Insurance

Integrity, expertise, and innovation to protect your time and money. Relationships are central to protecting what is most valuable to you. Lake Group Insurance wants to help you protect what's important. Call or Email today.

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Insurance lingo: Umbrella and Excess (Commercial):

Coverage for the liability of a commercial venture above a specific amount set forth in a basic policy issued by the primary insurer; or a self-insurer for losses over a stated amount; or an insured or self-insurer for known or unknown gaps in basic coverages or self-insured retentions.

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Insurance lingo: Burglary:

Coverage against loss as a result of forced entry into premises.

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Insurance Lingo: Product Liability: Insurance coverage protecting the manufacturer, distributor, seller, or lessor of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product.

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Insurance Lingo: Multi-Peril Insurance:

Personal and business property coverage combining several types of property insurance in one policy. 

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Insurance Lingo: Facultative Reinsurance

Reinsurance for a specific policy for which terms can be negotiated by the original insurer and reinsurer.

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Insurance Lingo: Collision

Optional insurance coverage for when you have an accident colliding with another object besides an animal (ex. Another car, a tree, etc.)

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Insurance Lingo:  Independent Contractor:

An individual who is not employed for a company but instead works for themselves providing goods or services to clients for a fee.

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Insurance Lingo:  Actuary:

A job title to describe a person who analyzes historical information to make predictions about the future and establish adequate insurance rates.

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Insurance Lingo: Personal Injury Protection Coverage/PIPAutomobile 

Coverage available in states that have enacted no-fault laws or other auto reparation reform laws for treatment of injuries to the insured and passengers of the insured.

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Insurance Lingo: Loan-backed Securities:

Pass-through certificates, collateralized mortgage obligations (CMOs), and other securitized loans not included in structured securities where payment of interest and/or principal is directly proportional to the interest and/or principal received by the issuer from the mortgage pool or other underlying securities.

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Insurance Lingo: Product Liability:

Insurance coverage protecting the manufacturer, distributor, seller, or lessor of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product.

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Insurance Lingo: Other Considerations:

Unallocated annuity considerations and other unallocated deposits that incorporate any mortality or morbidity risk and are not reported as direct premiums, direct annuity considerations or deposit-type contract funds.

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Insurance Lingo:

Manufacturers Output Policies:

Provides broad form coverage of personal property of an insured manufacturer including raw material, goods in process, finished goods and goods shipped to customers.

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Insurance Lingo: Retention A mechanism of internal fund allocation for loss exposure used in place of or as a supplement to risk transfer to an insurance company.

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Insurance Lingo:   Open Perils:

A type of policy that covers you for a loss if the cause of that loss is not listed in the exclusions. If the policy does not list fire as an exclusion, and your home catches fire, the policy should pay for your loss.