Glossary
ABC / DEF / GHI / JKL / MNO / PQR / STU / VWX / YZ
PQR
Policy: a written contract for insurance between an insurance company and policyholder stating details of coverage
Pollution Liability Insurance: covers costs related to pollution, such as the costs associated with restoration and cleanup or the liability for injuries and deaths caused by pollution
Professional Liability Insurance: protects professionals such as doctors, lawyers, engineers, beauticians, architects, and insurance agents against third-party liability claims due to negligence in their performance of professional services
Property Insurance: covers loss to an organization's buildings or business personal property, including a tenant's improvements to a leased space
Rate: the cost of insurance
Renters Insurance: form of insurance that covers a policyholder's belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others; provides personal liability coverage for damage the policyholder or dependents cause to third parties; provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or her residence is being repaired
Replacement Cost: insurance that pays the dollar amount needed to replace damaged personal property or dwelling property
