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A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.


A seller’s market in which insurance is expensive and in short supply. (See Property/casualty insurance cycle )


Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.


A percentage or dollar amount added to a homeowner’s insurance policy to limit an insurer’s exposure to loss from a hurricane. Higher deductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.

Glossary terms and definitions provide a brief review of common insurance terms and definitions used in the insurance industry. Some terms and definitions may vary by state or may not be applicable for all insurance and financial products. This glossary is not an insurance contract. Other terms, conditions and exclusions may apply to your individual insurance contracts. These definitions do not alter or modify the terms of any insurance contract. Your personal insurance contracts are the controlling documents. Additionally, this informational resource is provided as a learning tool and does not replace your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions you should consult with your insurance agent, your insurance company and review the policy language of your insurance contract. 

Glossary content provided by Insurance Information Institute