furniture, clothes, sports equipment, and other items that mean a lot to you. This coverage helps repair or replace these items if they are lost, stolen or destroyed as a result of an insured event.

Personal Watercraft (PWC)
A personal watercraft (PWC) is a recreational watercraft that the rider sits or stands on, rather than inside of, as in a boat. Models have an inboard engine driving a pump jet that has a screw-shaped impeller to create thrust for propulsion and steering.

Physical Damage Coverage for Watercraft
Pays to repair the damage done to your watercraft due to an accident. It also generally pays to repair or replace your watercraft for insured situations such as theft, fire, vandalism or other non-collision damages that occur in or out of the water

Premium
Simply put, a premium is the payment you make in exchange for one term of policy coverage.

Property or Dwelling Coverage
Typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event.

Scheduled Personal Property Coverage
If you have special possessions such as jewelry, art, antiques or collectibles, you may want to talk to your agent about this additional coverage.

Umbrella Insurance
Umbrella insurance is the coverage that may kick in when your losses under other insurance policies, such as homeowner’s and auto coverage, have exceeded policy limits.

Underwriter/underwriting
Underwriting is the process of assessing risks when deciding whether to issue a policy of insurance.

Uninsured/Underinsured Motorist Coverage
Pays for damages associated with bodily injury or death from an accident caused by an uninsured, underinsured or hit-and-run driver, as defined by the law in the jurisdiction where the accident occurred, who is at fault. It also covers you if you are hit as a pedestrian.

Unattached Equipment Coverage
Pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft. This includes items like life jackets and water-skis.

Feel free to reach out to us for any further questions!
0 Comments

    Archives

    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018

    Categories

    All
    Absense
    Act
    Adult
    Advantages
    Agency
    Agent
    Aggresive
    Air
    Airline
    Alarms
    Alcohol
    Alert
    Amount
    Appearance
    Appliances
    Appraisal
    Assistance
    Auto
    Automatic
    Automobile
    Autumn
    Awareness
    Bad
    Barn
    Batteries
    Beach
    Belongings
    Beneficiary
    Benefits
    Bicycle
    Bike
    Biking
    Bill
    Bite
    Boat
    Boating
    Bracelet
    Budget
    Building
    Burn
    Business
    Business Income
    Buy
    Buying
    Cancel
    Cancellation
    Car
    Carbon Monoxide
    Carrier
    Cars
    Carshare
    Case
    Cash
    Caught
    CDC
    Celebrate
    Check
    Checkup
    Child
    China
    Christmas
    Claim
    Claims
    Clean
    Cleaning
    Cloud
    CO
    Cold
    Commercial
    Common
    Communication
    Commute
    Company
    Comprehensive
    Computer
    Concerns
    Contagious
    Coping
    Corona
    Coronavirus
    Cost
    Coverage
    Covered
    COVID
    COVID19
    Create
    Creek
    Cyber
    Cyber Liability
    Cybersecurity
    Dad
    Damage
    Dams
    Dark
    Deadline
    Death
    Decay
    Decorations
    Deducation
    Deductible
    Definitions
    Destruction
    Diamond
    Disability
    Disability Insurance
    Disadvantages
    Discounts
    Disease
    Distance
    Dog
    Drive
    Driver
    Driverless
    Driving
    Earthquake
    Easy
    Emergency
    Emotional
    Employee
    Employees
    Employer
    Employers
    Enrollment
    Equity
    Event
    Exterior
    Facemask
    Facemasks
    Facts
    Fall
    Falling
    Family
    Father
    Father's Day
    Faucet
    Financial
    Find
    Fire
    Fire Department
    Fixes
    Flame
    Flameable
    Flames
    Flashlight
    Flood
    Flooding
    Food
    Football
    Freeze
    Freezing
    Fryer
    Furnishings
    Future
    Gap
    Garage
    Gas
    Gear
    Gift
    Give
    Glossery
    Group
    Gutters
    Health
    Healthy
    Heat
    Heavy
    History
    Holiday
    Holidays
    Home
    Homemade
    Homeowner
    Homeowners
    Homeownership
    Homeowners Insurance
    Hot
    House
    Hurricane
    Hygiene
    Ice
    Ideas
    Illness
    Improvement
    Income
    Increase
    Indemnity
    Independent
    Individual
    Inexpensive
    Infection
    Innovation
    Inspect
    Inspection
    Insurance
    Interior
    Internet
    Inventory
    Jewelry
    Job
    Kid
    Kit
    Kitchen
    Laid-off
    Lake
    Liability
    Life
    Life Insurance
    Life Jacket
    Lightning
    Lights
    List
    Local
    Long Term
    Long-term
    Loss
    Lower
    Maintenance
    Map
    Materials
    Medical
    Mental
    Misconceptions
    Misunderstanding
    Money
    Motorcycle
    Natural Disaster
    Necklace
    Night
    Nighttime
    Ocean
    Online
    Open
    Organization
    Outside
    Oven
    Owner
    Package
    Pandemic
    Party
    Pay
    Pedestrian
    Peril
    Period
    Perishable
    Personal
    Pet
    Plan
    Plans
    Poison
    Policy
    Pool
    Porch
    Possessions
    Power
    Premium
    Preparation
    Prepare
    Prepared
    Presents
    Prevent
    Prevention
    Property
    Protect
    Protected
    Protection
    Purchase
    Rain
    Rate
    Rental
    Rental Car
    Resistant
    Resources
    Respond
    Ride
    Rideshare
    Ring
    Risk
    Risks
    River
    Roadtrip
    Safe
    Safety
    Sanitary
    Sanitize
    Santa
    Satisfaction
    Save
    Security
    Service
    Share
    Sharing
    Shed
    Shelter
    Shelter In Place
    Shop
    Short Term
    Short-term
    Shut Down
    Sick
    Sleet
    Slow
    Small
    Snow
    Social
    Solutions
    Special
    Special Event
    Species
    Spread
    Spring
    Storm
    Summer
    Sun
    Supplies
    Support
    Surfaces
    Survival
    Swim
    Switch
    Tailgating
    Tax
    Technology
    Temperature
    Temperatures
    Term
    Terms
    Thankful
    Thanksgiving
    Thaw
    Thunder
    Tips
    Tornado
    Toxic Free
    Tradition
    Travel
    Tree
    Trees
    Trip
    Turkey
    Twister
    Umbrella
    Underinsured
    Underwriter
    Uninsured
    Unsafe
    Upright
    Utilities
    Vacant
    Violent
    Virus
    Visible
    Warm
    Warmer
    Warning
    Watch
    Water
    Watercraft
    Weather
    Website
    Wedding
    Wheels
    WiFi
    Wind
    Winter
    Work
    Workplace
    Yearly

Columbia
3020 Devine Street
Columbia, SC
​29205
803.799.9979
Summerville
204 N. Gum Street
Summerville, SC 29483
843.871.3950
Home
About
​
​Contact
Request a Quote
​Insurance
Online Services
Picture
© 2020. RELATION INSURANCE, INC. ALL RIGHTS RESERVED.
Privacy Policy | Disclaimer
  • HOME
  • ABOUT
    • Team
    • History
    • Summerville office
    • Why an Independent Agent?
    • Featured Carriers
    • Trusted Choice® Pledge of Performance
    • Introducing Health, Life & Employee Benefits
    • Our Columbia Office Has Moved!
    • Midlands Green Business
  • REQUEST A QUOTE
  • INSURANCE
    • Vehicle Insurance >
      • Auto Insurance
      • Motorcycle Insurance
      • Classic Car Insurance
      • Boat & Watercraft Insurance
      • Motorsport & ATV Insurance
      • RV and Mobile Home Insurance
    • Property Insurance >
      • Homeowners Insurance >
        • How Much Home Insurance is Enough?
      • Renters Insurance
      • Condo Insurance
      • Landlord Protection
      • Flood Insurance
      • Earthquake Insurance
      • Personal Umbrella Insurance
      • Pet Insurance
      • Home Warranty
    • Business Insurance >
      • Condominium Homeowners Association Insurance
      • Cyber Liability Insurance
      • Business Owners Insurance
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • General Liability Insurance
      • Commercial Auto Insurance
      • Workers' Compensation Insurance
      • Surety Bonds
      • Specialty Insurance
    • Health, Life & Employee Benefits Insurance >
      • Individuals >
        • Health Insurance
        • Short Term Health Insurance
        • Dental Insurance
        • Vision Insurance
        • Life Insurance >
          • How Much Life Insurance is Enough?
        • Disability
      • Employers >
        • Group Health Insurance
        • Group Dental Insurance
        • Group Vision Insurance
        • Group Life Insurance
        • Group Disability Insurance
        • 401(k)
        • Worksite Marketing Plans
      • Seniors
    • Insurance FAQs
  • ONLINE SERVICES
    • Pay My Bill
    • Report a Claim
    • Applications
    • Customer Reviews
    • Social Media
    • Blog
    • Flood Claim Information
    • Helpful Links
  • CONTACT