Unless otherwise specified in the policy, Actual Cash Value in California indicates Fair Market price. The Fair Market Price of a product is the dollar quantity that a knowledgeable purchaser (under no unusual pressure) is prepared to pay and an experienced seller (under no unusual pressure) wants to accept.
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Agent

A certified person or organization licensed to offer and service insurance coverage for an insurance provider.

Aggregate Limit

The maximum dollar quantity of protection in force for a residential or commercial property damage policy or liability policy. This maximum quantity can be figured on a per occurrence basis or as a general aggregate for the complete policy term.

Agreed Value

A method of loss appraisal where the insured and the insurance provider list an agreed upon total up to be paid in case of loss. This appraisal approach is most typical in residential or commercial property insurance coverage when guaranteeing important art work, antiques, or classic automobiles. An expert appraisal is normally required.

Arbitration Clause

A provision in an insurance coverage that permits the insured and the insurer to each designate an arbitrator if they can not concur upon a proper claim settlement. Once the arbitrators have been picked, they in turn select an independent umpire. If the arbitrators disagree, then the umpire decides which claims settlement to support. The decision is binding.

Betterment

A scenario that takes place in a loss when an old piece of residential or commercial property is replaced by a brand name brand-new item. The insured is put in a better monetary position than they were before the loss occurred, and consequentially may have to pay the distinction in cost for the improvement.

Binder

A short-term agreement that provides short-lived insurance protection up until the policy can be provided or delivered.

Broker

A licensed individual or organization who sells and services insurance cops in your place.

Broker-agent

A certified person who can act as an agent representing one or more insurers, and likewise as a broker dealing with several insurance companies representing your interests.

Cancellation

The termination of an in-force insurance coverage agreement by either the guaranteed or the insurance provider before its normal expiration date.

Claim

Notice to an insurer that a loss has actually happened that might be covered under the terms of the policy.

Claim Adjuster

The individual who assesses the damage brought on by a covered loss and figures out the total up to be paid under the policy terms.

Claims Made

A liability insurance plan where protection applies to claims submitted during the policy duration no matter when the loss happened subject to a retroactive creation date.

Coinsurance

An insurance coverage stipulation that defines the quantity of each loss that the company pays according to the quantity of insurance brought, divided by the amount of insurance required. This basic formula relates to a contracted percentage of coverage that must be required to prevent a coinsurance penalty.

Combined Single Limit

When bodily injury liability and residential or commercial property damage liability is expressed as a single sum (limit) of protection.

Commercial Lines

Insurance coverages for organizations, business organizations, and professional companies, as contrasted with individual insurance coverage.

Commission

A part of the policy premium that is paid to a representative by the insurance provider as payment for the representative's work.

Concurrent Causation

Occurs when 2 or more hazards cause a loss. When only one of these dangers is covered by the insurance plan, the court usually rules that the whole loss is covered. Many insurance provider have reworded their policies to clarify that only a loss associated to a covered danger is undoubtedly covered.

Conditions

The portion of an insurance agreement that sets forth the rights and duties of the insured and the insurer.

Consequential Bodily Injury

In Workers Compensation, unique scenarios can arise when a work-related injury causes some sort of non-work related injury. (Please see Loss of Consortium, Dual Capacity, and Third Party Over glossary meanings.)

Coverage

Protection that is offered under an insurance coverage.

Declarations (DEC) Page

Usually the first page of an insurance plan which contains the full legal name of the insurer, the policy number, effective and expiration dates, premium payable, the quantity and kinds of coverage, and the deductibles.

Deductible

The quantity of the loss that the insured is accountable to pay before benefits from the insurance policy are payable.

Depreciation

The real or accounting recognition of the decline in worth of residential or commercial property over a time period according to an established schedule.

Dual Capacity

In Workers Compensation, an employer might be accountable two ways to an employee who sustains physical injury on the job as a result of utilizing an item or service produced by that employer. The worker is qualified for Workers Compensation benefits and might likewise take legal action against the company because of the defectiveness of the hurting product and services.

Earned Premium

The part of the policy premium paid by an insured that has actually been designated to the insurance coverage company's loss experience, costs, and earnings year to date.

Endorsement

A written agreement that alters the regards to an insurance coverage policy by including or deducting coverage.

Effective Date

The starting date of an insurance plan: the date the policy enters to force.

Exclusion

A contractual arrangement in an insurance policy that rejects or limits protection for certain dangers, individuals, residential or commercial property, or areas.

Experience Modification

The change of premium arising from using experience score. Experience ranking plans reflect an insured's past loss experience (normally from the past three years) and uses this experience to customize and identify the prem

The termination date of protection as suggested on an insurance coverage policy.

First Party

The insurance policy holder (insured) in an insurance coverage agreement.

Flat Cancellation

Cancellation that occurs on the policy reliable date. No premium charge is made; however, other charges (i.e., service) might use.

Fraud

A purposefully misleading act dedicated to get an unjust or illegal benefit. Fraud usually involves monetary gain.

Frequency

The variety of times a loss happens.

Hazard

A scenario that increases the likelihood or possible severity of a loss.

Indemnity

In a residential or commercial property and casualty contract, the goal is to restore a guaranteed to the same monetary position after the loss that the guaranteed had prior to the loss. In one of the most standard sense, indemnity is payment for a loss.

Independent Adjuster

An individual or company that provides claim adjusting services to various insurance companies on an agreement basis.

Insurable Interest

Any interest (most commonly ownership) that a person, company, or corporation has in a topic of insurance such as a company, building, or automobile, which can be harmed and might trigger the person, company, or corporation monetary loss or other tangible deprivation. Generally, an insurable interest should be shown when a policy is released and must exist at the time of loss.

Insurance

A method of moving threat from an individual, organization, or organization to an insurance business in exchange for the payment of premium. The insurance provider dedicates to be accountable for covered losses.

Insured

The insurance policy holder(s) entitled to coverage under an insurance coverage.

Insurer

The insurance provider who provides insurance and agrees to pay for losses and supply covered advantages.

Insuring Agreement

The portion of an insurance agreement that explains what is covered. The guaranteeing arrangement typically states the perils guaranteed versus, the person(s) and/or residential or commercial property covered, the or commercial property locations, and the period of the agreement.
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