I.I.I. Glossary

ANNUITY CONTRACT- An agreement similar to an insurance policy for other insurance products such as auto insurance.

ORDINANCE OR LAW COVERAGE- Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line when it is rebuilt. This endorsement would cover part of the additional cost.