Common terms used in the insurance industry

This is the fair market value amount used to replace insured property that has been damaged or destroyed, minus depreciation. For vehicles, the amount can be established by referring to a dealer quota [..]

An individual certified and officially approved to act as a representative and sell insurance for a particular insurance company.

Auto Insurance

A temporary or initial agreementthat provides insurance protection until a policy is processed or delivered.

Any physical injury sustained by the injured due to work or caused by negligence or unintentionally caused by a third party.

A licensed individual or organisation you pay to look for the insurance plan on your behalf.

A burglary is the loss of property or valuable possessions due to a forced or unlawful entry to your home, vehicle, or business premises.

The termination of an insurance contract before the end of the policy period; either by the insured or insurer.

Any request or demand for payment under the terms of the insurance policy