Actual Cash Value- Fair market value of stolen or damaged property at the time of the loss.
Additional Living Expenses- An insurance coverage found in all homeowner's policies. It provides indemnity for expenses incurred for usual living expenses more than the amount normally expended. It does not pay all living expenses , only the expenses over the insured's normal expenses.
Adjuster- A person or organization licensed by the State to evaluate the amount of damage to your property.
Adjustment- The determination of the amount of loss, the cause of the loss, and the final settlement in cash value after all the factors have been considered.
Agent- A person or organization licensed by the State to sell insurance by or on behalf of an insurance company.
Appraisal- The resolution of a dispute as to the amount of a claimant's loss by two disinterested parties(the appraisers), with both sides being bound by the appraisers decision.
Arbitration- The resolution of a dispute by a person chosen by the opposing parties, who have agreed in advance to abide by the decision of the third part.
Attorney in Fact- One who is authorized to perform certain acts for another under a power off attorney. The power of attorney may be general or limited to specific acts.
Bad Faith- A tort created by judicial decision that allows an insured to recover tort damages (bodily injury, emotional distress, loss of use, trouble and inconvenience, and punitive damages) if an insurer intentionally, or in wilful disregard of the rights of the insured, does something that deprives the insured of the right to recover the benefits of the party.
Broker- person or organization licensed by the State, retained by you, to obtain the insurance for you.
Cancellation- The termination of your insurance coverage during the period in which your policy is in effect.
Claim- Notice which you give to your insurance company when you suffer a loss which may be covered by the terms of your insurance company.
Claimant- Any person who asserts the right to recover losses under a policy.
Co-insurance - A provision in an insurance policy where the insured promises to purchase insurance equal to the value, or a stated percentage of the value of the property, the risk of loss of which is insured , or face a penalty equal to a percentage of the loss that is the same as the amount he or she ailed to insure.
Company Adjuster- An employee of an insurance company who negotiates and settles claims against the insurer.
Concealment- The failure to advise an insurer of facts known by the insured to be material to the decision of the insurer to insure or not to insure.
Declarations Page- Usually the first page of the policy or any page that sets out the name of the insured, the name of the insurer, the effective dates of the policy, the policy limit, the premium charged, and the property or liability the risk o loss of which is insured. It identifies the forms of policy working applicable to the insurance coverage. Often it includes material representations made by the insured regarding the risk.
Deed- The written instrument which, when properly executed and delivered conveys title to the real property.
Deed of Trust- An instrument which is evidence of a pledge of real property as a security for debt, where the title to the real property is held by a third party in trust, while the debtor repays the debt to the lender. The debtor is known as the trustor, the lender is known as the trustee.
Denial- The insurance company's refusal of the insured's claim.
Deductible- The amount of loss for which the insured is responsible before the benefits from the insurance company are payable.
Depreciation- The decrease in the value of your property due to the age or wear and tear.
Dwelling- A dwelling is a building occupied principally by people as a home. A dwelling policy will sometimes restrict the number of families allowed coverage.
Endorsement- An amendment to the policy which adds or deletes coverage under the terms of the policy.
Exclusion- Certain damage or causes of damage identified in the policy for which there is no insurance coverage.
Grace Period- A period after the premium due date, during which an overdue premium may be payed without penalty. During this time, there is no lapse in coverage and the policy is still in force.
Homeowners' Insurance- Coverage for the risk of owning a home, including losses due to fire, burglary,vandalism, earthquake, tornadoes and other perils.
Independent Adjuster- A person, firm, or corporation that holds itself out for employment to more than one insurance company., is not a regular employee of the company, does not work exclusively for one company and is paid in each case assigned for time consumed and expenses incurred.
Insurance Adjuster- A person who, for any consideration whatsoever, engages in business or accepts employment to furnish, or agree to make, or makes , any investigation for the purpose of obtaining, information in the course of adjusting or otherwise participating in the disposal of, any claim under or in connection with a proof of loss or engages in soliciting insurance adjustment business.