Key Person Insurance
Life or health insurance of a key member of a company whose services are integral to the continuing success of a business and whose death or disability could cause the company significant financial losses.

Umbrella Liability Insurance
A policy that "floats" above your other coverage. You must carry a certain amount of underlying liability coverage before you may buy an umbrella policy.

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.

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.

Replacement Cost
Insurance which pays the amount needed to replace damaged personal property or home property without deducting for depreciation.

Good Driver Plan
A rating program offered by some insurance companies that reduces your premium if you have had no accidents or traffic violations within a specified time period.

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.

Collision Coverage
Pays for damage to your vehicle when it collides with another vehicle or object, or if it overturns.

Homeowner Policy
A package or multi-line policy providing the protection needed by most homeowners. The policy provides property insurance, including theft, with very broad coverage on both the building and the contents.

Flood Insurance
Flood damage coverage is available from the federal government but is sold by licensed insurance agents. Flood coverage is often excluded under homeowners policies. However, flood damage is covered under the comprehensive portion of a car insurance policy.