Actual Cash Value
The actual cash value of your home or personal property is calculated by subtracting depreciation from the replacement cost. Insuring property for its actual cash value means you receive what the item is worth at the moment of the loss, not what it costs to replace it.
Example: A roof typically needs to be replaced every twenty years. If you paid $20,000 to replace your roof ten years ago, its value today might be only half of that amount, or $10,000.
The person who investigates claims for an insurance provider, which includes assessing damaged property, interviewing witnesses, and reviewing police and hospital records.
An admitted carrier is licensed in the state to write and sell certain types of insurance. They are backed by the state’s guaranty fund that protects policyholders if a carrier goes bankrupt.
An appraisal is a professional assessment of a property’s value. Your home, belongings, and property losses can be appraised.
Assignment of Benefits
An assignment of benefits (or AOB for short) is an agreement that gives your claims benefits to someone else.
Coverage for bodily injury or property damage that may occur through the ownership or operation of an automobile.