Mississippi Surplus
Insurance terms, in plain language
A reading companion for Mississippi home insurance quotes and policy comparisons.
- Actual cash value
- A settlement basis that typically reflects depreciation, subject to the policy’s definition and applicable terms. It is not interchangeable with replacement cost.
- Admitted insurer
- An insurer authorized by the state to transact the relevant insurance business. Admitted status does not make every policy cover every loss.
- Binder
- Temporary evidence of insurance issued by a party with authority to bind the coverage. A quote request is not a binder.
- Deductible
- The amount or share of a covered loss that remains your responsibility under the policy. Percentage deductibles require checking the base used in the calculation.
- Diligent search
- An admitted-market search requirement that exists in some states. Mississippi removed its diligent-search requirement in 2017; that does not remove licensing, disclosure or insurer eligibility obligations.
- Endorsement
- A document that adds to, removes from or changes policy terms. Read it with the declarations and full policy form.
- Exclusion
- Policy language that removes specified causes of loss, property, activities or circumstances from coverage.
- Flood
- Flood insurance uses its own definition. Storm surge and rising surface water are not made covered wind damage simply because a hurricane caused them.
- Guaranty association
- A statutory mechanism that may protect certain eligible claims when a covered insurer becomes insolvent. Mississippi surplus-line insurance does not have Mississippi Insurance Guaranty Association protection.
- Loss assessment
- A charge passed to a unit owner by an association. Coverage depends on the unit policy’s insured causes, conditions, exclusions and limits.
- MRPIUA
- The Mississippi Residential Property Insurance Underwriting Association. Its residential property program is distinct from the coastal windpool and should be compared using current forms and eligibility rules.
- MWUA
- The Mississippi Windstorm Underwriting Association, often called the windpool. It serves eligible properties in George, Hancock, Harrison, Jackson, Pearl River and Stone counties for its specified windstorm and hail coverage.
- Nonrenewal
- A decision not to continue a policy when its term ends. This differs from cancellation during a policy term. Applicable requirements depend on the policy and placement.
- Replacement cost
- A settlement basis associated with replacing or repairing covered property, subject to conditions such as limits, valuation, actual repair and policy deadlines.
- Surplus lines
- Insurance placed through the nonadmitted market under the state’s surplus-lines framework. Nonadmitted does not mean wholly unregulated.
- Vacancy
- A condition defined by the policy, often involving the absence of people, furnishings or intended use. It is not necessarily the same as temporarily being away from an occupied home.
For source-backed explanations, visit the surplus-lines guide and the Mississippi plan comparison.