A
Adjuster
An adjuster is an individual who will work to settle an insurance claim.
Agent
An insurance agent is an individual who solicits insurance contracts. Insurance agents are also knowledgeable in their field, helping policyholders find coverage that suits their needs. You can find an OKFB agent here.
B
Bodily Injury
A bodily injury is an injury sustained by an individual.
C
CD
A CD, or certificate of deposit, is typically a low-risk money management tool that provides a fixed interest rate on monetary deposits over an agreed upon amount of time.
Claim
Request to an insurance company in which those who are making the claim are looking for a payment based on the type of insurance policy they have.
Coverage
Insurance coverage is the amount of risk or liability that is covered financially by insurance in the event of a loss, lawsuit or accident.
D
Deductible
A deductible is the agreed upon amount you must pay before the insurance on your policy begins to provide coverage.
Dwelling
A dwelling is a house, apartment or other place where you live.
F
Farm Implements
Includes equipment that is used on the farm like harvesters, planters and tractors.
Fixtures
Fixtures, like sinks, are typically furniture or equipment attached in a fixed position on a property.
I
Insured
An insured is the individual covered under an insurance policy. Also known as a policyholder.
L
Liability
Liability insurance protects the insured from lawsuits in case of bodily injury or property damage where the insured is found to be at fault.
Limit
A limit is the maximum amount of insurance protection you may purchase for a specific coverage option.
O
Other structures
Includes sheds, detached garages and barns.
Owner occupied
The owner of the insured home also lives in that home.
P
Policy
An insurance policy is a contract of insurance between the insured and insurer.
Policy Number
A policy number is a unique ID that will attach a specific policy to a named insured.
Policyholder
A policyholder is an individual covered under an insurance policy. Also known as the insured.
Premium
A premium is the cost an insurer sets for the coverage listed in an insurance policy.
T
Tenant
Those who live in a home that they do not own.
Tractor/Trailer
A vehicle that consists of a semi-tractor and an attached trailer.
U
Umbrella Insurance
Umbrella insurance provides additional liability coverage above the limits of a current homeowner or auto policy.
