Call Us 816-503-6222 ☰ ˟
Client Portal Request A Quote
Logo
816-503-6222
  • Home
  • Our Agency
    • AboutImage of right arrow
      • Our Locations
    • Commercial ProductsImage of right arrow
      • Coverage for Specific Industries
      • Coverage for Your Business
    • Personal ProductsImage of right arrow
      • Automobile
      • Homeowners
      • Other Personal
      • Farm
      • Life
    • Community Involvement
    • Risk Management Services
    • Claims Services
    • Get a Quote
    • Client Portal
    • Insurance Providers
    • Contact Us
  • Products
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Alarm Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Insurance for Arborists - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Bar Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Box Truck Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Builders Risk Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Cargo Insurance and Freight Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Catering Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Cleaning Business Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Construction Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Consulting Firm Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Specialty Trade Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Craft Brewery Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Dental Practice Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Dump Truck Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Educational Facility Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Financial Institution Insurance
      • Fleet Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Garage Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Healthcare Facility Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Healthcare Practice Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Law Firm Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Life Science Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Limousine Services Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Liquor Liability Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Livestock Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Maintenance Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Manufacturing Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Maritime Employers Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Media & Advertising Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Medical Malpractice Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Minibus Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Non Profit Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Nursing Home Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Nursing Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Orthotics & Prosthetics Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Pharmacist Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Pool & Spa Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Printers & Publishers Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Railroad Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Real Estate Businesses Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Restaurant Insurance - Kansas City MO/Denver CO - Walnut Risk Management, LLC
      • Retail Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • School Bus Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Scrap Metal Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Security Guards Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Self-Storage Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Septic Contractors Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Snow Plow Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Specialized Truck Equipment Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Staffing Practice
      • Technology Services Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Tow Trucks Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Tractor Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Water Well Drillers Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Veterinary Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
    • Coverage for Your BusinessImage of right arrow
      • Surety & Fidelity Bonds - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Business Catastrophe Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Business Owners Policy (BOP) - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Commercial Auto Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Commercial General Liability - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Commercial Property Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Commercial Real Estate Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Commercial Umbrella Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Crime Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Equipment Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Errors and Omissions Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Fidelity Bonds - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Loss Control Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Inland Marine Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Marine Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Mechanical Breakdown Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Office Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Product Liability Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Professional Liability Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Small Business Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Small Business Liability Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Storage Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Surety Bonds - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Technology Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Trailer Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Transportation Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Trucking Insurance and Semi Truck Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Workers Compensation - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Van Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
    • AutomobileImage of right arrow
      • Auto Liability Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Comprehensive Auto Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Auto Collision Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Uninsured/Underinsured Motorist Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Diminishing/Vanishing Deductible - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Accident Forgiveness - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Minor Violation Forgiveness - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Roadside Assistance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Specialty Auto Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • 24-Hour Customer Service - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Towing Services & Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Rental Reimbursement - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Personal Injury Protection (PIP) - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Medical Payments Coverage - Kansas City MO & Denver CO - Walnut Risk Management, LLC
    • HomeownersImage of right arrow
      • Property Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Homeowners Liability - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Renters Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Condo Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Mobile Home Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Scheduled Property Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Landlords Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • In-Home Business Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
    • Other PersonalImage of right arrow
      • In-Home Business Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Identity Theft Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Data Backup Services - Kansas City MO & Denver CO - Walnut Risk Management, LLC
    • FarmImage of right arrow
      • Crop Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Owners Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Equipment Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Dwelling Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Livestock Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Equine Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Structures Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Auto Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Umbrella Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Farm Liability Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
    • LifeImage of right arrow
      • Individual Life Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Group Life Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Long-Term Care Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Disability Income Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Second-to-Die Policy - Kansas City MO & Denver CO - Walnut Risk Management, LLC
      • Key Person (Key Men) Insurance - Kansas City MO & Denver CO - Walnut Risk Management, LLC
  • Get a Quote
  • Contact Us
  • Location & Hours
Auto Icon Home Icon Business Icon Life Icon Health Icon Boat Icon
Home > Glossary > T

Insurance Glossary

Insurance terms and definitions from Walnut Risk Management.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Walnut Risk Management today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
TERM CERTAIN ANNUITY
An form of annuity that pays out over a fixed period rather than when the annuitant dies.

TERM INSURANCE
A form of life insurance that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.

TERRITORIAL RATING
A method of classifying risks by geographic location to set a fair price for coverage. The location of the insured may have a considerable impact on the cost of losses. The chance of an accident or theft is much higher in an urban area than in a rural one, for example.

TERRORISM COVERAGE
Included as a part of the package in standard commercial insurance policies before September 11, 2001 virtually free of charge. Since September 11, terrorism coverage prices have increased substantially to reflect the current risk.

THIRD-PARTY ADMINISTRATOR
Outside group that performs clerical functions for an insurance company.

THIRD-PARTY COVERAGE
Liability coverage purchased by the policyholder as a protection against possible lawsuits filed by a third party. The insured and the insurer are the first and second parties to the insurance contract.

TIME DEPOSIT
Funds that are held in a savings account for a predetermined period of time at a set interest rate. Banks can refuse to allow withdrawals from these accounts until the period has expired or assess a penalty for early withdrawals.

TITLE INSURANCE
Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title.

TORT
A legal term denoting a wrongful act resulting in injury or damage on which a civil court action, or legal proceeding, may be based.

TORT LAW
The body of law governing negligence, intentional interference, and other wrongful acts for which civil action can be brought, except for breach of contract, which is covered by contract law.

TORT REFORM
Refers to legislation designed to reduce liability costs through limits on various kinds of damages and through modification of liability rules.

TOTAL LOSS
The condition of an automobile or other property when damage is so extensive that repair costs would exceed the value of the vehicle or property.

TRANSPARENCY
A term used to explain the way information on financial matters, such as financial reports and actions of companies or markets, are communicated so that they are easily understood and frank.

TRAVEL INSURANCE
Insurance to cover problems associated with traveling, generally including trip cancellation due to illness, lost luggage and other incidents.

TREASURY SECURITIES
Interest-bearing obligations of the U.S. government issued by the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. Marketable Treasury securities fall into three categories — bills, notes and bonds. Marketable Treasury obligations are currently issued in book entry form only; that is, the purchaser receives a statement, rather than an engraved certificate.

TREATY REINSURANCE
A standing agreement between insurers and reinsurers. Under a treaty each party automatically accepts specific percentages of the insurer’s business.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Facebook
LinkedIn
Google+
Get Directions
Contact Us Today
How Can We Help You?
Resources
Products
Payment Options
Report a Claim
Personal Lines Carriers
About Us
Refer A Friend
Contact Us
Contact us 1100 Walnut Street, Suite 3000
Kansas City, MO 64106

Phone: 816-503-6222
Fax: 816-759-2770
Email: information@walnutrisk.com
© Copyright. All rights reserved. Powered by Insurance Website Builder.