The value of damaged property after subtracting depreciation for age, wear, and obsolescence.
A valuation method where the policy pays the amount of covered loss without a stated dollar limit for that coverage, subject to time and policy conditions.
A person or organization added to a policy who receives certain liability protection under that policy.
Coverage that helps pay for temporary housing and extra costs if your home is unlivable due to a covered loss.
A claims professional who investigates a loss, evaluates coverage, and helps determine the settlement amount.
A licensed professional who helps you choose coverage, issues policies, and assists with changes and questions.
The maximum amount a policy will pay for covered claims during a policy period, regardless of the number of claims.
Coverage that protects against most causes of loss unless the policy specifically excludes them.
Policy wording that can limit coverage when a loss involves both covered and excluded causes occurring together or in sequence.
A dispute-resolution process where each side selects an appraiser to help determine the amount of loss.
A mechanism that provides coverage to applicants who cannot obtain insurance in the standard market, typically for auto.
Temporary proof of insurance that provides coverage until the formal policy is issued.
The authority granted to an agent to bind coverage on behalf of an insurer within specified guidelines.
Coverage that applies one limit to multiple locations or types of property rather than listing separate limits.
A group elected to oversee company governance, strategy, and financial stewardship.
Injury, sickness, or disease sustained by a person, including death resulting from these conditions.
Coverage that helps replace lost income and ongoing expenses when a covered loss disrupts business operations.
Termination of a policy before its expiration date by the insurer or the policyholder, subject to notice rules.
A large-scale event, such as a major storm, that causes many losses in a region.
A document that summarizes key policy information and shows proof of coverage to a third party.
A request for payment or services under an insurance policy after a covered event.
A person or entity that presents a claim for damages or injury.
A provision that may reduce payment if the insured value is below a required percentage of replacement cost, common in commercial property.
Coverage that helps pay to repair or replace your vehicle after a collision, regardless of fault, subject to a deductible.
A single liability limit that can cover both bodily injury and property damage claims in auto policies, depending on policy form.
Coverage that helps pay to repair or replace your vehicle for non-collision losses such as theft, hail, or fire, subject to a deductible.
Rules in a policy that describe obligations and procedures for coverage to apply.
The maximum amount the insurer will pay for a covered loss, subject to policy terms.
A specific cause of loss that the policy lists as covered.
A method of reducing ice buildup, often used for roof edges and walkways to reduce damage and slip hazards.
The part of the policy that lists key details such as insured name, address, coverages, limits, and premium.
The amount you pay out of pocket before the policy begins paying for a covered loss.
A buffer area around structures that reduces wildfire risk by managing vegetation and combustible materials.
A reduction in value due to age, wear, or obsolescence that can affect settlement amounts under ACV.
Damage that results immediately from a covered peril, such as fire damage to a structure.
The home itself, including attached structures, as defined in the policy.
Coverage for additions or improvements to a home that may require updated limits to avoid underinsurance.
The maximum amount the policy will pay to repair or rebuild the dwelling after a covered loss.
The portion of premium that corresponds to the time coverage has already been provided.
A common exclusion that limits or removes coverage for losses caused by earthquakes, landslides, or similar movement.
Digital information that may require special coverage for restoration or re-creation after a covered loss.
A written change to a policy that adds, removes, or modifies coverage.
Coverage for sudden mechanical or electrical breakdown of covered equipment, often available by endorsement.
Liability coverage that can protect professionals for claims arising from alleged mistakes or failure to perform professional services.
An estimate of what it would cost to repair or rebuild with similar materials and quality at today’s prices.
A policy provision that states what is not covered.
The date coverage ends unless the policy is renewed.
Coverage that can replace lost rental income if a covered loss makes a rental unit uninhabitable.
Liability coverage designed for farm operations, including premises and certain farm activities.
Coverage for farm-related personal property such as tools, equipment, or supplies, as defined by the policy.
A claim you make under your own policy for your own covered loss.
A peril that is typically excluded from standard homeowners policies and often requires separate coverage.
A settlement method that pays to repair or replace with functionally equivalent materials, which may differ from original materials.
A period after a due date during which payment may be made without cancellation, depending on policy terms and state rules.
Physical damage to property caused by hail, typically covered under many property policies, subject to terms and deductibles.
A condition that increases the likelihood or severity of a loss.
A contract where one party agrees to assume liability for certain losses of another party.
A policy that combines property coverage for the home and belongings with liability protection for the insured.
A ridge of ice that forms at a roof edge and can cause water intrusion; prevention focuses on insulation, ventilation, and safe snow removal.
Coverage that helps pay extra costs to rebuild to current building codes after a covered loss, typically added by endorsement.
A principle of insurance that aims to restore you to your financial position before a covered loss, without allowing profit.
An adjuster contracted by an insurer to handle claims, rather than an employee adjuster.
Documentation of property characteristics and hazards used to support underwriting and risk improvement.
The person or entity covered by the policy.
The insurance company that issues the policy and assumes risk in exchange for premium.
Legal responsibility for injury or damage to others.
The maximum amount the policy will pay for covered liability claims, often expressed per occurrence and aggregate.
Coverage options that can protect against certain losses to livestock, subject to policy availability and terms.
Damage, injury, or theft that may be covered under the policy.
Coverage that helps pay certain assessments charged by a homeowners association after a covered loss.
Services and recommendations intended to reduce the likelihood or severity of future losses.
A record of past claims that can affect eligibility and pricing.
Coverage that helps with additional costs when a residence cannot be used due to a covered loss.
A party with a financial interest in property, such as a lender, listed to receive claim payments as their interest appears.
Coverage that helps pay medical expenses for people injured on your property, regardless of fault, up to a stated limit.
Actions taken to reduce damage after an event or to prevent further loss, such as drying after water intrusion.
The increased risk of loss when behavior changes because insurance is in place.
A lender with a secured interest in property who is often listed on the policy and may receive notices or claim payments.
An insurance company owned by its policyholders, where profits may support stability, services, or dividends.
Coverage that applies only to the specific perils listed in the policy.
A decision not to renew a policy at expiration, typically requiring advance notice.
An accident or repeated exposure to conditions that results in bodily injury or property damage during the policy period.
Coverage for the added cost to rebuild due to building code requirements after a covered loss.
Coverage for structures on the premises that are not attached to the dwelling, such as a detached garage or shed.
A detached structure on a farm or rural property, such as a barn or machine shed, which may require specific coverage.
The maximum amount a policy will pay for a single covered event.
An endorsement or separate policy that provides broader coverage for scheduled valuables like jewelry or collectibles.
Coverage for specific non-physical harms such as libel, slander, or certain privacy violations, when included.
Coverage for your belongings, such as furniture, clothing, and electronics, subject to limits and terms.
A person or business that owns an insurance policy and, in a mutual company, is also an owner-member.
A return of premium that may be paid to eligible policyholders when company results and bylaws allow.
The amount you pay for insurance coverage.
A cancellation settlement method where unearned premium is returned without a penalty, based on time remaining.
Documentation showing that coverage is active, such as an ID card or declarations page.
A statement you provide to document the amount and details of a claim.
Physical injury to or destruction of another person’s property.
A review of a property’s condition and risk factors to support underwriting decisions.
The price per unit of exposure used to calculate premium.
Restoring a policy after cancellation, often requiring payment of overdue premium and meeting underwriting conditions.
Insurance purchased by an insurer to help manage large losses and stabilize results.
Continuation of coverage for a new policy term, typically with updated terms and premium.
The cost to repair or replace with similar materials and quality without subtracting depreciation, subject to policy terms.
A notice that the insurer may provide a defense while reserving the right to deny coverage later based on policy terms.
Another term for an endorsement that changes coverage.
The chance of loss and the exposure that the insurer agrees to insure.
Practical steps that lower exposure to loss, such as maintaining roofs, securing handrails, and updating wiring.
A depreciation method that can reduce claim payments for older roofs depending on policy terms and state rules.
Property that remains after a loss and may have value that can affect settlement.
Coverage that lists specific valuable items with agreed values or limits for broader protection.
The final payment or resolution of a claim based on coverage and the amount of loss.
A cancellation method where the insurer keeps a portion of unearned premium as a penalty, depending on policy terms.
A lower maximum amount that applies to certain categories of personal property, such as jewelry or firearms.
The insurer’s right to recover claim costs from the responsible party after paying a covered loss.
A policy provision that sets a deadline for filing a lawsuit related to a claim, subject to state law.
An additional charge added to a premium due to increased risk factors such as claims or violations.
The financial cushion a mutual insurer holds beyond expected liabilities to support claim-paying ability.
A claim made by someone else against you, which your liability coverage may defend and pay if covered.
Extra liability coverage that increases limits above underlying policies, often with broader protection.
The process of evaluating risk and deciding whether to insure it and at what price.
Coverage that can protect you if you are injured by a driver with no insurance or not enough insurance.
A condition where a building is unoccupied for a specified period, which can restrict coverage.
An endorsement that limits the insurer’s right to recover from a third party after paying a claim.
Coverage for damage caused by water backing up through sewers or drains, usually added by endorsement.
Damage from strong winds, typically covered under many property policies, subject to policy terms.
Coverage that provides benefits to employees for work-related injuries or illness and protects employers from certain lawsuits.
