Additional Living Expense
Additional Living Expense : A type of coverage in homeowners or renters insurance that pays for the extra costs of living elsewhere while your home is being repaired due to a covered loss. This includes costs such as hotel bills,…
Additional Interest
Additional Interest : An individual or entity, other than the primary insured, who has a financial interest in the property insured. This term is often used in property insurance, where a mortgage company or lender might be listed as an…
Customizable Additional Extended Coverage Options for Dwellings and Property
Additional extended coverage : An endorsement that extends coverage for dwellings to include protection against specific perils such as water damage, vandalism, glass breakage, etc. An endorsement for policies covering dwellings and similar property, extending the cover- age to include…
Actual total loss – Total loss Actuary
Actual total loss - Total loss Actuary : A situation where the insured property is completely destroyed or damaged to the extent that it is beyond repair or is uneconomical to repair.A technical expert in the life insurance and related…
Actual cash value
Actual cash value : The present-day value of property measured in cash, arrived at by taking the replacement cost and de- ducting for depreciation brought about by physical wear and tear, and obsolescence. For example, a burglary policy will insure…
Active life reserve
Active life reserve : Known as policy reserve, this is a reserve held by companies issuing accident and sickness policies to account for increasing claim rates with age, despite level premiums. Introduction of dynamic premium adjustments based on the actual…
