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Commonly Used Life Insurance Terms
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Accidental Death and Dismemberment Insurance (AD&D)
A specific type of life insurance policy that pays benefits in the case of the death or dismemberment of the insured from accidental causes. If dismemberment occurs, benefits are paid on a specific basis, such as weekly, bi-weekly or monthly for the injury; and the amount of payment of the benefits is based on the type and severity of the dismemberment.
Architects and Engineers Professional Liability Insurance
Protects architects and engineers against claims arising out of their professional services caused by error, omission or negligent acts.
The owner of a policy may assign the right to name the policy's beneficiary to a third party. A collateral assignment names a lender as the policy beneficiary to secure a business loan for the insured.
A beneficiary is the person named by the owner of an insurance policy to receive any benefits provided by the plan if the participant dies.
BOP—Business Owners Policy
Similar to the commercial package policy (CPP), it provides broad property and liability protection in a single contract and is designed for small and medium-sized mercantile, service, office or apartment risks.
A building or a ship in the course of construction.
A special form dealing with the unique loss exposure of property under construction.
A generic term used in both inland marine and ocean marine insurance to designate the types of insurance available to provide coverage for cargo that is being transported by truck, rail, air, ship or boat.
CGL—Commercial General Liability Policy
The commercial general liability policy provides comprehensive general liability coverage for commercial risks covering all liability exposures for all locations and causes off loss except those specifically excluded or limited either within the coverage form or by endorsement. Protection may be provided on either an occurrence type of policy or on a claims-made basis.
Commercial Property Policy
Commercial property policy provides coverage for real and personal property that is used in a business.
A contingent beneficiary is an alternate beneficiary. One whose rights under a contract are dependent upon the death of the primary beneficiary.
Contingent Business Income
The insurance against loss due to interruption of business by fire or other insured cause of loss occurring at the premises of another on whom the continuation of the business is dependent, such as the premises of a supplier or a large customer.
In general terms, a surety bond guaranteeing the performance of a contract, usually associated with construction work, but possible for almost any kind of contract. Sometimes called a performance bond.
A generic term encompassing a variety of bonds that maybe required of, or used by, the participants in a lawsuit. These bonds permit those participants to pursue certain legal remedies in court.
CPP (Commercial Package Policy)
A package policy designed for commercial insureds that can provide in one policy several lines of insurance business as needed by that commercial venture. Lines of business which may be included in the CPP are property/glass, general liability, inland marine, crime, boiler and machinery insurance, and commercial automobile.
Directors and Officers Liability Insurance
Protects officers and directors of a corporation against damages from claims resulting from negligent or wrongful acts in the course of their duties. Also covers the corporation (and even the officers and directors in some cases) for expenses incurred in defending lawsuits arising from alleged wrongful acts of officers or directors. These policies always require the insured to retain part of the risk uninsured.
An “all-risk” policy that provides protection on equipment, software and extra expenses incurred as a result of failure of such equipment caused by an insured loss and loss of earnings. Also know as an EDP policy. Coverage may be extended to include liability claims alleging errors and omissions by data processing companies.
Employment-Related Practices Liability (ERPL) or Employment Practices Liability Insurance (EPLI)
Impetus for the coverage started with public interest in the allegations made by Anita Hill during the confirmation hearings of Supreme Court Justice Clarence Thomas. Changes in federal and state laws, such as the Americans with Disabilities Act and the Civil Rights Act of 1991, resulted in increased consumer awareness of sexual harassment and discrimination in the workplace. Coverage is available for legal costs to defend claims involving sexual harassment, wrongful termination and discrimination including legal liability for such acts. The coverage is known by various titles. Employment-related practices liability, management risk protection, employers E&O and Americans with Disabilities Act insurance are basically the same coverage. Most policies provide limits ranging from as low as $25,000 per claim up to $1 million. Policies may cover employees as additional insureds.
An insurance policy which reimburses and employer for losses resulting from dishonest acts of employees. May be written to cover specific employees or all employees, using either a schedule or blanket basis, or by scheduling positions versus named persons.
A person who occupies a position of trust, especially one who manages the affairs of another. For example, the guardian of a minor is a fiduciary.
Fiduciary Liability Insurance
Protection for those who administer pension and welfare funds, profit-sharing and other employee benefit programs against loss for errors and omissions by the administrator. The need for this coverage was created by the Employee Retirement Income Security Act (ERISA) of 1974. Also known as pension trust liability insurance.
The insurance of property (generally on an “all-risk” basis) that is in the course of transportation or is of such a nature that is may easily be transported. Also includes some risks at fixed locations considered “instruments of transportation or communication,” such as bridges, tunnels, neon signs, and street clocks, etc, which were accepted as inland marine by custom.
Originally meant the insurance of goods in transit “inland,” instead of at sea, by underwriters who specialized in ocean marine insurance.
The insured is the person on whose life an insurance policy is issued.
Originated as a policy for financial institutions, primarily banks, and tailored to meet the standard kidnap procedure, which is forcing the bank to withdraw the ransom money from its vaults and deliver it to a designated place before release of the banker or family. The recent rash of kidnappings on an international scale involving a variety of corporations has created a heavy demand for a broadened coverage. At this time there is a limited market, a disinclination to write in certain countries, and no standardization in rates. The insurance covers about 10% of any loss. Not an easy class to underwrite. Personal accident coverage for kidnap victims is sometimes available.
Non-owned Automobile Liability Insurance
The owner is the person who owns the policy, as shown in the insurance company's records.
Coverage for the policyholder against liability incurred while driving an automobile not owned or hired by the policyholder or resulting from the use of someone else’s automobile on the insured’s behalf, such as an employee using a personal car for the employer’s business purposes. The coverage is automatically included in personal and most commercial automobile policies.
As long as the premiums are paid, permanent insurance provides income for a beneficiary if the insured dies. Permanent life insurance also builds up a cash value, which can be used during the lifetime of the insured.
Prize Indemnification Insurance
A specialty insurance designed to provide coverage or indemnification for large prize giveaways, based on the odds faced by the insured.
Product-Completed Operations Insurance
Coverage designated to protect against the liability for injury, loss, or damage that a merchant or a manufacturer may incur as the result of some defect in the product sold or manufactured.
A class of insurance policies that indemnifies the insured for third-party liability claims due to negligence in the performance of professional services. Professionals include doctors, lawyers, engineers, insurance agents and others.
Railroad Protective Liability
The standard commercial general liability policy excludes liability for construction or demolition operations on or near railroad property, such as tracks, trestles, sidetracks, etc. in order to provide coverage for this exposure, the railroad protective liability policy is available to provide protective liability coverage for railroad owners, property owners, or contracts from the vicarious acts of contractors or subcontractors who are working on their behalf. The policy is purchased by the subcontractor or contractor in the name of the party needing protection. For example, a contractor demolishing a building near a railroad track may need to purchase a railroad protective liability policy for the property owner, the railroad, or both.
A document that amends the policy or certificate is called a rider. It may increase or decrease benefits, waive the condition of coverage, or in any other way amend the original contract.
Term Life Insurance
Term life insurance provides income for a beneficiary if an insured dies during the insured period. Term life insurance gives an insured financial protection for a set period of time. The period (or term) set for the policy can be one year, five years, or more. If an insured dies during that period, the face, or dollar, amount of the policy is paid to the beneficiary.
Travel Accident Insurance
A type of life or accident policy sold at airports, bus stations and railroads to provide coverage for bodily injury, accidents or death suffered by passengers while traveling on the aircraft, but or railroad. The coverage may be sold by ticket agents or in vending machines.
UST—Underground Storage Tank
The EPA has developed financial responsibility requirements with respect to owners and users of specific types of underground storage tanks that contain petroleum products or other hazardous chemicals.
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, 680 North Lake Shore Drive, Chicago, IL 60611
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