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.