Archive

22 May Agency

An organization that solicits insurance for one or more carriers. An agency may perform other functions such as issuing policies and adjusting losses....

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22 May Age Change

An age change occurs on the date, halfway between birth dates, on which the life insurance age changes. Immediately after, the premium for new life insurance will be computed to the age on the next following birth date. The life insurance age is the age...

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22 May Additional Insured

One who is protected by an insurance policy in addition to the primary insured. In automobile insurance, for example, an operator who drives the insured’s car with his consent ordinarily is protected. In property insurance, this might be a co-owner, mortgagee, or lien holder....

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22 May Additional Extended Coverage

A second endorsement on a fire policy (fire and lightning with extended coverage) insuring the dwelling and/or contents against water damage from plumbing, etc.; boiler explosion; glass breakage; and damage by ice and snow, freezing, falling trees, collapse, vandalism, vehicles owned by insured or tenants...

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22 May Actual Cash Value (ACV)

ACV is the cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, regardless of the cause, including includes physical wear and tear, and obsolescence....

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22 May Acquisition Costs

Soliciting business  Issuance of policies  Collection of premiums  Agents compensation  Field supervision  Advertising  Any other expense reasonably attributable to acquisition and conservation of written premiums...

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