The only thing more valuable than your time... is your lifestyle!
At George Chadwick Insurance we help you protect both!

Let us help you
910.762.2489
Home Page

 

 

Insurance Glossary

Insurance terms and definitions from George Chadwick Insurance.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact George Chadwick Insurance today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
HACKER INSURANCE
A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.

HARD MARKET
A seller’s market in which insurance is expensive and in short supply.

HOMEOWNERS INSURANCE POLICY
The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all perils except those specifically excluded in the policy.

Homeowners insurance also covers additional living expenses. Known as Loss of Use, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs. Coverage for flood and earthquake damage is excluded and must be purchased separately.

HOUSE YEAR
Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.

HURRICANE DEDUCTIBLE
A percentage or dollar amount added to a homeowner’s insurance policy to limit an insurer’s exposure to loss from a hurricane. Higher deductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Get A Quote






Refer Referrals
We love referrals! And thank you even more for your continued business.
Testimonials Read Testimonials
Read the latest customer ratings & reviews or leave one yourself.

Knowledge and Expertise

About Us 

George Chadwick Insurance is a professional, independent agency with the customer in mind. We have relationships with dozens of insurance companies, allowing you to get the right price with the right service.

Testimonials

Read More Read More
Our Office Your Trusted Advisor

George Chadwick Insurance
3301 Wrightsville Ave
Wilmington, NC 28403

View Our Location

Contact Us Today!

Ph: 910.762.2489
Fx: 910.763.8006

Our Employee Directory
   
The Hartford Products
Home Get A Quote Customer Service Resources About Us Contact Powered by Insurance Website Builder