Key "Day-1" Terms

3. Industry standard term that explains that a carrier will pay the full cost to rebuild, no matter the amount.
5. The maximum amount the insurer will pay for a loss.
6. The specific group of customers Chubb aims to insure.
8. A risk or cause of loss included in the policy.
10. The price paid for insurance coverage.
13. The method used to determine claim payouts.
14. Indicates that a property has fire protection services nearby.
17. Pays to replace damaged property with new items up to the policy limit, without depreciation.
19. Covers all losses except those specifically excluded.
23. Chubb term that explains that Chubb will pay above policy limits to rebuild a home after a loss.
25. A change or addition to an insurance policy.
26. Covers only the risks listed in the policy.
27. How a property is used or lived in.
30. A legally binding insurance agreement.
31. Ensuring coverage matches the full replacement cost of a home.
32. When insurance coverage begins.
33. A newly issued insurance policy.

1. The level of decision-making power an underwriter has.
2. Continuing an insurance policy for another term.
4. When a property is being built.
7. The insured person or entity.
9. Protections provided by an insurance policy.
11. Chubb’s premier personal insurance policy for high-value clients.
12. The potential for a loss that an insurance company agrees to cover under a policy.
15. Standardized insurance policy forms.
16. Indicates that a property does not have fire protection services nearby.
18. Someone other than the insured or insurer, often making a claim.
20. What the policy does not cover.
21. Requests for payment after a loss.
22. An insurer selling policies directly to customers.
24. The amount the insured pays before insurance covers a loss.
28. The full value of all insured property.
29. An evaluation to determine the replacement cost of a home.