Broad Form Insurance

AAA

DEFINITION of 'Broad Form Insurance'

Insurance coverage that extends beyond the basics to include rare events that may be of serious risk to the insured. This type of insurance usually requires that a higher premium, and often a deductible, be paid. Broad form insurance can be applied to nearly all forms of insurance including investments, assets, etc.

INVESTOPEDIA EXPLAINS 'Broad Form Insurance'

An example of this type of insurance can be found in automobile insurance. A customer may require glass insurance as the driver is frequently on the highway and obtains a lot of chips in the front window. Glass insurance is not offered under the basic plan and therefore must be specifically requested and a premium must be paid.

RELATED TERMS
  1. Broad Form Personal Theft Insurance

    Insurance coverage to protect personal assets. Broad form personal ...
  2. Life Insurance

    A protection against the loss of income that would result if ...
  3. Insurance

    A contract (policy) in which an individual or entity receives ...
  4. Extraordinary Item

    Gains or losses included in a company's financial statements, ...
  5. Premium

    1. The total cost of an option. 2. The difference between the ...
  6. Deductible

    1. The amount you have to pay out-of-pocket for expenses before ...
Related Articles
  1. Home & Auto

    Preparing Your Finances From Natural Disasters

    Use these easy tips to protect your financial interests from natural disasters.
  2. Insurance

    15 Insurance Policies You Don't Need

    Learn how to save money by saying "no" to unnecessary coverage.
  3. Insurance

    Protect Your Kids And Pets With Custom Insurance

    Find out how to protect those you love the most with specialized policies.
  4. Savings

    Are Your Bank Deposits Insured?

    Learn how the FDIC is helping to keep your money in your pockets.
  5. Options & Futures

    Choosing The Best Disability Insurance

    Social Security benefits can be hard to collect. Find out why you need disability insurance to protect your income, and learn how to choose the right policy for you.
  6. Retirement

    Variable Vs. Variable Universal Life Insurance

    Do you know why you might need one policy versus the other? Read on to find out.
  7. Home & Auto

    Long-Term Care Insurance: Who Needs It?

    No one is immune to the possibility of one day needing long-term care - and the costs can deplete a life savings.
  8. Options & Futures

    Long-Term Care Insurance: You Have Options

    The latest offerings provide more coverage and the ability to pick and choose what types of coverage you'll need.
  9. Options & Futures

    Top Tips For Cheaper, Better Car Insurance

    Accident, theft, vandalism - make sure your coverage will protect you when you need it most.
  10. Home & Auto

    Life Insurance Clauses Determine Your Coverage

    Understanding these key parts of your policy will help you to ensure that your family will be covered.

You May Also Like

Hot Definitions
  1. Multiplier Effect

    The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends ...
  2. Command Economy

    A system where the government, rather than the free market, determines what goods should be produced, how much should be ...
  3. Prospectus

    A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details ...
  4. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  5. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  6. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
Trading Center