Glossary

Important Note: This Glossary is designed to serve as a practical guide to the understanding of important terms frequently used in insurance. Insurance policies containing these terms are legal contracts. A Policy’s intent, and usage of the term, may govern how the term applies more strictly or specifically than the definition used here.

Commercial General Liability or CGL -  Coverage that will protect your business in the event that you are sued. CGL coverage is designed to protect against claims bodily injury or property damage

ERISA - Federal law that sets minimum standards for pension plans in private industry

Jewelers Block Insurance - Broad policies insuring jewelers against all loss to their stock in trade. Generally considered to be a type of inland marine insurance

Risk Management - the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact

Summary Plan Description or SPD - he main vehicle for communicating plan rights and obligations to participants and beneficiaries. As the name suggests, it is a summary of the material provisions of the plan document, and it should be understandable to the average participant of the employer