Insurance Glossary

Vacation Rental Insurance policies can contain technical industry terms that make reading a challenge. To avoid confusion, the carrier as created the following list of definitions for a number of industry terms and phrases.

The following definitions are provided for informational purposes only. Please refer to your Vacation Rental Insurance Policy or Certificate of Insurance for definitions and coverages specific to your Policy/Certificate.

Elective Treatment and Procedures

Any medical treatment or surgical procedure that is not medically necessary including any service, treatment, or supplies that are deemed by the federal, or a state or local government authority, or by us to be research or experimental or that is not recognized as a generally accepted medical practice.
Origin: Vacation Rental Association

Electronic Lock

A digital or push button mechanical lock that does not require a key or access card to operate. Must be programmed at the door, by opening the lock.

- Can not be programmed over Wi-Fi
- Does not use an Algorithmic code
- Is not a mechanical keysafe or lock box
- Usually also has a physical key to use.
See also: Wi-Fi Lock, Algorithmic lock, Keysafe Origin: Vacation Rental Association

Electronic Signature

A legally binding system that allows customers to sign on a webform to indicate their agreement,
Origin: May, William

Emergency Assistance

If you become sick or injured on your trip and are in need of Emergency Assistance, the assistance provider will: 1. arrange for and transport you to the nearest suitable medical facility; 2. provide you with assistance to return home; 3. provide round-trip economy airfare to send someone of your choice to be with you if you are traveling alone and are in the hospital for more than 7 days; 4. return your minor children home with an escort if they are left unattended due to your death or your hospitalization for at least 7 days; 5. arrange for and transport your remains to your home or place of burial in event of your death.
Origin: CSA Travel Protection

Eviction

The lawful expulsion of an occupant from a property.
Origin: Vacation Rental Association

Excessive Cleaning

When a vacation rental home or other lodging unit requires cleaning great than for normal and usual usage, excessive cleaning is required and for which the guest is usually charged
See also: Interim Clean, Out Cleaning, Housekeeping Charge Origin: Vacation Rental Association

Exchange

Where owners of one property exchange use of it for use of another property and from that properties owner. Sometimes arranged by a third party Exchange company.
Origin: Vacation Rental Association

Executive Suites

A collection of offices rented to individual offices which are provided with access to to her space and services such as conference room, reception area, photocopier, etc.
See also: Share Office Space, Temporary Office Space Origin: Vacation Rental Association Link: ExecutiveSuites.com

Fair Housing Act

Federal statute prohibiting discrimination against renters based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents of legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap.
Origin: Vacation Rental Association

Family Member

Includes Traveling Companion's dependent, spouse, child, spouse's child, son/daughter-in-law, parent(s), sibling(s), brother/sister, grandparent(s), grandchild, step-brother/sister, step-parent(s), parent(s)-in-law, brother/sister-in-law, aunt, uncle, niece, nephew, guardian, Domestic Partner, foster child, or ward.
Origin: Vacation Rental Association

Farm Stay

Usually operating farms that accept guests for lodging, food service, horse back riding and other farm life activities and experiences.
See also: Guest Ranch, Due ranch Origin: Wm. May Link: GuestRanchers.org

Fee Simple

When a real estate property is held in the property owner's name and ownership can be transferred at the will of the owner without other restrictions..
Origin: Vacation Rental Association

Financial Insolvency

Means the total cessation or complete suspension of operations due to insolvency, with or without the filing of a bankruptcy petition, whether voluntary or involuntary, by a tour operator, cruise line, airline, or other supplier of travel services which is duly licensed in the state(s) of operation other than the person, organization, agency or firm from whom you directly purchased or paid for your Covered Trip.
Origin: Vacation Rental Association

FIT (Free Independent Travel)

Individual travel in which a tour operator has previously arranged blocks of rooms at various destinations in advance for use by individual travelers. These travelers travel independently, not in a group, usually by rental car or public transportation.
Origin: Vacation Rental Association

Fleece

Another word for towels, wash cloths and math mats
See also: Textiles, linens, towels Origin: May, William

Fractional

Describes a lodging property, usually a vacation home, owned by more than one person or party. Usually organized as an association having multiple owners who share use of the home on a pre-determined arrangement, each getting different times of the year.. In some, but not all, states fractionals are governed by timeshares but operate differently with owners having control over choice of manager, amenities and later sale or disposition of the parties.
Origin: Vacation Rental Association

Friendly Fraud

A customer proclaims they did not know they were buying something from the merchant when they gave their credit card. Or when the customer says a family member used their card without permission.
See also: Chargeback Fraud Origin: WM. May

Front Desk

An office, accessible to guests during certain hours, where they can arrange the booking of lodging facilities and other types of travel services. And where, if a booking has been pre-arranged, where they may Check In to receive keys and guest instructions as well as Check Out.
See also: Central Reservations, Check In, Check Out Origin: Vacation Rental Association

Furnishings

All furniture, equipment, appliances, artwork and other assets located inside a lodging property or on its grounds.
Origin: Vacation Rental Association

FVRMA - Florida Vacation Rental Managers Assoc

Trade Association of Vacation Rental Managers in the State of Florida.
See also: VRIA, VRMA Origin: FVRMA

1 2 3 4 5 6 7 8 9 10 11 ... 15