Quote:
This document highlights the coverages and pricing being offered to the client.
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Binder:
This document confirms the coverages and pricing purchased by the client. It basically serves as a placeholder until the policy is issued.
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Policy:
This document includes all coverage details purchased by the client.
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Endorsement:
This is a document that adds or removes coverage to the base policy form.
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Limit:
This is how much coverage the policy provides for any given coverage.
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Deductible/Retention:
This is the client's out of pocket responsibility before the insurance limit.
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Policy Term:
The length of the policy. Typically 1 year.
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Effective Date:
The date the coverage starts.
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Expiration Date:
The date the coverage ends.
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Loss:
Injury or damage sustained by an Insured.
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Claim:
A formal request to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.