It’s also the factual information you submit if you accidentally cause damage or harm to someone else or their property. It’s needed for us to validate your coverage and work on approving your compensation for that loss. This is the factual information you submit to us after experiencing damage to your home and/or belongings. For example, if you have an engagement ring, you can get an appraisal from your jeweller to determine the value of your ring.Ī temporary or preliminary agreement which provides insurance coverage until a final and complete policy can be written or delivered.Ī set of rules that specify construction, repair and replacement standards for buildings and structures. This is the process of assessing an item’s worth, including the cost to repair or replace the item. This is someone who assesses risk and determines how likely certain events are to happen and, as a result, how much insurance premiums should cost.Īdvisors are on the front lines, working directly with customers to provide advice and guidance on what insurance policies are available as well as what policy makes the most sense for each person, group or family. That way, we know that when it comes time to talk about insurance, you’ll be ready. That’s why we’ve put together this handy glossary of insurance terms, with definitions that are easy to understand. Unless you’re fluent in the intricacies of indemnities or subrogation, it can be difficult to decipher what your policy means.
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