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Insurance Terms Made Easy!

PSIC’s insurance dictionary helps you understand the insurance technical terms.

Explore Insurance Terms

Do you have a specific question about an insurance term or are you looking to improve your knowledge of insurance in general? Either way, you are in the right place!

A

7 terms

Act of god

Actual cash value

Additional living expenses

Addendum

Adverse action

B

2 terms

Breach of contract

Bodily injury

C

7 terms

Certificate of insurance

Claim

Collision Coverage

Comprehensive coverage

Conditional receipt

D

6 terms

Deductible

Depreciation

Difference in conditions policy

Disappearing deductible

Driving record

E

3 terms

Endorsement

Equipment breakdown coverage

Excluded driver

F

2 terms

Fair rental value

Forgery

G

0 terms

H

1 terms

Hazard

I

12 terms

Identity theft

In force policy

In the aggregate

Inflation guard

Insurability

J

0 terms

K

0 terms

L

5 terms

Letter of experience

Liability coverage

Limit of liability

Loss assessment coverage

Loss of use coverage

M

2 terms

Medical Payments coverage

Mortgagee clause

N

0 terms

O

1 terms

Ordinance or law coverage

P

6 terms

Peril

Personal injury

Pet insurance

Policy

Policholder

Q

1 terms

Quote

R

0 terms

S

3 terms

Scheduled personal property

Second Party

Severability of insurance

T

2 terms

Termination date

Third party

U

1 terms

Underinsured motorist coverage

Underwriter

Uninsured motorist coverage

V

0 terms

W

1 terms

Wear and tear

X

0 terms

Y

0 terms

Z

0 terms

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FAQ

What is DP3 Insurance?

DP3 Insurance, also known as Special Dwelling Insurance or Open Peril Insurance, is a protective buffer for your rented, primary owner occupied or seasonal property. It’s specifically designed to keep your home and assets safe with an open peril policy, covering a wide scope of potential risks, with a few exceptions.

FAQ

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