Termination of coverage because of non-payment within a specified time period.

A policy terminated at the end of the grace period because of non-payment of premiums.

The maximum amount of damages payable in case of loss.

This form of insurance limits your right and the rights of members of your household to seek financial compensation for injuries caused by other drivers. Under this form of insurance, you and other household members covered under this policy may seek recovery for all medical and other out-of-pocket expenses, but not for pain and suffering or other non-monetary damages unless the injuries suffered fall within the definition of "serious injury," as set forth in the policy, or unless one of several other exceptions noted in the policy applies. (Availability varies by state).

If your vehicle is a total loss as the result of a covered accident or theft, this coverage will pay the difference between the value of the vehicle and your loan or lease obligation. Certain aspects of loan or lease contracts are excluded from this payment.

For automobile policies, loss of use provides for other means of transportation when the covered motor vehicle is damaged or stolen. For property policies, loss of use provides coverage for the additional living expenses incurred by the insured who is forced to vacate the premises as the result of a covered loss.

If a covered loss makes your dwelling unfit to live in, this coverage pays for the necessary additional living expenses you incur during the time your dwelling is being repaired. These expenses must be related to your household maintaining its normal standard of living.

Party besides the insured that has an insurable interest in the property. Most often, loss payees are lending institutions.