Abandoned Property
Unclaimed property that is turned over to the state after a set period of time. May also be property left by an insured after a loss.

Accident
Any unexpected event that causes injury or damage.

Accident Prevention Course (Mature Operators) Credit
This credit may be applied to the principal operator of the automobile provided that the driver meets the age requirement and has completed the required mature driver course.

Account Credit
You may be eligible for this discount if you have both a homeowner and personal auto policy with a Utica National company.

Active Theft Disabling Device
A device that disables the vehicle by making the fuel, ignition, or starting system inoperable and requires a separate manual step to engage the device. Vehicles equipped with this device may be eligible for a discount.

Actual Cash Value (ACV)
The amount to replace an item with the same like, kind and quality minus depreciation for wear and tear.

Additional Insured
Individual or business listed on your policy such as a bank or leasing company.

Additional Living Expenses
Costs you would incur if you needed to move out of your home due to damage to the building. These costs might include motel and restaurant expenses.

Adjuster
A person who seeks to determine the amount of loss suffered when you submit an insurance claim, and who attempts to settle the claim.

Admitted Company
An insurance company licensed to do business in your state.

Age of Dwelling Credit
A discount for newer buildings.

Agent
A person who sells and services insurance policies on behalf of insurance companies.

Anti-Lock Brakes
A braking system that helps to keep automobiles under control during emergency situations. Vehicles equipped with anti-lock brakes may be eligible for a discount.

Appraisal
The estimate of the value of your property, or the amount of damage to your property.

Assigned Risk
Individuals who cannot obtain auto insurance through normal insurance channels are assigned by the state to insurance companies that are required to provide insurance to the "assigned risk."

Assigned Risk Plan
A program in which all automobile insurers in each state participate to make coverage available to car owners who are unable to obtain auto insurance in the regular market.

Automobile Insurance
A contract between you and the insurance company. You agree to pay a premium and, in exchange, the insurance company agrees to reimburse you for automobile-related losses. There are four major categories of automobile insurance: Liability coverage, Personal Injury Protection (PIP), Physical Damage, and Uninsured/Underinsured Motorist protection.

Bodily Injury - Liability
Protects you against financial loss (including the cost of your legal defense) if you are held legally liable for injuring other persons in an automobile accident. Liability insurance for both bodily injury (BI) and property damage (PD), or proof of financial responsibility, are often required by state law (with the exception of Florida). These two coverages together are often referred to as liability insurance.

Bodily Injury - Uninsured / Underinsured
Protects you in situations where you have been injured by another driver and that driver does not have adequate coverage or no insurance at all. Your insurance company would then pay you, up to the limit of your policy, for the injuries you suffered.

Business Use
The use of a vehicle for business purposes.

Cancellation
Any time a policy is terminated or cancelled before the expiration date.

Central Station Burglar or Fire Alarm Credit
Alarm system is directly connected to a central reporting station. Homes equipped with these alarms may be eligible for a discount.

Claim
Your request to be reimbursed for damages covered by your insurance policy.

Collision
The impact of a vehicle with another object or vehicle, or the overturning of a vehicle.

Collision Insurance
Collision insurance is automobile insurance coverage that reimburses you for damage to your own car when the damage results from overturning your car or from colliding with another object (except animal collision, which would be considered a comprehensive loss). The amount of the reimbursement is subject to your policy limits and deductible.

Commission
That portion of the insurance premium paid to the agent as compensation for services.

Company Car Discount
This discount may be applied to a single car policy where the named insured or spouse uses a company car, furnished for business and personal use, rather than an owned automobile. The vehicle cannot be a pool car. Generally, a questionnaire must be submitted with the initial application or with the request to change (endorsement).

Comprehensive Insurance (Other Than Collision Coverage)
Comprehensive insurance reimburses you for damage to your own car from causes other than collision or overturning. For example, damage due to vandalism, theft or hitting a deer would be covered by comprehensive insurance. The amount of the reimbursement is subject to your policy limits and deductible.

Conditions
The provisions of an insurance policy stating the rights and obligations of both parties in the contract — you and the insurance company.

Coverage
The amount of insurance you purchased, such as, "$400,000 of life insurance coverage," or the type of insurance you purchased, such as, "coverage for collision."

Coverage for Audio, Visual and Data Electronic Equipment and Tapes, Records, Discs and Other Media
Covers the direct and accidental loss to any electronic equipment that receives or transmits audio, visual or data signals, that is not designed solely for the reproduction of sound, and that is permanently installed in your covered auto. It also covers the direct and accidental loss to any accessories used with such equipment as tapes, records, discs or other media that are in your insured vehicle and are property of yours or a family member.

Coverage Territory
Geographic region where coverage is available under the Personal Auto Policy. Includes the United States and its territories and possessions, Canada and Puerto Rico. Coverage is also provided if the auto is damaged while being transported between these areas.

Covered Auto
Vehicles named on your insurance policy in the declarations. May also include newly acquired autos and replacement autos under certain circumstances.

Daytime Running Lights
Headlamps that are automatically activated when the ignition is turned on. Vehicles equipped with daytime running lights may be eligible for a discount.

Dead Bolt Locks
A type of lock that provides additional security for homes. Buildings equipped with dead bolt locks may be eligible for a discount.

Declarations (commonly referred to as "Dec Page")
The portion of your insurance policy that lists who is covered, the property that is covered, when and where the coverage applies, and the amount of coverage.

Deductible
The amount of money you agree to pay on a covered loss before the insurance company begins to pay.

Depreciation
The decrease in the value of property over time due to use, wear, tear and obsolescence.

Direct Loss
Losses that are the direct physical result of a cause that your insurance policy covers.

Dwelling Coverage
Protects your house and any structures attached to your home, such as a garage or screened porch. Materials on your property that are being used to expand or repair the house (e.g., the lumber being used would also be covered).

Earned Premium
The amount of the premium that has been "used up" during the term of a policy. For example, if a one-year policy has been in effect six months, half of the total premium has been earned by the insurance company.

Educators Discount
A discount may be available to a named insured who is employed as an educator and meets discount requirements.

Effective Date
The start date of your insurance policy, and the date from which protection is furnished.

Electronic Funds Transfer (EFT)
A method of paying your monthly insurance payments electronically by direct deduction from your checking account. As well as being convenient, this plan does not apply a monthly service charge and you don't have to worry about late fees due to delays in the postal system.

Endorsement
An amendment that changes the original terms of your insurance policy.

Excess Insurance
See Umbrella Liability Insurance

Exclusion
Certain types of losses and property that your insurance does not cover. Exclusions are specified in your policy.

Expiration Date
The end date of your insurance policy.

Extended Coverage Endorsement
An endorsement attached to a basic policy, usually to provide additional coverage of windstorm, hail, explosion, riot, civil strike, aircraft, vehicular damage, smoke, and civil confrontation.

Family Member
A person related to the insured or their spouse by blood, marriage or adoption who lives in the named insured’s household.

Financial Responsibility Laws
State laws that require owners or operators of autos to provide evidence that they have funds to pay for automobile losses for which they might become liable.

Fire Extinguishers Credit
Homes adequately equipped with fire extinguishers may be eligible for a discount.

Firefighters Training Program Discount
Homeowners who have completed a state certified basic Firefighter Training Program and have approved, properly maintained, smoke detectors installed in the home may be eligible for a discount.

First-party Coverage
There are three parties named in an insurance policy. You and your family are the first party; the insurance company is the second party; and anyone to whom you cause injury or damage is the third party. First-party coverage is insurance coverage whereby your own insurance company pays for your losses. Collision and comprehensive auto insurance are examples of first-party coverage. By contrast, liability insurance is third-party coverage; it pays other people for injuries you cause.

Floater
A floater is a type of insurance that covers movable property, such as jewelry, within certain geographical locations as stated in the contract. The coverage "floats" with the property.

Fraud
Intentional lying or concealment by policyholders to obtain payment of an insurance claim that otherwise would not be paid or to avoid an increase in premium on their insurance policy.

Hazard
Anything that increases the chance of a loss is considered a hazard. Good examples would be fog or heavy traffic.

Homeowner Policy
A homeowner policy bundles different insurance coverages, providing a broad range of personal property, dwelling and liability protection for homeowners and renters. It is called a package policy because it covers both losses to your own property and damage done to others.

Incurred Losses
The losses occurring within a fixed period, whether or not adjusted or paid during the same period. The estimated value of the total claim would be an incurred loss for the policy period during which the loss occurred.

Indemnify
To restore a victim of a loss to the same financial position as before the loss occurred.

Insurable Interest
An economic interest the owner or mortgagee has in protecting a property or vehicle from loss, destruction or financial impairment.

Insurance
Insurance is a way to make an individual's financial losses more affordable by transferring them to a large group of people through an intermediary called an insurance company and a legal contract called a policy. The insurance company pools the risks of large numbers of people. The premium each policyholder pays is small compared to the potential loss he or she is insuring.

Insured
A person or organization covered by an insurance policy. The policyholder is the insured.

Insurer
Insurer is synonymous with insurance company. The two terms may be used interchangeably.

Insuring Agreement
Sections of the insurance policy that states what losses will be indemnified or paid for, what property is covered and which perils or risks are insured against.

Joint Ownership Coverage
Provides coverage for individuals other than husband and wife residing in a household, or nonresident relatives who jointly own a private passenger auto, pickup or van. Some limitations apply.

Joint Tenancy
Joint tenancy is property owned by two or more individuals in such a way that, at the death of one, the survivors retain complete ownership of the property.

Legal Liability
Legal obligation imposed on a party for negligence, failure to fulfill contractual obligations or violation of law.

Liability
Liability is any legally enforceable obligation. Liability insurance covers you for money you are legally obliged to pay because a court has found that you were responsible for damage to another person's property or person.

Liability Insurance
Liability insurance pays for claims against you and your legal defense costs if you are legally responsible for an accident in which you have injured another person or damaged his or her property.

Limit
The limit is the highest amount an insurance policy will pay on a covered loss as listed on your policy.

Local Burglar or Fire Alarm Credit
Homes with a burglar or fire alarm installed in the home (not connected to a fire or police station) may be eligible for a discount. An example would be sirens on your property.

Loss
Damage to property or injury to persons. For example, if your home burns down or your car is damaged in an accident, you have experienced a loss.

Loss Assessment
A loss assessment is an expense you may incur as a member of a condominium or co-op owners association. The association itself typically owns an insurance policy, but can assess its members for damage or liability claims that exceed its own policy limits. For example, your building's roof needs to be replaced after a violent storm. The new roof costs $500,000. Unfortunately, the association's policy limit for damage to the property is $250,000. The cost difference would be split among the members of the association. Your own loss assessment coverage will pay for assessments the association makes against you up to the limits stated in the policy.

Loss Payee
Party, other than the insured (such as a lending institution), having an insurable interest in the insured vehicle. Also called a lien holder.

Mature Driver Credit
A discount available to drivers who meet certain age and driving record requirements. This credit is applicable based on the company and state that the policy is written in.

Mature Homeowners Credit
Homeowners that meet specified age requirements and are retired may be eligible for a discount.

Medical Expenses
Medical expenses are reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, and prosthetic devices.

Medical Payments Insurance - Automobile
Coverage that reimburses you and your passengers (whether or not they are members of your family) for medical or funeral expenses resulting from an accident, regardless of who was responsible for the accident.

Medical Payments Insurance - Homeowner
Coverage that compensates others who sustain an injury while on your property, or whom you injure accidentally. This coverage excludes the people who live in your house.

Mortgagee
The lending institution from which you borrowed money to purchase your home. Your homeowner insurance premium may be included in your monthly mortgage payment and the mortgagee pays the premium to your insurance company.

Multi-Car Discount
Policies with more than one vehicle may be eligible for a multi-car discount.

Named Insured
The first person in whose name the policy is issued.

Named Perils
Named perils are the specific dangers a homeowners policy insures you against such as fire, windstorm, and hail. These perils are named or listed in the policy.

Negligence
The failure to use the degree of care that is required by law to protect others from harm.

NFIP - National Flood Insurance Program
A federal program providing flood insurance for qualifying homes and buildings. Note: standard homeowner policies do not provide coverage for flood losses.

No-Fault Insurance
If you are involved in an auto accident, your insurance company pays you, your passengers or a pedestrian injured by your car for financial losses such as medical expenses and lost wages due to the accident, regardless of who is at fault. This coverage is not available in all states.

Nonowned Vehicle
An auto that is not available for the regular use of the insured or any family member but may be used by an insured or family member on a rare occasion.

Nonrenewal
When your current insurance policy expires, your insurance company may decide not to issue a policy that continues your coverage for another term. Notice of these nonrenewal decisions are regulated by individual state laws.

Non-Smokers Discount
Homeowners may be eligible for a discount if there are no cigarette, pipe or cigar smokers regularly residing in the insured home.

Notary Public
A public officer who authorizes deeds or writings as legal documents, a notary may also be called upon to administer oaths and affirmations as to the truth of statements contained in papers or documents.

Notice of Loss
Notice to an insurer that a loss has occurred. Notice of loss is a condition of most policies and is generally required within a given time frame following the loss.

Occasional Driver
Any driver that is not the primary or principal driver of a vehicle.

Occupancy
Refers to how property is used such as rented to others or owner occupied. Owner occupied homes are referred to as residential dwellings.

Occurrence
An event that results in a loss.

Other Insurance
A Personal Auto Policy provision that describes how much the insurer will pay when more than one insurance policy or coverage applies to the same loss.

Other Structures Coverage
Separate structures on your property such as utility sheds, guest houses, gazebos and pool houses, are covered under other structures coverage.

Other Than Collision Coverage (OTC)
Covers damage to a covered auto caused by something other than collision coverage, such as hail, glass breakage and theft. Also called Comprehensive Coverage.

Other Vehicles
Refers to any other vehicles you buy over the next year. (Just be sure to tell your insurance carrier within 30 days of purchase.) You do not need to buy a new policy to insure other vehicles you may own; you can add them to your existing policy with a policy endorsement.

Out-of-State Coverage
Liability coverage that modifies the Personal Auto Policy to meet other states' financial responsibility requirements and other state laws concerning out-of-state drivers when the covered auto is being driven in that state.

Partial Loss
Any loss that does not destroy the entire insured property is considered a partial loss.

Passive Restraints
Factory installed occupant restraints, such as seatbelts, that conform to federal crash protection requirements.

Passive Theft Disabling Device
A device that disables the vehicle by making the fuel, ignition, or starting system inoperable and does not require a separate manual step to engage the device. Vehicles equipped with this device may be eligible for a discount.

Peril
Any covered cause of loss, such as fire or theft, that is stated on your insurance policy.

Personal Articles Floater
Provides broad coverage for items such as furs or jewelry. These type of items were previously covered under separate contracts but now may be included on the homeowner policy.

Personal Auto Policy
Provides Liability and Physical Damage coverage for both owned and non-owned autos used, maintained or operated by the insured and his or her family. The Personal Auto Policy is a package policy because it contains both property and liability coverages.

Personal Effects Floater
This endorsement is available on the homeowner policy and provides worldwide coverage except in the insured's home. For example, this coverage would cover the personal effects of a traveler.

Personal Injury
Non-physical injury to another arising out of false arrest or detention, malicious prosecuting, wrongful entry or eviction, libel or slander or violation of a person's right to privacy committed other than in course of advertising, broadcasting, publishing, or telecasting.

Personal Injury Coverage
Liability insurance coverage for third party claims for damages that are other than physical, such as libel, slander, or false arrest. This coverage is available under a homeowner policy.

Personal Injury Protection (PIP) (also known as "No-Fault Insurance")
This is a special form of insurance that pays for your medical expenses and loss of income because of an automobile accident. PIP pays for expenses you have actually incurred up to a specific, per-person dollar amount. PIP is a broader form of medical payments insurance. In fact, states that have no-fault laws require drivers to buy PIP. It is also offered as an optional coverage in some states without no-fault laws. This coverage varies from state to state.

Personal Inventory
A list of your possessions and what you paid for them. You should keep a personal inventory because it can assist you in determining the amount of coverage needed for your personal belongings.

Personal Property Coverage
This part of your homeowner policy protects your belongings anywhere in the world, but there are a few limitations you should know about:

1. There are restrictions on the amount a standard homeowner policy will pay on some items such as jewelry or furs (you can buy additional coverage for these and other special items).
2. The standard reimbursement for items that are damaged, lost, or stolen is their actual cash value (original value minus depreciation). If you want to be reimbursed for what it will cost to replace them, select the replacement cost option.
3. Although the policy covers your possessions everywhere, coverage is limited for losses incurred off your property. For example, a homeowner policy limits personal property coverage to 10% of the total coverage available on the homeowner policy for property located off premises, such as a student's belongings away at school.

Personal Property Exclusions and Limitations
There are some important exclusions and limitations on the coverage for personal property. A homeowner policy typically does not cover:

• Software or disks
• Animals, birds, or fish
• Motor vehicles
• Aircraft and aircraft parts
• Property of persons who are your tenants, unless they are related and reside with you in the same unit
• Paper records, drawings, account books

Coverage for other personal items is also limited. It is important to read the list of exclusions and limitations on your individual policy. You may want to purchase additional insurance for items you own that have only limited coverage in a homeowner policy.

Personal Property Replacement Cost
This is an endorsement that can be added to a homeowner policy to provide full replacement cost on personal property instead of actual cash value replacement.

Physical Damage Coverage
Insures you against damage to your car. The physical damage section of an automobile policy can include both comprehensive coverage (which protects you against theft and vandalism, among other things) and collision coverage. This coverage is usually required if you have a loan on the car or if the vehicle is leased.

Policy
The contract between the insurance company and the insured by which the insurance company agrees to provide insurance coverage in exchange for a premium paid by the insured.

Policy Expiration Date
The date on which policy coverage will expire.

Police or Fire Station Reporting Alarm
A home alarm system that is directly connected to a police or fire station. Homes equipped with these alarms may be eligible for a discount.

Policy Period
The length of time an insurance policy is in effect.

Policyholder
A person who pays the premium on an insurance policy.

Premises Room Temperature Alarm
A home alarm that tracks room temperature. Homes equipped with this alarm may be eligible for a discount.

Premium
The amount paid for an insurance policy over the course of the policy period.

Premium Notice
A formal notice from an insurer or agency to a policyowner that a premium will be due on a given date.

Primary Policy
A primary policy is the insurance policy that pays first when you have a loss that is covered by more than one policy.

Primary Residence
This is considered to be the place that the insured will reside for the majority of the policy term.

Primary Use
This describes how your vehicle is typically used. Examples include driving to and from work and pleasure.

Private Passenger Auto
A four-wheel motor vehicle, other than a truck, owned or leased for at least six continuous months.

Property Damage - Liability
Insurance coverage that pays if you are found liable for damages to the property of a third party. Members of your family who are covered by your insurance policy are not considered third parties.

Property Damage - Uninsured Motorist
"Property damage uninsured or underinsured coverage" protects you in situations where your vehicle has been damaged by another driver who does not have adequate coverage or has no insurance at all, and cannot pay for your losses. With this coverage, your own insurance company would pay up to the limit stated in your policy to have your car repaired or replaced.

Renewal Credit
Renewal policies may be eligible for a discount, based on how long they have been insured with the same company, the state the policy is written in and what type of insurance policy is written.

Renovated Home Credit
Renovated homes may be eligible for this credit if the renovations have been completed within a specified time period.

Rental Reimbursement
Provides coverage for the extra expense of renting a vehicle should your insured vehicle be involved in a collision. It is optional and subject to policy maximum limits.

Renter's Policy
A renter's policy is a homeowner policy that has been adapted to the needs of people who rent. It provides coverage for both your personal property and/or personal liability, but excludes damage to the structure itself, since that belongs to the landlord. It is also called a tenant's policy.

Replacement Cost for Contents
Covers the replacement of the contents of your home (up to policy limits) with items of same like, kind, and quality should you experience a covered loss.

Replacement Value
Replacement value is the amount of money you would need to rebuild your house or replace any of your belongings that have been damaged, destroyed or stolen, at current price levels.

Reserve
1. An amount representing actual or potential liabilities by an insurer to cover debts to policyholders.
2. An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund. On occasion a reserve may be an asset, such as a reserve for taxes not due yet.

Resident
The term resident has a special legal meaning. It is not necessarily limited to the people currently living in your house. A son or daughter away at school or in the military may still be considered a resident of the household if he or she intends to return and considers it home.

Retiree Credit
Insureds that meet age and employment requirements may be eligible for a discount on automobile and/or homeowner policies.

Return Premium
A portion of the premium returned to a policyowner as a result of cancellation, rate adjustment, or a change to the policy.

Risk
From your point of view, risk is the chance of injury, damage or loss.

Safe Driver Discount
Insureds may be eligible for this automobile credit/discount if they have had a "clean" driving record (no violations or chargeable accidents) for a specified time period.

Schedule
A list of the descriptions and values of items covered by an insurance policy.

Select Program Renewal Credit
Utica National has several programs or "tiers" and uses these programs to appropriately place business based on insured information. Policies in the Select Program that meet specific criteria may be eligible for a discount upon renewal of their policy.

Service Charge
A fee charged by the insurer when the installment payment option is chosen by the insured.

Single Limit
A policy with a single limit of liability pays up to a single maximum amount for any type of liability loss regardless of the number of people injured or the amount of property damage. By contrast, a policy with split limits pays different maximum amounts for different types of losses.

Split Limits
Split limits contain a maximum amount that a policy will pay for property damage and for bodily injury per person. A split limits auto insurance policy, for example, might pay $50,000 per person and $100,000 per accident in bodily injury benefits, and $50,000 in property damage per accident. In this case the policy limits the maximum bodily injury per person to $50,000.

Sprinklers
Homes equipped with approved sprinkler systems may be eligible for a discount.

Stated Amount Insurance
Insurance written to cover an item of property for a specific amount of insurance.

Subrogation
Upon payment of a loss to an insured, the right to pursue damages from any third parties is transferred to the insurance company. These rights are only those related to the loss, and the company is only entitled to the extent of its loss payment. In the case of insurance, this principle of law has been incorporated into all policies.

Suburban Rating Discount
Homes in rural (unprotected) areas may be eligible for protected rates.

Term
The length of time your insurance policy is in effect, such as one year.

Theft Deterrent Decals Credit
Vehicles with theft deterrent decals may be eligible for a discount.

Tort
Legal term meaning a wrongful act, resulting in injury or damage, on which a civil action may be based.

Towing and Labor Coverage
Coverage that pays for charges incurred by the insured for towing and labor charges.

Trailer
Vehicle designed to be pulled by a private passenger auto, pickup or van.

Umbrella Liability Insurance
Covers loss in excess of the limits imposed in your primary liability insurance policies, such as auto and homeowners insurance. An umbrella policy may also protect you in situations not covered by primary liability policies.

Unearned Premium
That portion of the written premium applicable to the unused part of the period for which the premium has been paid. In the case of an annual premium, at the end of the first month of the premium period, eleven-twelfths of the premium is unearned by the insurance company.

Uninsured Motor Vehicle
A vehicle that meets one of the following criteria:

• has no liability coverage
• has liability coverage that does not meet the state’s financial responsibility requirement
• is driven by an unidentified hit-and-run driver
• has invalid liability coverage because the insurer is insolvent or denies coverage

Uninsured/Underinsured Motorist Coverage
Uninsured motorist coverage pays for injuries sustained by you and your passengers caused by an uninsured motorist. Underinsured motorist coverage pays when you or your passengers are injured as a result of negligence by someone with insufficient liability insurance to cover your losses. The definition of an underinsured motorist varies from state to state.

Vehicle Recovery Program Credit
Vehicles equipped with anti-theft "homing" devices may be eligible for a discount.

Vehicle Use
The way your vehicle is used: for example business, pleasure or farm use.

Water Leak Alarm Credit
Homes equipped with an approved and properly maintained water leak alarm system may be eligible for a discount.

W.I.S.E./Affinity Discounts
These are discounts that are available to participants in our W.I.S.E. (Workplace Insurance Service for Employees) and our Affinity programs. Additional discounts may be available when participants select payroll deduction and/or Electronic Funds Transfer (EFT) to pay premiums. Discounts may also be available when mortgagee bill is selected. Consult with your independent agent for details on these discounts.

Window Glass Etching Credit
Vehicles with the Vehicle Identification Number (VIN) etched on the windshield, rear window, door glass, and moon/sun roof may be eligible for a discount.