Glossary
There are lots of words out there that pertain to insurance, taxes, wealth planning, and a plethora of other sectors that impact our business.
We want you to feel like you’re “in the know” when it comes to these words, which is why we created a glossary of them. Looking to understand what a particular word means or just double checking? Search the list below to find what you’re looking for.
Using what we know to make others better…that’s the McDowell way.
- Actual cash value (ACV)
- Additional insured
- Additional living expense (property)
- Agreed value policy
- Antique automobile
- Appraisal
- Bodily injury liability coverage
- Building / additions / alterations coverage (tenant/condo only)
- Cancellation
- Claim
- Claimant
- Classic car insurance
- Collision coverage
- Comprehensive coverage (also known as Other than Collision Coverage)
- Condominium owners policy
- Construction type
- Credit card, forgery, and counterfeit money coverage
- Declarations page
- Deductible
- Depreciation
- Dwelling fire policy
- Dwelling replacement cost plus/guarantee
- Endorsement
- Exclusion
- Hazard
- Homeowners insurance policy
- Identity theft coverage
- Indemnification
- Insurable interest
- Insured
- Insurer
- Lapse
- Lease
- Leaseholder
- Lessee
- Liability coverage
- Lien
- Lien holder
- Limits of insurance
- Loss
- Loss assessment coverage
- Loss history
- Loss of use (property)
- Malicious mischief
- Market value
- Medical payments (auto)
- Medical payments to others (property)
- Misrepresentation
- Mitigation
- Motor vehicle report (MVR)
- Named insured
- Named non-owner coverage/policy (NNO)
- Named perils
- Non-standard carrier
- Occupancy
- Ordinance or law coverage
- Other structure
- Personal injury (Homeowners insurance)
- Personal injury protection (auto)
- Personal property
- Personal Umbrella Policy
- Physical damage
- Policy
- Policyholder
- Premium
- Primary driver
- Property
- Property damage liability coverage (auto)
- Real property
- Rental reimbursement (auto)
- Renters Policy (also known as Tenants Policy)
- Replacement cost (RC)
- Residence premises
- Roadside Assistance
- Scheduled Personal Property
- Title
- Uninsured and/or underinsured bodily injury coverage
- Uninsured or underinsured motorists property damage
- Water backup of sewers or drains coverage
- Wind/hurricane deductible
- Windstorm or hail coverage