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Unless otherwise defined in the policy, Actual Cash Value in California indicates Fair Market price. The Fair Market Value of a product is the dollar quantity that an educated buyer (under no unusual pressure) wants to pay and a knowledgeable seller (under no uncommon pressure) is willing to accept.

Agent

A licensed individual or organization authorized to offer and service insurance policies for an insurer.

Aggregate Limit

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

Agreed Value

A technique of loss assessment where the insured and the insurer list an agreed upon quantity to be paid in case of loss. This appraisal technique is most common in residential or commercial property insurance coverage when guaranteeing valuable artwork, antiques, or traditional automobiles. A professional appraisal is typically needed.

Arbitration Clause

A clause in an insurance policy that enables the insured and the insurer to each select an arbitrator if they can not concur upon an appropriate claim settlement. Once the arbitrators have been selected, they in turn select an independent umpire. If the arbitrators disagree, then the umpire decides which claims settlement to support. The final choice is binding.

Betterment

A scenario that occurs in a loss when an old piece of residential or commercial property is replaced by a brand name new item. The insured is put in a better monetary position than they were before the loss happened, and consequentially might have to pay the difference in price for the improvement.

Binder

A short-term contract that supplies short-term insurance coverage up until the policy can be provided or delivered.

Broker

A certified individual or organization who sells and services insurance coverage polices in your place.

Broker-agent

A licensed individual who can act as an agent representing one or more insurers, and likewise as a broker handling one or more insurance companies representing your interests.

Cancellation

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

Claim

Notice to an insurance provider that a loss has taken place that might be covered under the conditions of the policy.

Claim Adjuster

The person who assesses the damage triggered by a covered loss and determines the total up to be paid under the policy terms.

Claims Made

A liability insurance policy where protection uses to claims filed during the policy period anytime the loss occurred based on a retroactive creation date.

Coinsurance

An that specifies the quantity of each loss that the business pays according to the quantity of insurance coverage brought, divided by the quantity of insurance required. This standard formula connects to a contracted percentage of coverage that should be needed to avoid a coinsurance charge.

Combined Single Limit

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

Commercial Lines

Insurance protections for companies, commercial organizations, and professional organizations, as contrasted with personal insurance coverage.

Commission

A part of the policy premium that is paid to a representative by the insurer as compensation for the representative's work.

Concurrent Causation

Occurs when 2 or more hazards trigger a loss. When only one of these perils is covered by the insurance policy, the court usually rules that the whole loss is covered. Many insurance provider have reworded their policies to clarify that just a loss credited to a covered peril is indeed covered.

Conditions

The portion of an insurance contract that sets forth the rights and tasks of the insured and the insurer.

Consequential Bodily Injury
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In Workers Compensation, special situations can emerge when a job-related injury causes some sort of non-work associated injury. (Please see Loss of Consortium, Dual Capacity, and Third Party Over glossary meanings.)

Coverage

Protection that is supplied under an insurance coverage.

Declarations (DEC) Page

Usually the very first page of an insurance policy that contains the full legal name of the insurance provider, the policy number, reliable and expiration dates, premium payable, the quantity and kinds of coverage, and the deductibles.

Deductible

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

Depreciation

The actual or accounting recognition of the reduction in value of residential or commercial property over an amount of time according to a fixed schedule.

Dual Capacity

In Workers Compensation, a company might be responsible two ways to a staff member who sustains physical injury on the job as a result of utilizing a services or product produced by that employer. The worker is qualified for Workers Compensation benefits and may also sue the company because of the defectiveness of the hurting product or service.

Earned Premium

The portion of the policy premium paid by a guaranteed that has been assigned to the insurer's loss experience, expenses, and revenue year to date.

Endorsement

A written agreement that alters the terms of an insurance coverage by including or deducting protection.

Effective Date

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

Exclusion

A contractual arrangement in an insurance coverage policy that denies or limits coverage for specific perils, individuals, residential or commercial property, or areas.

Experience Modification

The change of premium resulting from using experience ranking. Experience score plans show an insured's previous loss experience (usually from the previous 3 years) and uses this experience to modify and determine the prem

The termination date of coverage as suggested on an insurance plan.

First Party

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

Flat Cancellation

Cancellation that happens on the policy efficient date. No premium charge is made; nevertheless, other charges (i.e., service) may apply.

Fraud

An intentionally misleading act devoted to acquire an unfair or illegal benefit. Fraud usually includes financial gain.

Frequency

The number 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 objective is to bring back an insured to the same monetary position after the loss that the guaranteed had previous to the loss. In the most standard sense, indemnity is payment for a loss.

Independent Adjuster

An individual or company that offers claim adjusting services to different insurers on a contract basis.

Insurable Interest

Any interest (most frequently ownership) that a person, business, or corporation has in a subject of insurance such as a company, structure, or auto, which can be damaged and might trigger the individual, business, or corporation financial loss or other tangible deprivation. Generally, an insurable interest needs to be shown when a policy is issued and should exist at the time of loss.

Insurance

A technique of shifting risk from a person, service, or organization to an insurance provider in exchange for the payment of premium. The insurer devotes to be accountable for covered losses.

Insured

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

Insurer

The insurer who releases insurance and accepts pay for losses and offer covered advantages.

Insuring Agreement

The portion of an insurance agreement that explains what is covered. The guaranteeing arrangement generally states the dangers insured against, the person(s) and/or residential or commercial property covered, the residential or commercial property areas, and the period of the contract.