Welcome to The Camille Bunicci Agency’s Insurance Glossary. This page is your quick reference for understanding the most common insurance terms in clear, simple language.
Use it whenever you need to decode your policy or refresh your understanding of key insurance concepts.
Actual Cash Value – The current value of your property after depreciation has been subtracted.
Certificate of Insurance (COI) – Proof of coverage issued by your insurance company, often required by clients, landlords, or business partners.
Claim – A formal request for payment that you submit to your insurance company after a covered loss.
Collision Coverage – Pays for damage to your vehicle resulting from a collision with another car or object.
Comprehensive Coverage – Protects against non-collision events such as theft, fire, vandalism, or storm damage.
Deductible – The amount you pay yourself before your insurance company covers the rest of a loss.
Endorsement – A change or addition to your insurance policy that alters your coverage.
Exclusion – A specific situation or type of loss that your insurance policy does not cover.
Liability Coverage – Coverage that pays for injury or property damage that you cause to others.
Peril – A cause of loss such as fire, theft, or wind damage.
Policy Limit – The highest amount your insurance company will pay for a covered loss.
Premium – The cost you pay for insurance, typically billed monthly, quarterly, or annually.
Replacement Cost – The amount required to replace damaged or stolen property with new property of similar kind and quality.
Subrogation – The process where your insurer seeks reimbursement from the party responsible for a loss after paying your claim.
Umbrella Policy – Additional liability coverage that extends beyond your standard policy limits for extra protection.
Underwriting – The process used by insurance companies to assess risk and set policy terms and pricing.
If you have questions about any of these terms or want to ensure your coverage meets your needs, contact The Camille Bunicci Agency today. Our Long Island insurance professionals will help you make sense of every part of your policy and protect what matters most.
