Homeowners Insurance terms starting with A

10 terms

  1. Actual cash value An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
  2. Actual Cash Value (ACV) The value of your property, based on the current cost to replace it minus depreciation.
  3. Additional Living Expenses Pays expenses over and above your normal living costs (motel rooms, restaurant meals, and laundry service) while your home is being repaired or rebuilt…
  4. Additional living expenses (ALE) Reimburses the policyholder for the cost of temporary housing, food, and other essential living expenses, if the home is damaged by a covered peril that…
  5. Adjuster A person who investigates and settles losses for an insurance carrier.
  6. Agency A firm that solicits insurance for one or more insurance carriers. It also may issue policies and adjust losses.
  7. Agent Agent means any individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales…
  8. Application Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures…
  9. Appraisal The act of evaluating and setting the value of a specific piece of personal or real property.
  10. Arbitration The process in which a third-party arbiter examines facts presented by both you and the insurance company when you disagree about a settlement offer.