Insurance Glossary | Corey Burstad Insurance Agency of WI

Please note the following Insurance Glossary is a general overview and provides a brief definition of an insurance term. This information is not intended to provide or guarantee coverage. Questions regarding coverage should be directed to your agent.

Personal Auto Policy Glossary

Collision: Pays for the damages sustained by an insured vehicle when that vehicle impacts another vehicle or object or is legally parked and is involved in a "hit and run" type of accident.

Comprehensive Coverage: Pays for the damages sustained by an insured vehicle when that vehicle is involved in an "other than collision" type of loss (ie; fire, hail, wind, falling objects, theft, glass breakage, contact with a bird or animal, etc)

Liability: Pays for the bodily injury or property damage expenses which an insured becomes legally obligated to pay resulting from an automobile accident.

Medical Payments: Pays for the reasonable expenses incurred by an insured for necessary medical and funeral expenses because of bodily injury.

Underinsured Motorist: Pays for the damages which an insured is legally entitled to recover from the owner or operator of an uninsured motor vehicle because of bodily injury.

Uninsured Motorist: Pays for the damages which an insured is legally entitled to recover from the owner or operator of an uninsured motor vehicle because of bodily injury.

Homeowners Policy Glossary

Coverage A-Dwelling: A Dwelling, as described in the declarations, used principally as a private residence. This includes structures attached to your home and construction material used during improvements or additions to the dwelling.

Coverage B-Other Structures: Structures on your premises that are not attached to the dwelling. Structures connected to the dwelling by a utility line, fence, or similar connections are still considered to be Other Structures.

Coverage C-Personal Property: Personal Property owned or used by an insured person anywhere in the world. Personal Property away from your residence is covered for up to 10% of the Personal Property coverage limit. Special Limits apply to certain groups of Personal Property (ie; guns, jewelry, tools, money, etc). Please refer to the Personal Property section for policy limits.

Coverage D-Loss of Use: If a Covered Loss makes a Dwelling uninhabitable, Loss of Use pays for the reasonable increase in your living expenses necessary to maintain your normal standard of living while you live elsewhere.

Coverage E-Personal Liability: Pays for the Bodily Injury or Property Damage expenses caused by an occurrence covered by Personal Liability for which an insured becomes legally obligated to pay.

Coverage F-Medical Payments: Pays for the reasonable medical expenses caused by Bodily Injury when the injury occurred on an insured premises. Payment by this coverage is not an admission of liability by the Insurance Company or an Insured Person.

Deductible: If a covered loss damages an insured Dwelling, Other Structure, or Personal Property, a deductible is applied to the total cost of repairing or replacing the insured property.