In a contract of insurance, the —acceptance— occurs when the insurance
company agrees to accept application and to issue policy.
A fortuitous (unforeseen—by chance), unusual, unexpected, or unlooked for
event, happening or occurrence.
Act of God:
An act by forces of nature without the interference of any human agency.
Actual Cash Value:
That amount which makes a policyholder whole after suffering a
loss—usually replacement cost less depreciation; however, market value can sometimes
be a determining factor.
Compensation for the actual amount of loss. Synonymous with
compensatory damages and with general damages.
A person who is covered in addition to the named policyholder, but
who may not be specifically named in the policy.
Additional Living Expense:
Insurance coverage for expenses over and above normal
living expenses, allowing for the same standard of living, while the insured premises are
unlivable due to an insured peril.
One who determines the amount of loss and adjusts differences with an
opposing adjuster to determine the amount of claim.
The agreed amount of claim as adjusted between both sides.
A signed, voluntary written or printed declaration or statement of facts. With
regard to claim substantiation: A statement signed by a disinterested party in order to
verify ownership and possession of property, in the absence of receipts or other proof.
A relationship between two persons, by agreement or otherwise, where one (the
agent) may act on behalf of the other (the principal) and bind the other by words and
actions. The consensual relation between two persons, by virtue of which, one is subject
to the otherís control.
A person authorized by another (principal) to act for or in place of that principal;
one entrusted with anotherís business (e.g., insurance company adjuster—insurance company, policyholder adjuster—policyholder).
Apparent agent or ostensible agent: One who whether or not authorized, reasonably
appears to be authorized to act as agent for another.
Equivocal agent: One who holds oneself out to represent two or more persons with opposing
interests, in the same matter or transaction.
Insurance agent: A person authorized to represent the insurance company in dealing
with parties in matters relating to insurance. An agent employed by an insurance
company to solicit insurance business.
N.A.I.C. Unfair Claims Settlement Practices Model
Regulation definition: —Insurance Agent— means any individual, corporation, association,
partnership or other legal entity authorized to represent an insurer [insurance company]
... A —general agent— covers a large geographic area. A —local
agentís— functions are limited and confined to some particular locality.
The amount to be paid by each insurance company when more than
one insurance company insures the same loss.
A form of arbitration agreed to in the policy for resolving amount of loss
The amount of loss determined by two appraisers or by one appraiser
and the Umpire, binding on the insurance company and the policyholder.
A disinterested party selected by the insurance company or the policyholder
to represent that interest in Appraisal.
A person to whom an assignment is made.
The act of one policyholder transferring insurance benefits to another
—Bad faith— on the part or an insurance company is any frivolous or
unfounded refusal to pay benefits under a policy. The refusal need not be fraudulent.
The added life or added value of an item because of its repair or
Temporary insurance pending investigation of the risk by the insurance
company or until a formal policy is issued.
A person who obtains insurance for individuals or companies, from insurance
companies or their agents. A broker differs from an insurance agent in that a broker does
not represent any particular insurance company.
To ask for, or seek to obtain, by virtue of authority; assert with readiness to
maintain; to call for something due, as an insurance claim.
Full Glossary in the book, "Policy Ensurance"
Help on the way:
this content is local to your area in that it affects virtually everyone in your area, indirectly or directly: property insurance policyholders. When the next news stories run having to do with a local disaster such as a hurricane, earthquake, flood, tornado, fire, etc., perhaps think of those disaster survivors and to what extent you may have helped in their preparedness and recovery. Thank you for any help you give.