Coverage

Definition

• A form of financial protection offered through an insurance policy.

Synonyms
assurance, security, backing, safeguard, protection

Related Terms and Acronyms

• Automobile Liability Insurance — Definition,
  • Insurance coverage for damages caused in traffic collisions.
• Concurrent Insurance — Definition,
  • Multiple insurance policies that cover the same exposure.
• Conditional Sales Floater — Definition,
  • Insurance that covers losses on property sold conditionally or on an instalment plan.
• Coverage Area — Definition,
  • A geographical area where travel insurance coverage applies.
• Future Purchase Option — Definition,
  • A provision that gives the policyholder the option to purchase additional insurance coverage at a future date.
• Health Insurance (HI) — Acronym,
  • Insurance that covers the costs of medical expenses for insured persons.
• Impaired Insurer — Definition,
  • An insurance company that is financially insolvent or illiquid and in risk of being unable to pay insurance claims.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Non-Scheduled Personal Property — Definition,
  • Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
• Occurrence — Definition,
  • An event that triggers the need for insurance coverage.
• Paid-up Additional Insurance — Definition,
  • The option for a policyholder to purchase additional insurance coverage with additional premiums or policy dividends.
• Policy Declarations — Definition,
  • The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
• Travel Insurance — Definition, Very Important,
  • Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
• Uninsured Motorist Coverage — Definition,
  • Auto insurance that covers collision damages caused by a driver without auto insurance.
• Utilization — Definition,
  • How frequently a policyholder makes use of their insurance policy.