Actual Cash Value
Cost of replacing damaged or destroyed property with
comparable new property, minus depreciation and obsolescence.
For example, a 10-year-old sofa will not be replaced at current
full value because of a decade of depreciation.
An actuary is one who analyzes the current financial
implications of future contingent events.
Additional Interest Insured
A person or organization, other than the policy owner, who
may be liable for an accident involving an insured person or an
insured vehicle and who has been named as an additional interest
insured under the policy.
A representative of the insurer who seeks to determine the
extent of the insurer's liability for loss when a claim is
Individual who sells and services insurance policies. An
Independent agent represents at least two insurance companies
and (at least in theory) services clients by searching the
market for the most advantageous price for the most coverage. A
Direct or career agent represents only one company and sells
only its policies.
Usually refers to liability insurance and indicates the
amount of coverage that the insured has under the contract for a
specific period of time, usually the contract period, no matter
how many separate accidents might occur.
Automobile Liability Insurance
Coverage if an insured is legally liable for bodily injury or
property damage caused by an automobile.