Insurance Dictionary
Specialty & Other Insurance Dictionary
22 plain-English terms covering specialized insurance products and risks outside the major personal and business categories.
Specialty And Other Insurance
Plain-English definitions for this part of insurance. Read the simple meaning first, then the exact insurance meaning.
Cancel for any reason (CFAR)
Simple meaning: Optional travel coverage that may pay part of eligible trip costs when you cancel for reasons beyond the policy's standard covered reasons.
Insurance meaning: A time-sensitive optional travel benefit that can reimburse a stated percentage of covered prepaid trip costs when cancellation requirements are met. It is not literally unlimited and usually does not pay 100 percent.
Also called: CFAR
Credit disability insurance
Simple meaning: Insurance that can make certain loan payments if a covered disability keeps the borrower from working.
Insurance meaning: Credit insurance providing benefits toward a qualifying debt when the insured debtor meets the policy definition of disability.
Credit life insurance
Simple meaning: Insurance that can pay some or all of a covered debt if the insured borrower dies.
Insurance meaning: Life insurance connected to a credit obligation where benefits are generally payable to the creditor to reduce or satisfy the insured debt, subject to contract terms.
Crop-hail insurance
Simple meaning: Private insurance mainly for crop damage caused by hail and other listed causes.
Insurance meaning: A private crop policy covering hail and any additional named causes included in the contract. It is distinct from federal multi-peril crop insurance.
Crop insurance
Simple meaning: Insurance that helps farmers manage certain crop or revenue losses.
Insurance meaning: Coverage for specified agricultural production or revenue risks, including federal crop insurance products and private crop-hail coverage, subject to program and policy rules.
Emergency medical evacuation
Simple meaning: Coverage that may pay to move you to an appropriate medical facility in a covered emergency.
Insurance meaning: Travel coverage for qualifying medically necessary transportation or evacuation, subject to assistance-provider approval, limits, and policy terms.
Identity theft coverage
Simple meaning: Coverage or services that may help with certain costs of restoring your identity after identity theft.
Insurance meaning: An endorsement or stand-alone product providing specified identity restoration services and expense reimbursement. It generally does not repay every financial loss from fraud.
Lender's title insurance
Simple meaning: Title insurance protecting the mortgage lender's interest.
Insurance meaning: A title policy covering a lender up to the insured mortgage interest for covered title defects. It does not protect the homeowner's equity unless an owner's policy is also purchased.
Mortgage insurance
Simple meaning: Insurance that protects a mortgage lender when a borrower does not repay the loan.
Insurance meaning: Coverage protecting a lender or investor against specified mortgage default risk. It generally does not protect the borrower from losing the home.
Also called: Mortgage guaranty insurance
Owner's title insurance
Simple meaning: Title insurance protecting the property owner against certain covered title problems.
Insurance meaning: A title policy protecting the owner's insured interest from covered title defects, subject to policy amount, exclusions, and exceptions.
Personal excess liability
Simple meaning: Extra liability limits above your underlying personal policies.
Insurance meaning: Excess liability insurance that generally follows specified underlying personal liability coverages and increases available limits.
Pet insurance
Simple meaning: Insurance that can reimburse certain veterinary costs for a covered pet.
Insurance meaning: A policy covering eligible veterinary expenses for accidents, illnesses, or other selected benefits, typically subject to deductibles, reimbursement percentages, annual limits, exclusions, and waiting periods.
Pet insurance reimbursement percentage
Simple meaning: The percentage of eligible veterinary costs the pet policy pays after its rules are applied.
Insurance meaning: The percentage of covered eligible expenses reimbursed by a pet insurer after applying the deductible, limits, exclusions, and pricing basis.
Pet insurance waiting period
Simple meaning: The time after pet coverage starts before certain conditions become eligible.
Insurance meaning: A period during which specified pet insurance benefits are not yet available. Waiting periods may differ for accidents, illnesses, or orthopedic conditions.
Pet preexisting condition
Simple meaning: A pet health problem that existed or showed signs before coverage or during a waiting period.
Insurance meaning: A condition that meets the pet policy's preexisting-condition definition. Pet insurance commonly excludes preexisting conditions, but definitions and treatment of curable conditions vary.
Private mortgage insurance (PMI)
Simple meaning: Mortgage insurance often required on some conventional loans when the borrower has a smaller down payment.
Insurance meaning: Private mortgage guaranty insurance protecting the lender against borrower default on eligible conventional mortgage loans, subject to federal and loan-specific cancellation rules.
Also called: PMI
Title insurance
Simple meaning: Insurance that protects against certain covered problems with ownership or title to real estate.
Insurance meaning: A real-estate insurance policy protecting an owner or lender against specified title defects, liens, or ownership problems existing as of the policy date, subject to exceptions and exclusions.
Travel insurance
Simple meaning: Insurance for certain problems connected with a trip.
Insurance meaning: A package or stand-alone coverage for specified travel risks such as trip cancellation, interruption, delay, baggage, emergency medical costs, or evacuation, depending on the product.
Travel medical insurance
Simple meaning: Coverage for certain medical expenses while traveling.
Insurance meaning: Travel coverage for eligible emergency or other medical expenses during a covered trip, subject to geographic, preexisting-condition, coordination, and policy rules.
Trip cancellation coverage
Simple meaning: Coverage that may reimburse prepaid nonrefundable trip costs if you cancel for a covered reason.
Insurance meaning: Travel insurance coverage for eligible prepaid trip expenses when cancellation results from a covered reason listed in the policy.
Trip interruption coverage
Simple meaning: Coverage that may help with unused trip costs and extra transportation when a covered event cuts a trip short.
Insurance meaning: Travel coverage for qualifying losses when a covered reason interrupts a trip after departure, subject to limits and covered reasons.
Umbrella insurance (personal)
Simple meaning: Extra personal liability coverage above certain home and auto liability policies.
Insurance meaning: A personal excess liability policy providing additional limits over specified underlying coverage and sometimes broader protection, subject to retention and exclusions.
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