This is a document-navigation glossary, not a substitute for the definitions section of a policy. Insurance terms can vary by product, form, and state. Use the filter above to locate a concept, then copy the definition from the contract being reviewed.
Contract structure
Declarations
The pages that identify the policy, insured people or property, policy period, selected coverages, limits, deductibles, and listed forms.
Insuring agreement
The insurer's basic promise, subject to definitions, exclusions, conditions, limits, and endorsements.
Definition
A policy-specific meaning assigned to a word or phrase. It controls over a broader everyday meaning when the contract uses the defined term.
Exclusion
Language removing specified events, property, people, or circumstances from coverage. Read any exception within the exclusion and later endorsements.
Condition
A contractual requirement, such as notice, cooperation, records, mitigation, or proof of loss. The consequence of noncompliance depends on the contract and applicable law.
Endorsement / rider
A form that changes the base policy. It can add, remove, or replace language and should be read with the section it modifies.
Payment and valuation
Limit
The maximum stated amount or other boundary for a coverage, subject to the rest of the policy.
Sublimit
A smaller limit for a category, event, or type of property within a broader coverage.
Deductible
An amount or formula applied to a covered loss or accumulated spending, as described by the policy or plan.
Actual cash value
A valuation term whose calculation can vary. Do not assume a universal depreciation formula; request the policy definition and valuation worksheet.
Replacement cost
A valuation approach tied to replacing or repairing covered property, often subject to conditions and timing stated in the policy.
Coinsurance
A term used differently across products. In health coverage it commonly describes a percentage of allowed cost; in property coverage it can refer to an insurance-to-value condition.
People and claim process
Named insured
The person or entity identified as a named insured. Rights can differ from those of an additional insured, driver, resident, beneficiary, or loss payee.
Loss payee / lienholder
A party with a stated financial interest in insured property and specified rights to payment or notice.
Proof of loss
A claim document providing facts and amounts requested under policy conditions. Required form and deadline vary.
Subrogation
A process through which an insurer that paid a covered loss may pursue a responsible third party, subject to contract and law.
Occurrence / claims-made
Terms used in liability coverage to connect events and claims to the policy period. Details such as retroactive dates and reporting periods matter.
How to use a glossary safely
- Find the term in the actual policy.
- Copy its policy definition and form number.
- Read the sentence where it is used.
- Check endorsements for amendments.
- Use an external glossary only to frame a question, not to override the contract.
Make a contract-specific glossary
Create three columns: term, policy definition, and unresolved effect. The first column can start from this page; the second must come from the issued form; the third records where the term changes a limit, exclusion, condition, or claim calculation. Include the form number and page so another reader can reproduce the finding.
When two policies use the same word differently, preserve both definitions. Do not merge them into a single “plain English” answer. The difference itself may be the most important comparison result.
Source basis: NAIC's glossary and consumer policy guidance. Definitions here are deliberately bounded because issued forms and state law vary.