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Office:(760) 202-7711

Fax: (866) 849-9716

ACV: Actual Cash Value - Replacement cost minus depreciation

Admitted Insurer: Recognized by the Department of Insurance to transact insurance: approved or authorized

Agent: Person that represents the Insurance Company

Binder: A temporary insuring contract

Broker: A person who represents the client, Property & Casualty only

Declarations (Dec Page): Contract section stating who or what is covered, amount of coverage, policy period, and premium

Deductable: A specified amount of money that is paid by the insured before the insurer pays money on a claim

D.I.C.E.: Declarations, Insuring clause (agreement), Conditions, Exclusions

Endorsements: Written agreement attached to a policy to add or subract insurance coverages

Exclusions: Things that are not covered

Gap Insurance: Pays the difference between the amount an insurer pays on a totaled car and the amount owed on the loan or lease

Hazard: Anything that increases a chance of loss

Indemnify: To restore one to their previous financial condition that existed prior to the loss

Insurable Interest: Financial Interest

Insured: You, the insured

Insurer: Insurance Company

Judgment Rating: Based on best judgment of underwriter in classifying a risk

Loss Sustained Form: Covers losses that occur during the policy period and losses are discovered and reported during the policy period or up to one year after the policy expires.

Non-admitted Insurer: An insurer that is not licensed to do business in a particular state

Open Peril: All perils except those specifically excluded

Ordinance or law: A limitation in a Homewoners policy (10% of A) - an exclusion in Commercial Property policies

OTC: Other than collision

Peril: The Cause of Loss

Personal Property: Property that can move (e.g. furniture, clothes, paintings)

Physical Hazard: Distinct characteristic arising from material, structural, or operational features that increase a chance for loss

i.e. being next to explosives

Pure Risk: Chance of Loss

Real Property: Land, buildings, anything attached (does not move)

Replacement Cost: The cost to replace without a deduction for depreciation

Retroactive Date: The first date an occurrence would be covered under a claim made CGL policy

Risk: Uncertainty of Loss

Subrogate: The insured transfers the right to sue TO the insurance dompany

Substandard Risk: Classification of risk that is more than the normal acceptable risk

Third Party: The injured party. To whom liability pays claims

Tort: A wrongful act other than breach of contract or a crime

Umbrella: Covers above and beyond the liability coverage on policy