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  • Cameron Brown
    Insurance Brokers of Arizona
    480-812-1998
    cameron@insurancebrokersofaz.com
    http://insurancebrokersofaz.com
    690 E Warner Rd., Bldg 2, Ste 110
    Gilbert AZ 85296

    At Insurance Brokers of Arizona we are continuously working to provide the individual coverage you require. When it comes to protecting your auto, home, business and family, don't leave it up to chance, or fly-by-night brokers. At Insurance Brokers of Ar

  • Jefferey Gennaro
    Capitol Ins. Brokers Inc.
    602-944-8511
    ig@capitolib.com
    3820 W Happy Valley Rd Suite 141 PMB 606
    Glendale AZ 85310

  • Frank Windes
    Frank Windes & Associates
    928-774-5127
    fwindes@windesins.com
    2520 N 4th St Suite 102
    Flagstaff AZ 86001

  • Henry GrosJean
    GrosJean & Associates Inc
    623-435-8400
    henry@grosjean.com
    PO Box 8110
    Glendale AZ 85312

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Glossary of Terms

203 Terms Found

Critical Illness

Glossary Term
Critical Illness: A medical coverage usually sold as a voluntary benefit at employers to cover a group of critical illnesses. The coverage is specific to those conditions....

Cyber Liability

Glossary Term
Cyber Liability: Provides coverage to your clients for any breach in your security that results in damages to that client. In layman's terms, if someone hacks into your computer system and steals your client's personal information: social security numbers, credit card information,...

Davis Bacon

Glossary Term
Davis Bacon: Passed in 1931 this Federal law (USA) established requirements for wages on public work projects for more the $2,000. Most federa...

Deductible

Glossary Term
Deductible: An amount you are responsible for paying toward your claim. Policies with higher deductibles cost less. Deductibles may also be attributed prior to coverage....

Deductions

Glossary Term
Deductions: Monies withheld from paychecks for taxes and/or payments. It may also refer to items removed from the settlement as non-covered or ineligible costs....

Defined Benefit Plan

Glossary Term
Defined Benefit Plan: A retirement or pension plan that utilizes a set or defined benefit. Contributions will vary over the life of the plan to guarantee the benefit....

Defined Contribution

Glossary Term
Defined Contribution: A retirement or pension plan that utilizes a defined contribution to fund for eventual participant retirement. This might be a specific deposit or a formula. The eventual benefit will be determined by the success of the investments and the management of the pla...

Demolition

Glossary Term
Demolition: Cost to demolish parts of the building that are left standing after a partial loss when required to by law or the inability to do a partial replacement....

Dental

Glossary Term
Dental: Refers to the teeth, gums and supporting facial features....

Dental Insurance

Glossary Term
Dental Insurance: An insurance coverage designed to cover for expenses specific to dental expenses....

Depreciation

Glossary Term
Depreciation: Loss of property value because of wear and tear and age....

Direct Deposit

Glossary Term
Direct Deposit: Monies normally deposited into a bank account rather than in a check. Payroll checks are primarily paid via direct deposit....

Disability

Glossary Term
Disability: A policy designed to replace some portion of lost income due to the covered person's inability to work and receive their normal income. This may be under group, personal, or worksite offerings....

Discrimination

Glossary Term

Discrimination: Discrimination is essentially when a business, organization, or person treats you in a different manner than another person as a result of factors such as your race, ethnicity, religion, sexual orientation, sex, or age.
...

Dismemberment

Glossary Term

Dismemberment: Dismemberment refers to the loss of a portion of a persons physical body. Specifically in insurance policies that cover for dismemberment coverage typically provides a payment for the loss (dismemberment) of a hand, a foot, or a combination of losses.

Drive Other Car

Glossary Term
Drive Other Car: This coverage can be endorsed to provide a personal line type of coverage to a business auto that is used for personal use by an employee that does not have a personal auto in their family. Business auto follows the car; personal auto follows the driver. This will g...

Earthquake/Flood

Glossary Term
Earthquake/Flood: Normally not a covered exposure under building or contents coverage. Can be added or can be purchased on a DIC Basis (Difference in Conditions)...

EBLI

Glossary Term

Employee Benefits Liability insurance: EBLI Provides coverage for errors or omissions in administration of the employee benefits for your employees. For example if you forget to add an employee to the medical plan when they became eligible. Coverage is normally provided by endorsing the genera...

Eligibility

Glossary Term
Eligibility: Determining factor of coverage....

Employee Benefit Security Administration - EBSA

Glossary Term

Employee Benefit Security Administration: EBSA regulates the management and provision of employee benefits such as retirement, health, and other "Welfare Plans" provided by employers to employees.
...

Employee Benefits Liability

Glossary Term
Employee Benefits Liability: Provides coverage for errors in administration of the employee benefits for your employees. Ex. If you forget to add an employee to coverage when they became eligible and your insurance company refuses to accept them....

Employee Dishonesty

Glossary Term
Employee Dishonesty: Covers for theft or embezzlement of money or property from the employer by the employee....

Employee Tools

Glossary Term
Employee Tools: Some companies require that employees supply their own tools. The coverage is usually limited to a max of $250 per any one item....

Employment Practices Liability (EPLI)

Glossary Term

Employment Practices Liability: EPLI can be bought stand alone or in conjunction with a D&O (Directors and Office) policy. This policy provides coverage for harassment, wrongful termination or discrimination suits brought by an employee against the employer. Ex: Do you have employees? If s...

Environmental Liability

Glossary Term
Environmental Liability: Provides clean up for environmental losses....

ERISA

Glossary Term
ERISA: The Employee Retirement Income Security Act of 1974, as amended....

ERISA Bond

Glossary Term
ERISA Bond: Required by law to be carried on any profit sharing/retirement plan....

Errors and Omissions

Glossary Term
Errors and Omissions: E&O protects you for losses relating to claims from your clients that have relied on your professional opinion and knowledge. Claims of this nature are specifically excluded under your General Liability insurance coverage. Ex: If you are a professional and ...

ESOP

Glossary Term
ESOP: Employee Stock Ownership plan. An ESOP might be for all employees or just a selected group and allows the purchase of ownership of the company....

Exclusion

Glossary Term
Exclusion: Provision in an insurance policy eliminating coverage for select risks, people, locations, situations or property classes. For example, private insurers don't cover (excludes) damages from flooding for homeowners and commercial property policies. Certain types of coverag...

Fair Labor Standards Act

Glossary Term

Fair Labor Standards Act: Titled The Fair Labor andS tandards act of 1938, this law provides protections and guidelines for minimal standards relating to employment in the United States. Things like working conditions, minimum wage and the impact of foreign competition are in...

Fences/Lighting/Signs

Glossary Term
Fences/Lighting/Signs: If unattached to a building you may have to insure separately under an inland marine form. There is a certain amount of coverage usually included in the property form....

Fiduciary

Glossary Term
Fiduciary: A person who exercises discretionary control over the assets of another party and has a responsibility to that party. ERISA sets forth strict standards which govern the responsibilities of a fiduciary and the determination of who is a fiduciary. ...

Fine Arts

Glossary Term
Fine Arts Coverage: Coverage designed to provide insurance
coverage for items considered to be art that would be difficult or impossible
to replace, and of greater than normal value. Appraisals will have to be provided
on the items and only items listed in the policy...

Flood Insurance

Glossary Term
Flood Insurance: Coverage for damage from flooding. This coverage is excluded from homeowners and commercial property policies. Flood insurance can be purchased from the federal government under the National Flood Insurance Program....

Floor Plan Financing

Glossary Term
Floor Plan Financing: 
Refers to a credit arrangement, usually a revolving line of credit,
designed to provide short term financing for retail goods. Auto dealers utilize
Flooring Finance to purchase cars for sale and then they sell the cars and
repay the finan...

Flooring

Glossary Term
Flooring:  Flooring
refers to the actual “floor” or base structure of a building, or it may refer
to insurance coverage or financing for items expected to be sold in a short
period of time. See Flooring insurance and floor financing...

Flooring Insurance

Glossary Term
Flooring Insurance: 
Insurance to cover the risk around the installation and care of floors
and floor repairs. This may include; employers liability, defective
workmanship, custody and control, property damage and other areas of contractors
risk....

FMLA (Family Medical Leave Act)

Glossary Term

FMLA:  FMLA is an acronym for the Family Medical Leave Act.  If an employer has more than 50 employees, the Act allows for unpaid leave from your employment, for specific events, without losing your ...

Food Spoilage

Glossary Term
Food Spoilage: Coverage for loss of refrigeration that results in food spoilage from a covered loss....

Force Majeure

Glossary Term
Force Majeure: Loss via act of god. Construction delay, etc. This clause is meant to benefit both parties in a contract. Force majeure would come into play, for example, when you buy a house: should the house be destroyed in a fire caused by a lightning strike, neither party remains...

Fraud

Glossary Term
Fraud: Intentionally lying or concealing information to obtain payment of an insurance claim or lying or misrepresentation by insurance company personnel for financial gain....

GAP Plan

Glossary Term
GAP Plan: An insurance coverage designed to cover for portions of employer benefit plans that may not provide the coverage an employee wishes to have (gaps in coverage).  Ex: Gap may cover for hospital expenses that fall under the employer's deductible amount....

Garage Keepers Liability

Glossary Term
Garage Keepers Liability: This provides coverage for customers cars that are left in a client's possession to be worked on or sold, etc....

Garage Liability

Glossary Term
Garage Liability: This expands the General Liability coverage to provide coverage for operators that may drive a customer's car or let a customer drive their car. Ex: auto dealers, auto service operations, etc....

Garnishment

Glossary Term
Garnishment: Deduction withheld from an employees paycheck via court order. Examples of garnishments would be Child Support Payments or Tax Levies....

Glass

Glossary Term
Glass: Covered under building coverage but not as contents and some tenants are required by lease to provide coverage for plate glass; if so a special endorsement must be added to the policy....

Graduated Driver Licenses

Glossary Term
Graduated Driver Licenses: Licenses for younger drivers that may include restrictions, such as night driving, depending on the state....

Gramm-Leach-Bliley Act (GLB)

Glossary Term
Gramm-Leach-Bliley Act (GLB): Also known as the Financial Services Modernization Act of 1999. The Act allowed consolidation of commercial banks, investment banks, securities firms, and insurance companies....

Growth & Income Funds

Glossary Term
Growth & Income Funds: Growth & Income Funds generally split the difference between growth funds and equity income funds. This type of mutual fund invests for both long-term capital appreciation from stocks as well as regular dividend income from stocks and bonds. Depending ...

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