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PIKE Insurance Service has collected a list of Insurance Terms Definitions to help Contrators fully understand what they're getting themselves into when choosing an Insurance Carrier. The list is several pages, so PIKE listed each page of definitions, alphabetically. Use the navigation system to the right and browse the list of definitions by name or click through each page using the "NEXT PAGE " button at the top each page.

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Not sure where to start or what questions to ask? Let one of PIKE's Customer Service Reps. help you. PIKE is here to assist you with:

 
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Severability

A provision that insurance applies separately to each insured under the policy.

Shock Loss

Name given to any large loss that impacts an otherwise profitable book of business.

Split Limits

As in auto insurance, where rather than one liability amount applying on a per-accident basis, separate amounts apply to bodily injury and property damage liability.

Solvency

Having sufficient assets--capital, surplus, reserves--and being able to satisfy financial requirements--investments, annual reports, examinations--to be eligible to transact insurance business and meet liabilities.

State Amount

Amends the valuation clause on a policy to include an amount that is "stated" as the value of the item(s) being insured. Usually, these policies pay the lesser of the ACV of the damaged property, the cost of repairing or replacing the property, or the stated amount.

State of Domicile

The state in which the company is incorporated or chartered. The company also is licensed (admitted) under the state's insurance statutes for those lines of business for which it qualifies.

Subrogation

The right of an insurer who has taken over another's loss also to take over the other person's right to pursue remedies against a third party.

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