Property Adjuster Associates
NH Public Adjusters
33 Whitehall Terrace
Hooksett, N.H. 03106

Phone: 603-391-4032
Fax: 603-232-0148

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Contents Inventory
Definitions
Major House Parts

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Definitions

ACV- Actual cash value. This is determined by RCV – Depreciation.

Additional Coverages- Areas of your policy that extend coverage; often over the limits stated on the declarations page.

Adjuster- See claims adjuster.

Claims Adjuster- A person licensed by the state to investigate, inspect and determine the extent of his/her companies’ liability.

Code- Ordinance or Law required by a local, state, or national entity.

Conditions- Section of the insurance policy that outlines the rights and duties of the insured and insurer under the policy.

Contents Inventory- A list of personal property including the name, age and value of items being claimed.

Covered Loss- A peril that is insured under the policy.

Declarations Page- The portion of the insurance contract that contains such information as name and address of the insured, description of the property, and coverage and premium amounts.

Definitions- A section of the policy that defines specific uses of certain terms in the form.

Depreciation- A sum that represents a loss in value of property over time.

Endorsements- An amendment added to an insurance policy to change the original terms; Either to restrict or broaden coverage.

Exclusions- Losses not protected by the policy.

Holdback- See recoverable depreciation.

Independent Adjuster- a claims adjuster who is an independent contractor. He/she is hired by insurance companies for the investigation and settlement of claims.

Insured- a person protected by the insurance policy.

Insurer- The company issuing the policy.

Peril- The cause of loss.

Personal Property- most property of the insured, other than real estate, common to a residence.

Public Adjuster- The only type of claims adjuster who can legally represent the rights of an insured in an insurance claims process.

RCV- Replacement cost value. The cost to replace a damaged or destroyed item.

Recoverable Depreciation- a value withheld by the insurer as an “incentive” to complete the repair or replacement process.

This is for informational use only.