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.

Business Interruption Insurance
Coverage that reimburses a business owner for lost profits and expenses during the time a business is closed while being restored due to physical damage caused by a covered peril. Business interruption insurance may also cover financial losses that occur if civil authorities limit access to the area your business is located after a disaster.

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

Auto Insurance Premium
The price of auto insurance coverage based on the frequency and cost of potential accidents, thefts and other losses. Prices vary between companies.

Joint Life Policy
Pays the insurance when the first of two or more covered persons die.

Gap Insurance
An auto insurance option that covers the difference between a car’s actual cash value when it is stolen or crashed and the amount the consumer needs to pay the lease or finance company. It is Mostly used for leased cars.

Group Insurance
Insurance policy or health services contract covering a group of employees (and often their dependents) under a single contract issued to an employer or other group by an HCSC, HMO or other insurer.

Deductible
The part of the insured's expenses or loss that must be paid before insurance coverage begins.

Grace Period
A period of time (commonly 30-31 days) after premium-due date during which a policy remains in force without penalty even though the premium due has not been paid.

Credit Life Insurance
Life insurance coverage on a borrower designed to repay the balance of a loan if the borrower dies before the loan is paid off. It can also be offered as an option for credit cards and auto loans.