Our glossary is a continued effort.  If you are looking for a definition and do not find it
here, please email us and will email you the definition and post it on our site.  Thank you
for your help!

Agreed Value   
The insurance and the insured agrees on a value of the property.

Bodily Injury Per Person
The limit the insurance company will pay one person in the event of a loss

Bodily Injury Per Accident
The total combined limit the insurance company for individuals combined.

Co-insurance
Coinsurance is a requirement by an insurance company stating that the insured must insure their
property up to a minimum percentage of an property's value. If this is not done, the insured can
pay a co-insurance penalty.

Collision
Collision with anything other than a bird or animal

Comprehensive
Fire, Theft or collision with a bird or animal.

Loss of Use (Additional Living Expense)    
When an insured has a covered loss that results in the insured not being able to use his property
for a period of time.

Market Value
The value of the property on the market (what it would sell for, not what it would cost to rebuild)

Medical Payments        
Coverage that  can pays medical or funeral expenses of a covered person without regard to legal
liability.

Named Peril Policies (Basic form)        
A policy that lists what perils are insured against.  

Other Structures Coverage
Usually listed on a homeowners policy at 10% of the dwelling amount to extend to additional
structures on the premises that are not permanently attached to your dwelling.

Peril         
The cause of a possible loss

Property Damage          
The amount the insurance company will pay for physical damage to tangible property.

Replacement Cost           
The cost of replacing (build, buy or find) your property without deducting depreciation. This is not
market value.

Uninsured/Underinsured Motorists (UM/UIM) Coverage        
When an insured is involved in an accident with a someone who does not have insurance
(uninsured) or  who has liability limits too low to cover the loss (underinsured).
762 Lemay Ferry
St. Louis, Missouri 63125
314-638-5020 Office
314-638-7731 Fax
info@parkerinsurancegroup.com
Large enough to serve you,

Small enough to care!
With offices in St
Louis, Florissant, St.
Charles, Fenton and
Leslie, Parker
Insurance Group is
proud to serve the
entire states of
Missouri and Illinois.