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- Actual cash value (ACV)
- The replacement cost of an item minus depreciation. Policies that pay ACV give you less than one that pays replacement cost.
- Additional insured
- A person or company added to your policy for certain liability protection, often a landlord, lender or client.
- Adjuster
- The person who investigates a claim and decides what the policy pays.
- Agreed value
- A coverage basis where you and the carrier agree on a vehicle’s value at the start, so a total loss pays that number.
- Bodily injury liability
- Coverage that pays for injuries you cause to other people in an accident where you are at fault.
- Certificate of insurance (COI)
- A one-page document that proves you have coverage, often requested by landlords, lenders and clients.
- Claim
- A formal request to your insurance company to pay for a covered loss.
- Collision
- Auto coverage for damage to your own car from hitting another vehicle or object, regardless of fault.
- Comprehensive
- Auto coverage for non-collision damage like theft, fire, hail, flood and hitting an animal.
- Coverage limit
- The maximum amount a policy will pay for a covered loss.
- Declarations page
- The summary page of your policy showing who and what is covered, limits, deductibles and premiums.
- Deductible
- The amount you pay out of pocket on a covered claim before the insurer pays the rest.
- Dwelling coverage
- The part of a home or landlord policy that pays to repair or rebuild the structure of the house.
- Endorsement (rider)
- An addition to your policy that adds, removes or changes coverage, for example scheduling jewelry or adding water backup.
- Exclusion
- Something the policy specifically does not cover, such as flood or earth movement on a standard homeowners policy.
- Flood zone
- A FEMA-mapped area rated for flood risk, which can decide if flood insurance is required by your lender.
- General liability
- Business coverage for injury or property damage you cause to others in the course of operations.
- HO-3
- The most common homeowners policy form for single-family homes, covering the structure on an open-perils basis.
- HO-6
- A condo unit owner’s policy covering interior finishes, belongings, liability and often loss assessment.
- Loss assessment
- A charge from your condo association to unit owners when the master policy cannot cover a loss.
- Loss of use
- Coverage for extra living costs, like a hotel, when a covered loss makes your home unlivable.
- No-fault
- The system New Jersey uses, where your own auto policy pays your medical costs through PIP regardless of who caused the crash.
- PIP (Personal Injury Protection)
- New Jersey auto coverage that pays your medical expenses after a crash regardless of fault.
- Premium
- The price you pay for your insurance policy, monthly or for the full term.
- Replacement cost
- Coverage that pays to replace an item at today’s price without subtracting depreciation.
- Subrogation
- When your insurer pays a claim and then seeks reimbursement from the party who caused the loss.
- Umbrella policy
- Extra liability coverage that sits on top of your auto, home and other policies.
- Underwriting
- The process an insurer uses to decide whether to offer coverage and at what price.
- Uninsured / underinsured motorist (UM/UIM)
- Coverage that protects you when the at-fault driver has no insurance or not enough.
- Waiting period
- A required time before some coverage begins, common in flood policies from the National Flood Insurance Program.
- Workers’ compensation
- Business coverage for employee medical costs and lost wages after a job-related injury or illness.
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