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Unless otherwise defined in the policy, Actual Cash Value in California means Fair Market price. The Fair Market Value of a product is the dollar amount that a knowledgeable purchaser (under no unusual pressure) is ready to pay and a knowledgeable seller (under no uncommon pressure) is prepared to accept.
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Agent
A certified individual or organization authorized to sell and service insurance coverage for an insurance business.
Aggregate Limit
The maximum dollar amount of protection in force for a residential or commercial property damage policy or liability policy. This maximum quantity can be figured on a per event basis or as a general aggregate for the total policy term.
Agreed Value
A method of loss evaluation where the guaranteed and the insurance company list an agreed upon amount to be paid in case of loss. This evaluation technique is most common in residential or commercial property insurance when guaranteeing important artwork, antiques, or classic vehicles. An expert appraisal is generally required.
Arbitration Clause
A stipulation in an insurance coverage that permits the insured and the insurance provider to each appoint an arbitrator if they can not agree upon a suitable claim settlement. Once the arbitrators have actually been selected, they in turn appoint an independent umpire. If the arbitrators disagree, then the umpire chooses which claims settlement to support. The decision is binding.
Betterment
A situation that takes place in a loss when an old piece of residential or commercial property is replaced by a brand new product. The insured is put in a better monetary position than they were before the loss took place, and consequentially may need to pay the distinction in cost for the betterment.
Binder
A short-term arrangement that provides short-lived insurance coverage until the policy can be released or delivered.
Broker
A licensed person or company who sells and services insurance cops in your place.
Broker-agent
A certified person who can function as an agent representing several insurers, and likewise as a broker dealing with one or more insurance companies representing your interests.
Cancellation
The termination of an in-force insurance coverage agreement by either the insured or the insurer before its regular expiration date.
Claim
Notice to an insurance company that a loss has actually occurred that may be covered under the terms of the policy.
Claim Adjuster
The individual who evaluates the damage caused by a covered loss and figures out the amount to be paid under the policy terms.
Claims Made
A liability insurance coverage policy where protection uses to claims submitted throughout the policy duration no matter when the loss happened subject to a retroactive beginning date.
Coinsurance
An insurance clause that defines the amount of each loss that the company pays according to the amount of insurance brought, divided by the amount of insurance coverage required. This basic formula connects to a contracted portion of protection that need to be needed to prevent a coinsurance penalty.
Combined Single Limit
When physical injury liability and residential or commercial property damage liability is revealed as a single sum (limit) of coverage.
Commercial Lines
Insurance coverages for services, industrial organizations, and expert companies, as contrasted with personal insurance coverage.
Commission
A portion of the policy premium that is paid to an agent by the insurer as payment for the agent's work.
Concurrent Causation
Occurs when 2 or more hazards cause a loss. When only one of these dangers is covered by the insurance policy, the court usually rules that the whole loss is covered. Many insurance coverage companies have reworded their policies to clarify that only a loss credited to a covered hazard is indeed covered.
Conditions
The portion of an insurance contract that states the rights and duties of the insured and the insurer.
Consequential Bodily Injury
In Workers Compensation, unique scenarios can develop when a job-related injury causes some sort of non-work related injury. (Please see Loss of Consortium, Dual Capacity, and Third Party Over glossary definitions.)
Coverage
Protection that is offered under an insurance coverage.
Declarations (DEC) Page
Usually the very first page of an insurance plan which contains the full legal name of the insurance coverage business, the policy number, effective and dates, premium payable, the amount and kinds of protection, and the deductibles.
Deductible
The quantity of the loss that the insured is accountable to pay before take advantage of the insurance coverage policy are payable.
Depreciation
The real or accounting recognition of the decline in value of residential or commercial property over an amount of time according to an established schedule.
Dual Capacity
In Workers Compensation, a company might be responsible two methods to a staff member who sustains bodily injury on the task as an outcome of utilizing a product or service produced by that employer. The staff member is eligible for Workers Compensation benefits and may likewise take legal action against the employer since of the defectiveness of the injuring product and services.
Earned Premium
The part of the policy premium paid by a guaranteed that has actually been assigned to the insurance coverage company's loss experience, costs, and profit year to date.
Endorsement
A written arrangement that alters the terms of an insurance coverage by adding 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 denies or limits coverage for particular dangers, persons, residential or commercial property, or areas.
Experience Modification
The adjustment of premium resulting from the use of experience score. Experience ranking strategies show an insured's previous loss experience (usually from the past three years) and uses this experience to customize and determine the prem
The termination date of coverage as suggested on an insurance coverage.
First Party
The policyholder (insured) in an insurance coverage contract.
Flat Cancellation
Cancellation that happens on the policy effective date. No premium charge is made
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