Last updated: August 2015

Here are some of the more frequently used insurance terms. If you can't find a term you would like defined, feel free to call us at 1-340-773-6412, Monday through Friday, from 8:30 a.m. to 12:00 p.m. and 1:00 p.m. to 4:30 p.m. ET, or email us any time. We would be happy to help you with any insurance questions you may have.

All definitions provided are examples. Consult your policy for the terms that apply to your coverage.

Accident or Accidental

A sudden, unforeseeable event that causes bodily injuries.

Anniversary Year

The 12 consecutive months following the Effective Date of the Policy and each 12-month period thereafter.


The amounts paid to a claimant or beneficiary under the coverage of a policy.

Benefit Year

The 12-month period following the date a claim for a specific benefit is first incurred, and each 12-month period thereafter.

Calendar Year

The 12-consecutive-month period that begins on January 1 and ends on December 31.


A request for benefit payment under the terms of an insurance policy.


The person(s) making a request for payment of benefits under the terms of an insurance policy.


Another term for the protection offered under an insurance policy. Coverage is used interchangeably with the terms insurance or protection.


A statement, signed by the insured, warranting that the information given by him/her is true.


The portion of a loss that you are required to pay before your insurance coverage will respond.

Effective Date

The date when insurance coverage begins.


The person (or persons) whose risk of financial loss from an insured peril is protected by the policy. Sometimes called the "policyholder".

Lifetime Maximum

The maximum amount of benefits that will be paid for all covered services during the entire time you are insured.


The legal document issued by an insurance company to a policyholder, which outlines the conditions and terms of the insurance. Also called the contract.


The cost of insurance coverage. A premium can be paid monthly, semi-annually or annually.


The process by which an insurer determines whether or not, and on what basis, it will accept an application for insurance.

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Closed for lunch:  12:00 p.m. to 1:00 p.m.
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Executive Insurance Services, Inc.
a U.S. Virgin Islands Corporation

Mailing Address:
Executive Insurance Services, Inc.
RR2 Box 10566
Kingshill, St. Croix, V.I. 00850-9813

Physical Address
The Village Mall No. 4
Barren Spot, St. Croix