| A | B |
|---|
| Actual cash value | Replacement cost less depreciation. |
| Endorsement | Additional information attached to your policy that changes the provisions in your policy. Sometimes called a rider. |
| Deductible | An amount that the policyholder agrees to pay, per claim, or per accident, toward the total amount of an insured loss. |
| Depreciation | A decrease in the value of property due to wear and tear or obsolescence. |
| Limits | The maximum amount of benefits an insurance company agrees to pay in the event of a loss caused by an insured peril. |
| Peril | The cause of a loss such as fire, theft, tornado and smoke. |
| Premium | The amount you pay for an insurance policy. |
| Proof of loss | A written statement, involving a claim that the policyholder submits to the insurance company. The company uses this information to determine its liability under the policy. |
| Liability Coverage | Insurance covering injuries to another person or damage to another person's property for which the insured is legally liable. |
| Insuring agreement | The part of an insurance policy that states the company's agreement to protect you and your property from loss or damage. |
| Replacement Cost | Replacement of property without depreciation. |
| Property Coverage | Insurance providing protection against the loss or damage to real and personal property caused by specified perils covered inyou insurance policy or contract. |
| Market Value | Value of your property if it were placed on the market. |
| Insuring Agreement | The part of an insurance policy that states the company's agreement to protect you and your property from loss or damage. |
| Declaration page | The part of a policy that includes information such as the name and address of the insured, the property insured, its location and description, the policy period, the amount of insurance coverage and applicable premiums. |
| Agent | A person who represents one or more insurance companies, under contract, ina sales or service capacity and is paid a commission. |
| Conditions | Your duties and a list of rules if a loss occurs. |
| Adjuster | A person who seeks to determine the amount of loss when an insurance claim is submitted and attempts to settle the claim. |
| Additional Living Expense | The extra living expense incurred while the property damaged (by an insured peril) is repaired. |
| Claim | A demand to recover, under an insurance policy, for a loss covered by that policy |
