The present-day value of property measured in cash, arrived at by taking the replacement cost and deducting for depreciation brought about by physical wear and tear and obsolescence.

A person concerned with the application of probability and statistical theories to the practical problems of insurance and related fields. Actuarial responsibilities extend to the calculation of premiums, evaluation of various reserves, forecasting of financial results on both a long-range and a short-range basis.

A person, other than the one in whose name an insurance policy is written, who is protected against loss by terms of the policy.

A representative of the insurer in negotiating, servicing or effecting insurance contracts.

The maximum limit of liability payable by an insurance carrier on behalf of a policyholder during any given policy period

The name given to a policy which covers against the loss caused by all perils except those that are specifically excluded by the terms of the policy.

Types of insurance associated with property insurance, which may include earthquake, sprinkler leakage, and income and extra expense coverage.

A form or document used by a person seeking insurance to provide information about their operations, and to indicate type and amount of coverage desired.

An estimate of quantity, quality, or value. The term also refers to the report setting forth the estimate and conclusion of value.

If a dispute arises between the insured and the company in regard to the amount of the loss, someone approved by both parties can be appointed to consider the facts and render a judgment. The arbitrator's decision is binding and final on both parties.