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Glossary of Terms

Is your insurance company or adjuster using unfamiliar terms or strange industry jargon? Learn what it is they're talking about here! Get familiar — and arm yourself — with the knowledge you need to make the most out of your property damage insurance claim.

Act of God (Force Majeure)
Act of God (Force Majeure)
Actual Cash Value (ACV)
Actual Cash Value (ACV)
Additional Living Expense (ALE)
Additional Living Expense (ALE)
Aggregate & Per-Occurrence Limits
Aggregate & Per-Occurrence Limits
All-Risk Coverage
All-Risk Coverage
Assessed Value
Assessed Value
Builder's Risk Policy
Builder's Risk Policy
Building Code Effectiveness Grading Schedule (BCEGS)
Building Code Effectiveness Grading Schedule (BCEGS)
Commercial Flood Coverage
Commercial Flood Coverage
Coverage Lapse
Coverage Lapse
Equipment Breakdown / Boiler & Machinery Coverage
Equipment Breakdown / Boiler & Machinery Coverage
Fair / Market Value
Fair / Market Value
Force-Placed / Collateral Protection Insurance
Force-Placed / Collateral Protection Insurance
Insurance Adjuster
Insurance Adjuster
Insurance Broker
Insurance Broker
Insurance Deductible
Insurance Deductible
Insurance Premium
Insurance Premium
Named Insured
Named Insured
Other Structures Coverage
Other Structures Coverage
Policy Cancellation
Policy Cancellation
Property Damage Claim
Property Damage Claim
Property Depreciation
Property Depreciation
Property Insurance Appraisal
Property Insurance Appraisal
Property Insurance Declarations
Property Insurance Declarations
Property Insurance Hazard
Property Insurance Hazard
Property Insurance Peril
Property Insurance Peril
Property Insurance Policy
Property Insurance Policy
Property Insurance Risk
Property Insurance Risk
Property Insurance Underwriting
Property Insurance Underwriting
Property Total Loss
Property Total Loss
Replacement Cost Value (RCV)
Replacement Cost Value (RCV)
Scheduled Property
Scheduled Property
Third Party Insurance Claim
Third Party Insurance Claim
Water Back-Up Coverage
Water Back-Up Coverage
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