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libertymutual.com
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Definitions (53)
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homeowner
A person who owns and does not rent their home from another.
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actual cash value
The current market value of lost or damaged property at the time of a covered loss. For example, the value of a three-year-old car is based on the value of similar three-year-old cars selling on a used car lot. In a home insurance policy, actual cash value is the replacement cost of the property, less depreciation.
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additional insured
An individual or organization covered by an insurance policy other than the named policyholder. In a car insurance policy, anyone who drives your car with your consent is an additional insured. In a home insurance policy, a mortgage company may be listed as an additional insured.
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additional living expense
If you are temporarily unable to live in your home because of a covered loss, this is any reasonable and necessary increase in living expenses you incur so your household can maintain its normal standard of living.
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appraisal
An evaluation by a claims representative or appraiser to estimate the amount of damage to your property or vehicle, and the cost to repair the property or vehicle. In the worst-case scenario, a determination of a complete loss may be made.
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auto/car insurance
In exchange for the payment of a premium, an insurance company agrees to pay most or all of the reasonable costs associated with an accident or other damage to a vehicle.
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bodily injury
Liability coverage for financial protection against injury to the body of a person that results from an accident where the insured is alleged to be legally responsible.
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catastrophe
A sudden, severe disaster that results in a large amount of damage and causes a high number of car and home insurance claims.
Meaning awaits approval from a moderator |
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claim
A request for payment or repair under an insurance contract due to a covered loss or accident.
Meaning awaits approval from a moderator |
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