My Town Insurance Quotes

Unless otherwise defined in the policy, actual cash value is well defined by using the term fair market value. The fair market value of an item is the dollar amount that a knowledgeable buyer (under no unusual pressure) is willing to pay, and a knowledgeable seller (under no unusual pressure) is willing to accept. Another example could be [replacement cost – depreciation = ACV].

Is responsible for writing the repair estimates for your damages. They may be employed by your insurance company or hired as independent third party contractors.

Licensed individual or organization authorized to sell and service insurance policies for an insurance company.

unless otherwise defined in the policy, actual cash value is well defined by using the term fair market value. The fair market value of an item is the dollar amount that a knowledgeable buyer (under no unusual pressure) is willing to pay, and a knowledgeable seller (under no unusual pressure) is willing to accept. Another example could be [replacement cost – depreciation = ACV].

is responsible for writing the repair estimates for your damages. They may be employed by your insurance company or hired as independent third party contractors.

licensed individual or organization authorized to sell and service insurance policies for an insurance company.

change to the basic policy contract.

attempt to best determine the value of property or damages by a qualified person.

party that is found legally liable for the damages in an accident.

injury sustained by a person.

pays damages or legal defense for bodily injury or death resulting from an accident for which you are at fault.

Comprehensive Loss Underwriting Exchange (CLUE) report; provides claim history information to the requesting party for underwriting or rating purposes.

termination of an insurance contract before its normal expiration date, by the insured or insurer.

insurance company/insurer.

request for payment of loss to the insurance company under the terms and conditions of the policy.

covers damage to an insured vehicle caused by physical contact with another vehicle, overturns, or is hit by another object.

covers damage to your car caused by reason other than collision, such as fire, theft, vandalism, windstorm, flood, et cetera.

personal belongings owned by you and other family members who live with you.

Protection and benefits provided in an insurance contract.

loss or harm to a person or property.

financial loss that one party becomes legally obligated to pay to another party.

usually the first page of an insurance policy that contains the full legal name of your insurance company, your name and address, the policy number, effective and expiration dates, premium payable, the amount and types of coverage, deductibles, and the property being covered.

amount of the loss that the policyholder is responsible to pay up-front before covered benefits from the insurance company are payable.

decrease in value of any property due to aging or normal wear and tear.

reduction of rate by qualifying conditions that are likely to reduce the insurer's losses or expenses.

written agreement that changes the terms of an insurance policy by adding or subtracting coverage.

assessment of the cost to repair or replace your damaged property.

contractual provision in your insurance policy that limits and may exclude coverage for certain perils, persons, property, or locations.

anything that may increase the chance of an accident occurring.

providing compensation with intent to restore to the approximate financial position prior to the loss.

determined when one would suffer an economic loss as the result of the damages.

defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss.

any act committed to obtain payment from an insurance company that would not otherwise be made.

policyholder covered by an insurance policy.

insurance company who issues the insurance and agrees to pay benefits provided in the contract.

legally enforceable obligation or responsibility one’s injury or damage to their property suffered by another person.

maximum amount of benefits the insurance company agrees to pay or purchased by the insured for a loss.

measurable dollar cost of damages to property or persons.

benefits provided for the inability to use property as intended from the result of covered peril or damages.

coverage for medical expenses as a result of an accident.

conduct, written and/or verbal false statement of fact that is untrue and/or misleading.

report listing accidents and violations that appear on your driving record used for underwriting or rating purposes.

policyholder listed on the declaration page that is covered by an insurance policy.

legal system term used to achieve compensation for injuries and can be generally defined as failure to exercise the care that is expected of a reasonable person in similar circumstances.

an insurance company decides not to renew a policy at the end of its policy period or renewal.

personal belongings owned by you and other family members who live with you, such as furniture, clothing, dishes, and so forth.

contract between you and the insurance company that states the rights and duties of the insurance company and the insured.

price of the insurance paid to the insurance company for insurance coverage.

pays for damage and/or legal defense to someone else's property resulting from an accident for which you are found to be at fault.

estimate of the cost of insurance based on the information supplied to the agent, broker, or insurance company.

date your insurance policy expires and renews.

generally covers losses to the insured's personal property and liability protection while renting a residence.

chance of suffering a loss.

- when your company pays a claim from your policy even if you’re not liable or at fault, then attempts to collect a portion or all of the amount paid from the client and/or their insurance company that is found to be at fault.

property damaged to a point where repairing it is not reasonable or economically practical.

policy that extends high limits of additional liability coverage above the limits of your underlying policies for homeowners, auto, motorcycle, recreation vehicle, etc. Frequently called excess policy because it provides coverage in excess or additional to other policies.

process an insurance company goes through to determine if an applicant is insurable and identifying the correct rate for the risk.

provides coverage for your vehicle and/or you and passengers in your vehicle for injuries and property damage caused by an uninsured motorist.

17 digit identification number found on the front driver side dash which is assigned to each vehicle.