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A residential building (excluding hotels and motels with normal room rentals for less than 6 months' duration) containing no more than four dwelling units. Incidental occupancies such as office, professional, private school, or studio space are permitted if the total area of such occupancies is limited to less than 25 percent of the total floor area within the building.
- Browse Related Terms: 2 to 4 Family Residence, Condominium, Manufactured (mobile) home, Mobile home, Non-Residential, Other Residential, Residential Condominium Building Association Policy (RCBAP), Single-Family Residence
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Benefits available in some life insurance policies prior to death.
- Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance
All > Business > Finance > Insurance > Life Insurance
- A provision added to a life insurance policy for payment of an additional benefit in case of death as a result of an accident. This provision is often called "double indemnity."
- Browse Related Terms: Accelerated Death Benefits, Accidental Death Benefit, Beneficiary, Cash Value (Cash Surrender Value), Current Assumption Whole Life, Double Indemnity, Face Amount, Living Benefits, Mortality Table, Rider, Variable Life Insurance
All > Business > Finance > Insurance > Flood Insurance
The National Flood Insurance Act of 1968 and any amendments to it.
- Browse Related Terms: act, Community, Community Rating System (CRS), Emergency Program, Federal Emergency Management Agency (FEMA), Floodplain Management, Mitigation Division, National Flood Insurance Program (NFIP), National Flood Insurance Reform Act (NFIRA), Participating Community, Regular Program
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An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
All > Business > Finance > Insurance > Homeowners Insurance
An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Additional Living Expenses, Additional living expenses (ALE), Depreciation, Earthquake Insurance, Exclusion, flood insurance, Full Replacement Policy, Guaranteed Replacement Cost Coverage, Justified complaint, Loss of use, Renters insurance, Replacement Cost
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The value of your property, based on the current cost to replace it minus depreciation.
The market value of your car.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
All > Business > Finance > Insurance > Flood Insurance
The cost to replace an insured item of property at the time of loss, less the value of physical depreciation.
- Browse Related Terms: Actual cash value (ACV), Elevation Certificate, Federal Policy Fee, Grandfathering, Group Flood Insurance Policy (GFIP), Increased Cost of Compliance (ICC), policy, Post-FIRM Building, Pre-FIRM Building, Preferred Risk Policy (PRP), Probation Surcharge (Premium), Replacement Cost Value (RCV), Standard Flood Insurance Policy (SFIP), Submit-for-Rate, Waiting Period, Wave Height Adjustment, Write Your Own (WYO) Program
All > Business > Finance > Insurance > Homeowners Insurance
Replacement cost less depreciation, considering the age and condition of your property.
The value of your property, based on the current cost to replace it minus depreciation. Also see “replacement cost.”
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: Actual cash value, Actual cash value (ACV), Additional Living Expenses, Additional living expenses (ALE), Depreciation, Earthquake Insurance, Exclusion, flood insurance, Full Replacement Policy, Guaranteed Replacement Cost Coverage, Justified complaint, Loss of use, Renters insurance, Replacement Cost
All > Business > Finance > Insurance > Homeowners Insurance
Pays expenses over and above your normal living costs (motel rooms, restaurant meals, and laundry service) while your home is being repaired or rebuilt after damage from an insured loss.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Additional Living Expenses, Additional living expenses (ALE), Depreciation, Earthquake Insurance, Exclusion, flood insurance, Full Replacement Policy, Guaranteed Replacement Cost Coverage, Justified complaint, Loss of use, Renters insurance, Replacement Cost
All > Business > Finance > Insurance > Homeowners Insurance
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 makes the home temporarily uninhabitable. Policies cap the amount of ALE payable to 20 percent of the policy’s dwelling coverage.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: Actual cash value, Actual cash value (ACV), Additional Living Expenses, Additional living expenses (ALE), Depreciation, Earthquake Insurance, Exclusion, flood insurance, Full Replacement Policy, Guaranteed Replacement Cost Coverage, Justified complaint, Loss of use, Renters insurance, Replacement Cost
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A person who investigates and settles losses for an insurance carrier.
The person who manages the various aspects of the claim and determines what will be paid out in accordance with the policy and the facts.
A person who investigates and settles insurance claims.
- Browse Related Terms: Adjuster, Agency, claim, Claimant, Claims Adjuster, Covered Expenses, Deductible, Insured, Insurer, Limits, Loss, Occurrence, Settlement
All > Business > Finance > Insurance > Homeowners Insurance
A person who investigates and settles losses for an insurance carrier.
An individual employed by an insurer to evaluate losses and settle policyholder claims. Also see “public insurance adjuster.”
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: Adjuster, Agency, Claims Adjuster, Independent adjuster, Insurer, Public Adjuster, Public insurance adjuster, Staff adjuster
All > Business > Finance > Insurance > Auto Insurance
A non-original equipment manufacturer (OEM) replacement part, either new or used, for any of the non-mechanical parts that generally constitute the exterior of the motor vehicle, including inner and outer panels.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
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A firm that solicits insurance for one or more insurance carriers. It also may issue policies and adjust losses.
- Browse Related Terms: Adjuster, Agency, claim, Claimant, Claims Adjuster, Covered Expenses, Deductible, Insured, Insurer, Limits, Loss, Occurrence, Settlement
All > Business > Finance > Insurance > Homeowners Insurance
A firm that solicits insurance for one or more insurance carriers. It also may issue policies and adjust losses.
- Browse Related Terms: Adjuster, Agency, Claims Adjuster, Independent adjuster, Insurer, Public Adjuster, Public insurance adjuster, Staff adjuster
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A representative who sells insurance for one or more companies.
An insurance salesperson. An agent represents the insurance company, not the consumer. A) An independent agent usually represents two or more insurers in a sales and service capacity and is paid on a commission basis. B) An exclusive agent or captive agent represents only one company, usually on a commission basis.
A person who sells insurance policies.
A representative who sells insurance for one or more companies.
All > Business > Finance > Insurance > Homeowners Insurance
A representative who sells insurance for one or more companies.
An insurance salesperson. An agent represents the insurance company, not the consumer. A) An independent agent usually represents two or more insurers in a sales and service capacity and is paid on a commission basis. B) An exclusive agent or captive agent represents only one company, usually on a commission basis.
A person who sells insurance policies.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition
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All > Business > Finance > Insurance > Life Insurance
A life insurance product that provides an income either for a specified period of time or for a person's lifetime.
- Browse Related Terms: Annuity, Convertible Term Insurance, Cost Index, Cost-Of-Living Rider, Guaranteed Insurability, Insured, policy, Policy Loan, Renewable Term Insurance, Straight Life Insurance, Term insurance, Term Rider, Universal life insurance, Whole Life Insurance (Straight Life or Permanent Life)
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A form you fill out with information about you that an insurance company will use to decide whether to issue you a policy and how much to charge.
A request for insurance, giving information about the prospective policyholder.
A request for insurance, giving information about the prospective policyholder.
The request for insurance, giving information about the prospective policyholder.
All > Business > Finance > Insurance > Homeowners Insurance
The request for insurance, giving information about the prospective policyholder.
A form you fill out with information about you that an insurance company will use to decide whether to issue you a policy and how much to charge.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This DefinitionA signed request for insurance, giving information about the individual requesting insurance.
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All > Business > Finance > Insurance > Homeowners Insurance
A survey of property made to determine its insurable value.
An evaluation of a home insurance property claim by an authorized person to determine property value or damaged property value. Many policies provide an “appraisal” process to resolve claim disputes. In this process, you and the insurance company hire separate damage appraisers. The two appraisers choose a third appraiser to act as an “umpire.” The appraisers then review your claim, and the umpire rules on any disagreements. The umpire's decision is binding on you and the insurance company, but only for the loss amount. If there is a dispute over what is covered, you can still pursue a settlement of the coverage issue after the appraisal takes place. You are required to pay for your appraiser and half of the umpire's costs.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: Appraisal, Arbitration, Covered Expenses, Escrow, Inspection Report, Liability Coverage, Liability insurance, Negligence, Private Mortgage Insurance (PMI), Property damage, Single interest insurance, Watercraft Endorsement
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All > Business > Finance > Insurance > Auto Insurance
The person who evaluates the damage caused by an accident or other covered loss and determines the amount to be paid under the policy terms.
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
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A determination made by impartial experts of the value of property or the extent of damage. Arbitration is an alternative to litigation of matters in dispute.
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. Arbitration can be binding (the arbiter's decision is final) or non-binding (you can still take the insurer to court if you are unsatisfied).
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. Arbitration can be binding or non-binding.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
All > Business > Finance > Insurance > Homeowners Insurance
Referral to impartial but knowledgeable parties when the company and the claimant cannot agree on the value of a claim. The arbitrator's decision is binding on both parties.
A determination made by impartial experts of the value of property or the extent of damage. Arbitration is an alternative to litigation of matters in dispute.
- Browse Related Terms: Appraisal, Arbitration, Covered Expenses, Escrow, Inspection Report, Liability Coverage, Liability insurance, Negligence, Private Mortgage Insurance (PMI), Property damage, Single interest insurance, Watercraft Endorsement
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All > Business > Finance > Insurance > Auto Insurance
A mechanism for drivers to obtain coverage when insurance companies are unwilling to sell automobile insurance to them.
The North Dakota Automobile Insurance Plan is a state-supervised insurance plan available to persons who are unable to obtain such insurance coverage in the regular market. Individual policies are assigned to carriers based on the percentage of the market they share. The cost of this insurance is higher than the regular market.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
All > Business > Finance > Insurance > Auto Insurance
A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.
A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.
- Browse Related Terms: Actual cash value, Actual cash value (ACV), Aftermarket Crash Part, Arbitration, Assigned risk plan, Auto Replacement Coverage, Betterment, Exclusion, Full Tort, Illinois Automobile Insurance Plan (assigned risk plan), Liability, Liability Coverage, Property damage (PD), Total Loss
All > Business > Finance > Insurance > Life Insurance
A provision in a life insurance policy that any premium not paid by the end of the grace period (usually 31 days) will be automatically paid by a policy loan if there is sufficient cash value.
- Browse Related Terms: Automatic Premium Loan, dividend, Grace Period, Lapsed Policy, Level Premium Insurance, Loan Value, Non-forfeiture Values, Paid-up Insurance, Premium, Reinstatement, Settlement Option, Waiver of premium