|
Hai,
I am Harry.
Your Informations are useful to me.
Do you Know Home Insurance Terms?
Below I am specify that Terms.
Actual Cash Value (ACV) - Unless otherwise defined in the policy, actual cash value in means fair market value. The fair market value of an item is the dollar amount that a knowledgeable buyer (under no unusual pressure) is willing to pay, and a knowledgeable seller (under no unusual pressure) is willing to accept.
Agent - A licensed individual or organization authorized to sell and service insurance policies for an insurance company.
Binder - A short-term agreement that provides temporary insurance coverage until the policy can be issued or delivered.
Broker - A licensed individual or organization who transacts insurance on your behalf.
Claim - Notice to an insurance company that a loss has occurred that may be covered under the terms and conditions of the policy.
Declarations - Usually the first page of an insurance policy that contains the full legal name of your insurance company, your name and address, the policy number, effective and expiration dates, premium payable, the limits of insurance, covered property, deductibles, and any applicable lienholder information.
Deductible - The amount of loss that the policyholder is responsible to pay up-front before covered benefits from the insurance company are payable.
Depreciation - A decrease in value due to age, wear and tear, or obsolescence.
Endorsement - A written agreement that changes the terms of an insurance policy by adding or subtracting coverage.
Exclusion - A contractual provision in an insurance policy that denies or restricts coverage for certain perils, persons, property, or locations.
Insured - The policyholder who is entitled to covered benefits in case of an accident or loss.
Insurer - The insurance company that issues the insurance policy, and agrees to pay for losses and provide covered benefits.
Premium - The price of insurance paid to the insurance company for a policy.
Quote - An estimate of the cost of insurance based on information supplied to the agent, broker or insurance company.
|