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.

Comprehensive Coverage
Coverage that pays for damage to or the loss of your vehicle from causes other than collision.

Extended Coverage
A clause added to an insurance policy that provides additional coverage for risks not covered in a basic policy.

Policyholder
Literally, the person who has possession of the policy.

No-Fault
Auto insurance coverage which pays for each driver’s own injuries, despite who was responsible for the accident. No-fault coverage varies with each state.

Renters Insurance
A form of insurance that covers a renter’s posessions against perils such as fire, theft, windstorm, explosion, vandalism, and others. It also provides personal liability coverage for damage the renter or family members cause to other people in addition to other things that standard homeowners policies cover.

Major Medical Insurance
A type of health insurance that provides benefits for most types of medical expenses incurred up to a high limit, subject to a large deductible.

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.

Health Maintenance Organization
A legal entity in the state that provides health care in a geographic area, and which accepts responsibility to provide directly or by contract an agreed-upon set of health services to a defined, voluntarily-enrolled group of individuals.

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.