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Insurance Terms

Premium

The amount of money an insurance company charges in return for providing coverage.

Hazard

A condition that creates or increases the chance that a loss will occur. For example, a wood-burning stove may increase the chance of a loss from a fire.

Declarations Page

A page in your policy – usually the front page – with basic information that identifies the policyholder, the property or vehicles covered, the coverages and the premium amounts. Also referred to as a Dec Page.

Named Perils

Covered hazards that are listed in an insurance policy. Also known as specified or named perils.

Actual Cash Value (ACV)

The value of the property that is lost or damaged at the time of the loss. This is in contrast to Replacement Cost (RC).

Replacement Cost (RC)

The actual cost of replacing damaged or destroyed property with new property, in contrast to Actual Cash Value (ACV).

Bodily Injury liability coverage

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Ordinance of Law

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Collision Coverage

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Equipment Breakdown

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Comprehensive

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Water Back Up

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Other Structures

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Ordinance of Law

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Collision Coverage

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Equipment Breakdown

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Comprehensive

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Water Back Up

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