{"id":4600,"date":"2025-05-19T09:48:10","date_gmt":"2025-05-19T09:48:10","guid":{"rendered":"https:\/\/301webdemo.com\/oegema\/?page_id=4600"},"modified":"2026-05-18T11:07:28","modified_gmt":"2026-05-18T11:07:28","slug":"insurance-terms-terminology","status":"publish","type":"page","link":"https:\/\/www.ona.ca\/insurance-terms-terminology\/","title":{"rendered":"Insurance Terms & Terminology"},"content":{"rendered":"\t\t
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\n\t\t\t\t\tInsurance Terms & Terminology<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Insurance Terms & Terminology<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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For the term you would like to investigate, please click on the first letter of the definition.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Discover All Our
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Personal\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Personal Insurance<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Commercial Insurance<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Farm Insurance<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Insurance Terms & Terminology<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A<\/span><\/a> B<\/span><\/a> C<\/span><\/a> D<\/span><\/a> E<\/span><\/a> F<\/span><\/a> G<\/span><\/a> H<\/span><\/a> I<\/span><\/a> J<\/span><\/a> K<\/span><\/a> L<\/span><\/a> M<\/span><\/a> N<\/span><\/a> O<\/span><\/a> P<\/span><\/a> Q<\/span><\/a> R<\/span><\/a> S<\/span><\/a> T<\/span><\/a> U<\/span><\/a> V<\/span><\/a> W<\/span><\/a> X<\/span><\/a> Y<\/span><\/a> Z<\/span><\/a> The definitions appearing in this Glossary are provided solely for general informational purposes. They are not intended to be complete descriptions of all terms, conditions, and exclusions applicable to the products and services defined. In the case of any inconsistency between the definitions in this Glossary and the definitions appearing in the actual policy, the definitions contained in the actual policy shall govern.\u00a0\u00a0\u00a0[A]<\/span>\u00a0\u00a0\u00a0ACCIDENT \u2013 An unexpected event, which happens by chance and is not expected in the normal course of events. ACTUAL CASH VALUE \u2013 The current cost of replacing an article with a similar one in the same condition. Any item has three basic values: original cost, actual cash value, and replacement value. For example, if you originally paid $400 for your living room couch; its actual cash value might be $175. But if it\u2019s destroyed in a fire, replacing it will cost you $800. ADDITIONAL INTEREST INSURED \u2013 Another person or company who may be liable for an accident involving an insured or an insured vehicle, and who has been named as an Additional Interest Insured under the policy. ADDITIONAL PREMIUM \u2013 An extra charge for an alteration, during the policy period, which increases the hazard or the company\u2019s liability. ADJUSTER \u2013 A person who investigates a loss and negotiates settlement with the claimant on the company\u2019s behalf. ALL PERILS \u2013 An optional coverage designed to provide protection for your vehicle for all types of losses except those specifically excluded in your policy. \u201cAll perils\u201d coverage is the most complete coverage you can select to protect yourself from loss or damage to your own vehicle. This coverage is optional and may be purchased in addition to the mandatory coverage required by law, and it is subject to a deductible. ALL RISK \u2013 Coverage against loss or damage from all perils except those specifically excluded. AMOUNT OF RISK \u2013 The company\u2019s total liability at a specific location APPLICATION (APP) \u2013 A form on which the prospective insured states facts requested by the insurance company; and on the basis of which (together with any information from other sources) the insurance company decides whether or not to accept the risk, modify the coverage offered, or decline the risk. ARSON \u2013 The willful and malicious burning of property. ASSUMED LIABILITY \u2013 Liability, which would not rest upon a person except that he or she has accepted responsibility by contract expressed or implied. This is also known as contractual liability. ASSURANCE \u2013 Same as \u201cinsurance\u201d. AUTOMOBILE INSURANCE<\/a> \u2013 Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverage. \u00a0\u00a0[B]<\/span>\u00a0\u00a0\u00a0BASIC RATE \u2013 The standard charge for a given type of risk. BI\/ PD \u2013 Bodily Injury \/ Property Damage Liability Coverage. BINDER \u2013 A temporary or preliminary agreement, which provides coverage until a policy can be written or delivered. BODILY INJURY \u2013 Term used in Auto and Casualty policies meaning physical injury, including sickness, disease, mental injury, shock, or death. BODILY INJURY LIABILITY \u2013 Pays when an insured person is legally liable for bodily injury or death caused by your vehicle or your operation of most non-owned vehicles. This coverage also pays for your legal defense if you are sued. BROAD FORM \u2013 Any of the commercial or personal lines property forms that provide coverage on a named perils basis. This form normally adds the Extended Coverage and Vandalism and Malicious Mischief coverage. This form is generally used for coverage on a Homeowners Policy. BROKER \u2013 An independent person or firm who acts on behalf of the insured in placing business with the insurance company. They are responsible for the collection of premiums, but do not have the authority to give coverage on the insurance company\u2019s behalf without their specific agreement. Compensation is on a commission basis. BUSINESS INTERRUPTION \u2013 Insurance<\/a> against business expenses and loss of income resulting from fire or other insured peril. \u00a0\u00a0[C]<\/span>\u00a0\u00a0\u00a0CANCELLATION \u2013 Termination of an insurance coverage during the policy period by the voluntary act of the insurance company or insured, effected in accordance with provisions in the contract or by mutual agreement. CIVIL LIABILITY \u2013 Liability to other motorists, pedestrians, and property owners that you assume when operating your automobile on a public roadway. CLAIM \u2013 Notice to an insurer that under the terms of a policy, a loss may be covered. CLAUSE \u2013 A term used to identify a particular part of a policy or endorsement. COINSURANCE \u2013 In property insurance, a clause under which the insured shares in losses to the extent that he or she is under insured at the time of loss. COLLISION COVERAGE \u2013 An optional coverage designed to provide protection for your vehicle when damage occurs as a result of a collision with another object. This coverage is optional and may be purchased in addition to the mandatory coverage required by law, and it is subject to a deductible. COMPREHENSIVE INSURANCE \u2013 Comprehensive insurance reimburses you for damage to your own car from causes other than collision or overturning. The comprehensive portion of your policy pays for loss due to perils like hail, flood, theft, fire, glass breakage, falling objects, missiles, explosions, earthquakes, windstorms, vandalism or malicious mischief, riot or civil commotion, and collision with a bird or an animal. When examining a policy\u2019s comprehensive coverage, check for exclusions or limitations. For example, if you have a special audio system installed in your car, you should ensure that your policy would cover the cost of the equipment if it were damaged or stolen. It\u2019s also important to know if the policy pays for the actual cash value of damaged or stolen property (its current value after depreciation has been subtracted or the full amount required to replace it today). COMPULSORY INSURANCE \u2013 Any form of insurance that is required by law. CONSEQUENTIAL DAMAGE\u2013 A loss that is an indirect result of an accident or fire (e.g. food spoiled through breakdown of a refrigerator). \u00a0\u00a0[D]<\/span>\u00a0\u00a0\u00a0DECLARATIONS (DEC SHEET) \u2013 A term used in insurance for the portion of the contract that contains information such as the name and address of the insured, the property insured, its location and description, the policy period, the amount of insurance coverage, applicable premiums, and supplemental representations by the insured. \u00a0 \u2013 The types of coverage you have elected \u2013 The limit for each coverage \u2013 The cost for each coverage \u2013 The specified vehicles covered by the policy \u2013 The types of coverage for each vehicle covered by the policy \u2013 Other information applicable to the policy\u00a0\u00a0\u00a0DEDUCTIBLE \u2013 The portion of a loss that you are required to pay before your insurance coverage will respond. Deductibles can be used to reduce your physical damage premiums. For example, if you owned a policy with a $200 deductible and you suffered a covered loss totaling $1,000, you would pay the first $200 and the insurance company would pay the remaining $800. If the loss were only $200, you would pay the entire amount. DEPRECIATION \u2013 Decrease in the value of property over a period of time due to use, wear, tear, and obsolescence. For example, if you paid $500 for a television set five years ago, its current value minus depreciation might be only $125. DIRECT LOSS (OR DAMAGE) \u2013 A loss that is a direct consequence of a particular peril. Fire damage to a refrigerator would be a direct loss. Spoiling of food in the refrigerator as a result of the fire damage would be an indirect loss. DIRECT WRITER \u2013 An insurance company that sells its policies through salaried employees (licensed agents) who represent it exclusively, rather than through independent local agents, who represent several insurance companies. DUE DILIGENCE \u2013 An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale. Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party. \u00a0\u00a0[E]<\/span>\u00a0\u00a0\u00a0EFFECTIVE DATE \u2013 The date on which an insurance policy or bond goes into effect, and from which protection is furnished. EMBEZZLEMENT \u2013 The fraudulent use of money or property that has been entrusted to one\u2019s care. EMPLOYERS LIABILITY INSURANCE \u2013 Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workers\u2019 compensation law. ENDORSEMENT \u2013 Amendment to the policy used to add or delete coverage. Also referred to as a \u201crider\u201d. EXCLUSIONS \u2013 Certain causes and conditions listed in the policy that are not covered. EXPIRATION \u2013 The date upon which a policy will end. EXPOSURE \u2013 Degree of hazard threatening a risk due to external or internal physical conditions. EXTENDED COVERAGE (EC) \u2013 A common extension of property insurance beyond coverage for fire and lightning. Extended coverage adds insurance against loss by the perils of windstorm, hail, explosion, riot, riot while attending a strike (civil commotion), aircraft damage, vehicle damage, smoke damage, and volcanic eruption. \u00a0\u00a0[F]<\/span>\u00a0\u00a0\u00a0FAIR MARKET VALUE \u2013 The price that a willing buyer would pay a willing seller, neither being under any compulsion to sell or buy. FLOATER POLICY \u2013 A policy under the terms of which protection follows moveable property, covering it wherever it may be. FLOOD INSURANCE \u2013 A form of insurance designed to reimburse property owners from loss due to the defined peril of flood. Flood insurance is commonly sold in connection with a government Flood Insurance plan. FORGERY \u2013 In general, any false writing with intent to defraud. \u00a0\u00a0[G]<\/span>\u00a0\u00a0\u00a0GARAGING LOCATION \u2013 The postal code where your vehicle is parked or garaged when not in use. This is usually your primary residence. GRACE PERIOD \u2013 A period after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period. \u00a0\u00a0[H]<\/span>\u00a0\u00a0\u00a0HAZARD \u2013 A specific situation that increases the probability of the occurrence of loss arising from a peril, or that may influence the extent of the loss. For example, accident, sickness, fire, flood, liability, burglary, and explosion are perils. Slippery floors, unsanitary conditions, congested traffic, unguarded premises, and uninspected boilers are also hazards. HOMEOWNER INSURANCE<\/a> \u2013 An elective combination of coverage for the risks of owning a home. This can include losses due to fire, burglary, vandalism, earthquake, and other perils. HOUSEKEEPING \u2013 The general care, cleanliness and maintenance of an insured property. \u00a0\u00a0[I]<\/span>\u00a0\u00a0\u00a0INDEMNIFY \u2013 To restore the victim of a loss, in whole or in part, by payment, repair, or replacement. INDIRECT LOSS (OR DAMAGE) \u2013 Loss resulting from a peril, but not caused directly and immediately. For example: loss of property due to fire is a direct loss. Loss of rental income as a result of the fire would be an indirect loss. IN-FORCE \u2013 Insurance on which the premiums are being paid or have been fully paid. In life insurance, In-Force usually refers to insurance by face amount. In health insurance, In-Force usually refers to premium volume being paid to the insurance company or the insurance companies in aggregate. INLAND MARINE INSURANCE \u2013 A branch of the insurance business that developed from the insuring of shipments that did not involve ocean voyages. Exposures eligible for this form of protection are described in the nation-wide definition of Marine Insurance. Such diverse properties as bridges, tunnels, jewelry, and furs can now be written under Inland Marine forms. INSPECTION \u2013 Independent checking on facts about an applicant or claimant, usually by a commercial inspection agency. INSURABILITY \u2013 Acceptability of an applicant for insurance to the insurance company. INSURANCE \u2013 A formal social device for reducing risk by transferring the risks of several individual entities to an insurer. The insurer agrees, for a consideration, to assume to a specified extent the losses suffered by the insured. INSURANCE POLICY \u2013 A legal document issued to the insured setting out the terms of the contract of insurance. INSURANCE TO VALUE \u2013 Insurance written in an amount approximating the value of the property insured. INSURED \u2013 The person (or persons) whose risk of financial loss from an insured peril is protected by the policy. Sometimes called the \u201cpolicyholder\u201d. INSURER \u2013 The Insurance Company. \u00a0\u00a0[J]<\/span>\u00a0\u00a0\u00a0JOINT TENANCY \u2013 Ownership of property shared equally by two or more parties under which the survivor assumes complete ownership. This is different from a tenancy in common, where the heirs of a deceased party to the tenancy inherit his or her share. \u00a0\u00a0[K]<\/span>\u00a0\u00a0\u00a0[L]<\/span>\u00a0\u00a0\u00a0LAPSE \u2013 Termination of a policy because of failure to pay the premium. LESSEE \u2013 The person to whom a lease is granted, commonly called the tenant. LESSOR \u2013 The person granting a lease, also known as the landlord. LIABILITY INSURANCE \u2013 In an accident in which you are charged with injuring another person or damaging his or her property, liability insurance pays the cost of your legal defense, as well as the cost of any damages for which you are found legally responsible. LIABILITY, COLLISION & COMPREHENSIVE \u2013 These are the three main types of coverage available in an auto insurance policy. Liability pays other people if you\u2019ve injured them or damaged their property. Collision pays to repair damage to your car caused by collisions. Comprehensive pays you for your losses due to theft and other calamities that are unrelated to collisions, such as damage from hail, fire, vandalism, floods, etc. LIABILITY LIMITS \u2013 The sum or sums beyond which a liability insurance company does not protect the insured on a particular policy. LIBEL \u2013 A written statement about someone that is personally injurious to that individual. LIMIT OF LIABILITY \u2013 The maximum amount that an insurance company agrees to pay in case of loss. LOSS \u2013 Generally refers to: \u00a0 \u2013 The amount of reduction in the value of an insured\u2019s property caused by an insured peril \u2013 The amount sought through an insured\u2019s claim, or the amount paid on behalf of an insured under an insurance contract \u00a0\u00a0LOSS OF USE INSURANCE \u2013 Coverage to compensate an insured for the loss of use of property if it cannot be used because of a peril covered by the policy. \u00a0\u00a0[M]<\/span>\u00a0\u00a0\u00a0MARKET VALUE \u2013 The price for which something would sell, especially the value of certain types of assets such as stocks and bonds. It is based on what they would sell for under current market conditions. For example, common stock market value would be the price of the stock as of a specified date. MATERIAL MISREPRESENTATION \u2013 The policyholder \/ applicant makes a false statement of any material (important) fact on his or her application. For instance, the policyholder provides false information regarding the location where the vehicle is garaged. MORTGAGE INSURANCE POLICY \u2013 In life and health insurance, a policy the benefits from which are intended to pay off the balance due on a mortgage or meet the payments on a mortgage as they fall due upon or after the death or disability of the insured. MORTGAGEE \u2013 The creditor to whom a mortgage is given, and who lends money on the security of the value of the property mortgaged. \u00a0\u00a0[N]<\/span>\u00a0\u00a0\u00a0NAMED INSURED \u2013 The first person in whose name the insurance policy is issued. NAMED PERILS \u2013 Named perils are the specific dangers a policy insures you against \u2013 such as fire, windstorm, and hail in a homeowner\u2019s policy. These perils are \u201cnamed\u201d or listed in the policy. NEGLIGENCE \u2013 Failure to use that degree of care that an ordinary person of reasonable prudence would use under the given circumstances. Negligence may be constituted by acts of either omission or commission or both. NO-FAULT INSURANCE \u2013 No-fault insurance is designed to speed up claims payments to accident victims, and to lower the cost of auto insurance by reducing the number of lawsuits for minor claims. Under no-fault insurance, a person\u2019s own insurance company pays for financial losses such as medical expenses and lost wages due to an accident, regardless of who caused it. (In a fault system, your expenses won\u2019t be paid by the other party\u2019s insurance company until he or she has been proved negligent.) In exchange, the right to sue may be restricted in some cases. \u00a0\u00a0[O]<\/span>\u00a0\u00a0\u00a0OCCASIONAL DRIVER \u2013 The person who is not the primary or principal driver of the vehicle. OCCUPANCY \u2013 In insurance, this term refers to the type and character of the use of property in question. OCCURRENCE \u2013 An event that results in an insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous, and can result from continuous or repeated exposure that results in bodily injury or property damage neither expected nor intended by the insured.\u00a0\u00a0\u00a0[P]<\/span>\u00a0\u00a0\u00a0PARTIAL LOSS \u2013 A loss under an insurance policy which does not either (1) completely destroy or render worthless the insured property, or (2) exhaust the insurance applying thereto. PERIL \u2013 Cause of a possible loss. For example, fire, theft, or hail. PERSONAL ARTICLES FLOATER \u2013 Provides all risk coverage, subject to reasonable exclusions for valuable items such as furs, jewelry, cameras, silverware, etc., formerly insured under separate contracts. The items are generally listed by description and value. This can be contrasted to the personal effects floater. PERSONAL EFFECTS FLOATER \u2013 An inland Marine policy covering world-wide coverage except in the insured\u2019s domicile, and personal effects usually carried by a tourist. In two forms, \u201cAll Risk\u201d (or Broad Form) and \u201cSpecified Perils\u201d form. PERSONAL INJURY \u2013 Injury other than bodily injury arising out of false arrest or detention, malicious prosecution, wrongful entry or eviction, libel or slander, or violation of a person\u2019s right to privacy committed other than in the course of advertising, publishing, broadcasting or telecasting. Contrast with Advertising Injury. PERSONAL PROPERTY \u2013 Any property of an insured other than real property. Homeowner policies protect the personal property of family members, and commercial forms are used to protect many types of business personal property of an insured. PERSONAL PROPERTY FLOATER \u2013 A broad policy covering all personal property world-wide, including an insured\u2019s domicile. PERSONAL PROPERTY LIMITATIONS \u2013 One should not assume everything you own is adequately insured by a standard homeowner\u2019s policy. The typical homeowner\u2019s policy provides only limited coverage for many expensive items. Extra coverage can be purchased separately. PHYSICAL DAMAGE COVERAGE \u2013 Physical damage coverage insures you against damage to your car. The physical damage section of an automobile policy can include both comprehensive coverage that protects you against theft and vandalism, among other things; and collision coverage. PHYSICAL HAZARD \u2013 The material, structural, or operational features of the risk itself, apart from the morale or moral hazards of the persons owning or managing it. POLICY \u2013 Legal document issued to the insured setting out the terms of the contract of insurance. POLICY EXPIRATION DATE \u2013 The date when your current insurance policy expires. This date can be found on your current Declaration (or \u201cDEC\u201d) page, insurance identification card, or recent cancellation notice. This date is not to be confused with the date of your next payment or the date when your renewal payment is due. POLICY LIMIT \u2013 The maximum amount a policy will pay, either overall or under a particular coverage. POLICY PERIOD (OR TERM) \u2013 The period during which the policy contract provides protection (e.g. six months or one or three years). POLICYHOLDER \u2013 The person (or persons) whose risk of financial loss from an insured peril is protected by the policy. PREFERRED RISK \u2013 An insurance classification indicating a risk that is superior to the average risk on which the rate has been calculated and thus eligible for a reduced rate. PREMISES \u2013 The particular location of property or a portion thereof as designated in a policy. PREMIUM \u2013 The amount of money an insurance company charges for insurance coverage. PRINCIPAL DRIVER \u2013 The person who drives the car most often. PROFESSIONAL LIABILITY INSURANCE \u2013 Liability insurance to indemnify professionals, doctors, lawyers, architects, etc., for loss or expense resulting from claim on account of bodily injuries because of any malpractice, error, or mistake committed or alleged to have been committed by the insured in his or her profession. PROHIBITED RISK \u2013 Any class of business that an insurance company will not insure under any condition. PROOF OF LOSS \u2013 A formal statement made by the insured to the insurance company regarding a loss. The purpose of the proof of loss is to place before the company sufficient information concerning the loss to enable it to determine its liability under the policy. PROPERTY DAMAGE LIABILITY \u2013 Pays when an insured person is legally liable for damage to the property of others caused by your vehicle or your operation of most non-owned vehicles. This coverage also pays for your legal defense costs if you are sued. PROPERTY DAMAGE UNINSURED MOTORIST \u2013 Property damage uninsured or underinsured coverage protects you in situations in which your vehicle has been damaged by another driver who doesn\u2019t have adequate coverage or no insurance at all, and can\u2019t pay for your losses. With this coverage, your own insurance company would pay up to the limit of your policy to have your car fixed or replaced. PROPERTY INSURANCE \u2013 Property insurance indemnifies an insured whose property is stolen, damaged, or destroyed by a covered peril. The term property insurance includes direct or indirect property losses covered in several lines of insurance. PROTECTION \u2013 Term used interchangeably with the word \u201ccoverage\u201d to denote the insurance provided under the terms of a policy. The term is also used to indicate the existence of fire-fighting facilities in an area known as a \u201cprotected\u201d area. \u00a0\u00a0[Q]<\/span>\u00a0\u00a0\u00a0QUOTE \u2013 An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant. \u00a0\u00a0[R]<\/span>\u00a0\u00a0\u00a0REIMBURSEMENT \u2013 Payment of an amount of money related to the amount of the loss to or on behalf of the insured upon the occurrence of a defined loss. REINSTATEMENT \u2013 Restoring a lapsed policy back in force. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest. REINSURANCE \u2013 A contract of indemnity against liability by which the insurance company procures another insurance to insure it against loss or liability by reason of the original insurance. Insurance by one insurance company of all or part of a risk accepted by it with another insurance company which agrees to reimburse the insurance company for the portion of the claim reinsured. The insurance company obtaining the reinsurance is called the \u201cceding insurance company;\u201d the insurance company issuing the reinsurance is called the \u201creinsurer.\u201d A reinsurer may, in turn, seek reinsurance on some portion of the risk it has reinsured, a process known as \u201cretrocession.\u201d \u00a0\u00a0RENEWAL \u2013 The continuation in full force and effect of something that is about to expire. With an insurance policy it is made either by the issuance of a new policy or renewal receipt or certificate to take effect upon the expiration of the old policy. REPLACEMENT COST \u2013 The cost of replacing property without deduction for depreciation. RIDER \u2013 Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage. \u00a0\u00a0RISK MANAGEMENT \u2013 Management of the pure risks to which a company might be subject. It involves analyzing all exposures to the possibility of loss and determining how to handle these exposures through such practices as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance. \u00a0\u00a0[S]<\/span>\u00a0\u00a0\u00a0SETTLEMENT \u2013 Usually a policy benefit or claim payment. It denotes an agreement between both parties to the policy contract as to the amount and method of payment. SPECIFIED PERILS \u2013 An optional coverage designed to provide basic protection for your vehicle for loss or damage resulting from incidents specifically stated in your policy. Several examples of the types of losses insured under named perils coverage include fire, lightning, theft, explosion, earthquake, windstorm, and hail. This coverage is optional and may be purchased in addition to the mandatory coverage required by law, and it is subject to a deductible. SUBROGATION \u2013 The right of an insurance company to step into the shoes of the party whom they compensate, and sue any party whom the compensated party could have sued. \u00a0\u00a0[T]<\/span>\u00a0\u00a0\u00a0TENANTS POLICY \u2013 A Homeowners form that is specifically designed for people who rent. THIRD PARTY INSURANCE \u2013 Protection of the insured against liability for damage to or destruction of the bodies or property of others. TOTAL LOSS \u2013 A loss of sufficient size such that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay. TRANSFER OF RISK \u2013 Shifting all or part of a risk to another party. Insurance is the most common method of risk transfer. But other devices, such as hold harmless agreements, also transfer risk. One of the four major risk management techniques. See Risk Management. \u00a0\u00a0[U]<\/span>\u00a0\u00a0\u00a0UMBRELLA LIABILITY POLICY \u2013 A policy that pays for liability losses in excess of those covered in homeowners and auto insurance. UNDERWRITER \u2013 A person trained in evaluating risks and determining the rates and coverage that will be used for them. An agent, especially a life insurance agent, who might qualify as a \u201cfield underwriter.\u201d In theory, the agent is supposed to do some underwriting before submitting the case to the home office underwriter (i.e. to make a decision on the basis of facts known to him or her on whether or not the risk is sound, and to report all facts known to him or her that might affect the risk). \u00a0\u00a0UNDERWRITING \u2013 The process of evaluating a risk for the purpose of issuing insurance coverage on it. \u00a0\u00a0[V]<\/span>\u00a0\u00a0\u00a0VALUATION \u2013 Estimation of the value of an item, usually by appraisal. VIN \u2013 The vehicle identification number (VIN) on your vehicle. This number is usually found on the dashboard of your vehicle on the driver\u2019s side, and is usually listed on the vehicle registration and title. The VIN is a combination of letters and numbers 17 characters in length that can be used to identify the make, model, and year of your car. \u00a0\u00a0[W]<\/span>\u00a0\u00a0\u00a0WAIVER \u2013 A rider waiving (excluding) liability for a stated cause of accident or (especially) sickness. A provision or rider agreeing to waive (forego) premium payment during a period of disability. The giving up or surrender of a right or privilege that is known to exist. It may be effected by the agent, adjuster, or insurance company employee or official orally or in writing. \u00a0\u00a0[X]<\/span>\u00a0\u00a0\u00a0[Y]<\/span>\u00a0\u00a0\u00a0[Z]<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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What Our Clients Are Saying\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Real stories from people who trust
Oegema Nicholson Insurance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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“One call to Oegema, Nicholson & Associates is all it took. After our basement flooded, within a day or two they had a crew cleaning everything up, taking down the drywall and itemizing everything to be cleaned, thrown out or restored. They had everything in place for us in a timely manner and were extremely patient with me as they talked me through the process and waited for me to make decisions.”<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Jennifer Parks, Stittsville, Ontario<\/span><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u201cI\u2019ve been dealing with ONA for over 20 years with my personal insurance, as well as our commercial insurance, and I know I can rely on them for great customer service, and prompt responses. I feel confident not only referring them to my employees, but to our customers as well.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Charlene Brunet, Butler Group of Company<\/span><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u201cONA helps me with my personal insurance and my business insurance. They are my one stop shop when it comes to insurance and group benefits. I know I\u2019m covered in all areas. Great friendly service and knowledgeable staff!\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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James Carriveau, President, Exact Interlock and Exact Properties<\/span><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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“It\u2019s always a pleasure to deal with Oegema, Nicholson & Associates, and I can depend on them for all my insurance needs. I have been a client for several years and whether it\u2019s regarding my personal insurance, or anything to do with our employee benefits or commercial needs, I know I\u2019m taken care of.”<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Rhonda, Capital Dodge<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u201cI would like to thank Carol for everything she has done for me and my family over the years. It is my honest belief that we would not be in the position we are in if it was not for her guidance, expertise and honesty. We can\u2019t begin to thank her enough.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Tim<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\tarraow-right<\/title>