Apartment Building Insurance Specialists
Glossary of Insurance Terms
When a policy is terminated prior to the expiration date at the policyholder’s request, the earned premium charged will be more than the pro-rata earned premium. Generally, the returned premium is approximately ninety percent of the pro-rata return premium. However, an insurance company may establish its own short-rate schedule.
An amount less than the full building value that is applied to specified areas of coverage. An example would be when a building is insured for $10,000,000 and there is a $25,000 limit for mold damage. The limitation for mold damage would be a sublimit.
An attachment or endorsement to an insurance policy that modifies clauses and/or provisions of the policy. Riders may include or exclude coverage.
Federal terrorism insurance coverage that was created after 9/11, to cover federally certified acts of terrorism.
If you found this glossary to be helpful,
please link to this page.
A California Corporation
5776 Lindero Canyon Road, Suite D-482
Westlake Village, CA 91362
Direct: 818-292-2118 Office: 818-991-0091
License # 0K01653