Atlantic Insurance Group Resources:
At Atlantic Insurance Group, we’re firm believers in “knowledge is power.” We hope you’ll take a moment and explore the resources provided below. We look forward to the privilege to work with you to tailor an insurance program that truly meets your needs and provides you with sound coverage and peace of mind.
There are currently 14 names in this directory beginning with the letter L.
The termination or discontinuance of a policy due to non-payment of a premium.
Responsibility to another for one’s negligence that results in injury or damage.
Covers losses for which an insured is legally liable. For homeowners insurance, for example, liability coverage protects the policyholder against financial loss if they are sued and found legally responsible for someone else’s injury or property damage.
An auto insurance coverage that pays for injuries to the other party and damages to the other vehicle resulting from an accident the policyholder caused. It also pays if the accident was caused by someone covered by the policyholder’s policy, including a driver operating the car with their permission.
License - Agent or Broker
Certification, issued by the department of insurance, that an individual is qualified to solicit insurance applications for the period covered.
License - Company
Certification, issued by the department of insurance, stating that an insurance company is qualified to do business in the state.
The average number of years a person is expected to live, based on a national average per age group and other factors.
Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.
Limit of Liability
The most an insurance company agrees to pay in the case of a loss.
The amount an insurance company pays for damages under the terms of the policy.
Loss of Use
A provision in homeowners and renters insurance policies that reimburses policyholders for the additional costs (housing, food, and other essentials) of having to live elsewhere while the home is being restored following a disaster.
Loss Payable Clause
An insurance clause that authorizes loss payments to a person or entity having an insurable interest in the covered property.
Loss Payee/Lien Holder
A person or entity with a legally secured insurable interest in another’s property, usually a financial institution that loaned money to buy a car. The car is the loan collateral. If the auto is damaged in an accident, loss payments will be made to you and to the loss payee on your policy.
Percentage of losses incurred against earned premiums for a given period.