I.I.I. Glossary

CATASTROPHE DEDUCTIBLE- A percentage or dollar amount that a homeowner must pay before the insurance policy kicks in when a major natural disaster occurs. These large deductibles limit an insurer’s potential losses in such cases, allowing it to insure more property. A property insurer may not be able to buy reinsurance to protect its own bottom line unless it keeps its potential maximum losses under a certain level.

SCHEDULE- A list of individual items or groups of items that are covered under one policy or a listing of specific benefits, charges, credits, assets or other defined items.