Glossary of insurance terms
Definitions for the terms you'll come across on ACORD forms.
A
- Additional Insured
- A person or business added to a liability policy who receives some of the same protections as the named insured, often required by a client or property owner as a condition of a contract.
C
- Certificate Holder
- The person or business requesting proof of insurance, for example a client, landlord, or lender, named on a certificate of insurance.
D
- Declarations Page
- The summary page of an insurance policy listing the named insured, coverage types, limits, and policy period.
- Deductible
- The amount a policyholder pays out of pocket before insurance coverage applies to a claim.
E
- Endorsement
- A document that changes the terms of an existing insurance policy, such as adding coverage or an additional insured.
L
- Loss Run
- A report from an insurer listing an insured's claims history over a period of time, often requested when applying for new coverage.
N
- NAIC Number
- A unique identifying number assigned to each insurance company by the National Association of Insurance Commissioners.
- Named Insured
- The individual or business specifically identified on an insurance policy as the party covered.
P
- Policy Limit
- The maximum amount an insurer will pay under a policy for a covered loss.
- Producer
- The insurance agent or broker who sells and services a policy on behalf of an insurer.
U
- Underwriter
- The insurance company representative who evaluates risk and decides whether to issue a policy and on what terms.
W
- Waiver of Subrogation
- A provision in which an insurer gives up its right to seek reimbursement from a third party after paying a claim.