Insurance terms starting with A

19 terms

  1. Accelerated Death Benefits Benefits available in some life insurance policies prior to death.
  2. Accidental Death Benefit A provision added to a life insurance policy for payment of an additional benefit in case of death as a result of an accident.
  3. Act The National Flood Insurance Act of 1968 and any amendments to it.
  4. Actual cash value An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
  5. Actual Cash Value (ACV) The value of your property, based on the current cost to replace it minus depreciation.
  6. 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…
  7. 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…
  8. Adjuster A person who investigates and settles losses for an insurance carrier.
  9. Aftermarket Crash Part A non-original equipment manufacturer (OEM) replacement part, either new or used, for any of the non-mechanical parts that generally constitute the…
  10. Agency A firm that solicits insurance for one or more insurance carriers. It also may issue policies and adjust losses.
  11. 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…
  12. Annuity A life insurance contract sold by insurance companies, brokers, and other financial institutions. It is usually sold as a retirement investment.
  13. 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…
  14. Appraisal The act of evaluating and setting the value of a specific piece of personal or real property.
  15. Appraiser 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.
  16. 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.
  17. Assigned Risk Plan The North Dakota Automobile Insurance Plan is a state-supervised insurance plan available to persons who are unable to obtain such insurance coverage in…
  18. Auto Replacement Coverage A supplemental auto insurance coverage that guarantees your car will be completely repaired or replaced, even if the costs exceed its depreciated value.
  19. Automatic Premium Loan 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…