Financial Term Types

Each of the financial terms (that is, limits and deductibles) that Touchstone supports for layers, sublimits, and locations falls into one of the following categories:

Financial Term Type

Description

ABCD

This category of financial terms refers to terms that are split by coverage type (for example, Limit A, Limit B, Limit C, and Limit D). In very general terms, property exposure data treats these coverages as follows:

       A - Building

       B - Other Structures

       C - Contents

       D - Time

 

For this financial term type, you import a separate replacement value for each of the coverage types and a separate limit to the amount of financial relief the insurance company provides for each of these coverage types.

ABC-D

This category of financial terms refers to insurance coverage that is split only by Building and Time coverage. In this case, Building coverage accounts for the Other Structures and Contents together (for example, Limit A, B, C, with a separate Limit D).

 

For this financial term type, you specify a replacement value and a limit for only A and for D separately because B and C are aggregated into A.

Total

This category of financial terms refers to insurance coverage that combines all exposure into a single replacement value and a single limit to the financial relief that the insurance company provides.

 

Related topics

       Layer Limit Types

       Sublimit Limit Types

       Location Limit Types

       Layer Deductible Types

       Sublimit Deductible Types

       Location Deductible Types

 


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Touchstone 4.0 Updated August 28, 2018