No-Fault
Auto insurance coverage which pays for each driver’s own injuries, despite who was responsible for the accident. No-fault coverage varies with each state.

Lapse
Termination of a policy because of failure to pay the premium.

Deductible
The deductible is the amount you agree to pay on each loss before your insurance company pays.

Flood Insurance
Flood damage coverage is available from the federal government but is sold by licensed insurance agents. Flood coverage is often excluded under homeowners policies. However, flood damage is covered under the comprehensive portion of a car insurance policy.

Personal Injury Protection
This is a mandatory no fault coverage for automobile insurance providing benefits including, but not limited to, medical expenses, loss of income resulting from an automobile accident, and essential services.

Key Person Insurance
Life or health insurance of a key member of a company whose services are integral to the continuing success of a business and whose death or disability could cause the company significant financial losses.

Fire Insurance
Coverage that protects property against losses due to fire or lightning. Such coverage is usually included in homeowners or commercial multiple peril policies.

Auto Replacement Coverage
A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.

Liability Limits
The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy, similar to limit of liability.

Additional Initial Claim
An additional unemployment claim filed after a break in unemployment claims, which results from an intervening employment period within the benefit year.