Coverage for bodily injury and/or death resulting from accidental means (other than natural causes).
Adequacy of Coverage refers to the sufficiency of insurance protection to repay the insured in the event of a loss, ensuring they are adequately compensated and can recover without significant financial detriment.
All Risk or All Peril insurance covers each and every loss except for those specifically excluded, providing the broadest type of property protection available.
An independent adjuster is an independent contractor who assesses and resolves insurance claims for various insurance companies. These professionals provide essential services for companies that either lack sufficient financial resources or have a claims volume that doesn't justify full-time, in-house adjusters.
An insurance settlement involves receiving proceeds from an insurance policy. The terms of the settlement are outlined in the policy and may include options like immediate lump sums or periodic payments.
A provision in property insurance that determines the reimbursement amount for damaged or destroyed property based on the price a willing buyer would pay to a willing seller, rather than the property's actual cash value.
A public adjuster is a professional claims handler who legally represents an insurance claimant in the event of major property damage, working to negotiate and expedite fair settlement with the insurance company.
The principle that, having paid a claim, an insurer has the right to take over any other methods the policyholder may have for obtaining compensation for the same event.
Total loss refers to damage that is so extensive that repair is not economical. Typically seen in contexts like insurance claims, accidents, and natural disasters, total loss indicates that the cost to reconstruct, repair, or salvage an item exceeds its replacement value.
