Accident
Sudden, unexpected events that cause property damage or bodily injury.
Actual Damages
Damages that have a specified cost to repair
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Actual Total Loss
Complete destruction of insured property, so that nothing of value remains.
ACV (Actual Cash Value)
This is the value of the property after depreciation. As
ALE (Additional Living Expense)
If a homeowner is temporarily displaced from their home due to a catastrophe to allow repairs, certain homeowner's policies provide coverage to help defray this cost.
All Risk Policy
This policy is only in name as there is no policy that actually covers all perils, though this policy is the most common. Every policy has some condition, provision, or exclusion, which limits coverage.
Amendment
A document attached to a policy reflecting a change to the policy language made by the insurance company or the department of insurance
Assumption of Risk
If a person/company knows ahead of time that there is a possibility of injury, or worse, and agree not to hold anyone else responsible if an accident occurs, there really isn't negligence and insurance companies will generally not be liable and will resist paying
Attachment
court order allowing one person to take something of value belonging to another into custody for a particular purpose.
Bailee
Person(s) who, with permission, take care of another person/company's property.
Basic Form
The least expensive structural ACV policy covers only three perils on the structure and contents: fire, lightning, and demolition/removal. You may see the number "1" or "A" in the form number, such as HO-1 or HO-A.
Barratry
Fraud or gross negligence of a ship's master or crew at the expense of its owner or users
Blanket Coverage
This is a specific endorsement that provides a preset dollar amount to a particular category, i.e. $500 for "tree removal", $10,000 for "personal property.
Bodily Injury
Bodily injuries, legal defense, and compensation to other parties caused by an insured. [Show Less]