Actual Cash Value (ACV)
Actual Cash Value (ACV) is a method of valuing property in insurance that takes into account depreciation due to age, wear and tear, and other factors that reduce the property’s value over time.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Acupuncture & Alternative Therapy Coverage in Pet Insurance
Acupuncture & Alternative Therapy Coverage in pet insurance refers to the benefits provided for non-traditional, holistic, or complementary treatments that support a pet’s recovery, pain management, or overall wellness. These therapies are typically performed by licensed veterinarians or certified practitioners and are often used alongside conventional veterinary care.
Additional Insured
An additional insured is a person or entity, other than the named insured, who is added to an insurance policy and receives certain coverage benefits.
Adjustable Premium
An adjustable premium is an insurance premium that can change over time, depending on various factors such as the insurance company’s claims experience, investment performance, or changes in the policyholder’s risk profile.
Advanced Loss of Profit Insurance (ALOP)
Advanced Loss of Profit (ALOP) insurance, also known as delayed start business interruption insurance, is a specialized type of insurance that covers loss of profits for businesses that experience delays in starting up a new project or operation due to an insured event.
Aggregate Limit
An aggregate limit is a type of insurance limit that caps the total amount an insurer will pay for all covered losses during a specific period, usually a policy year.
Agreed Value Coverage
A type of insurance coverage where the insurer and the insured agree on a specific value for the insured item at the start of the policy, and in the event of a total loss, the insurer pays that agreed-upon value, regardless of the actual cash value at the time of the loss.
All Risk Insurance
All risk insurance, also known as comprehensive coverage or open perils insurance, is a type of insurance that covers a broad range of risks or perils, except for those specifically excluded in the policy.
Allied Lines
In the insurance industry, allied lines refer to coverages that are typically offered in conjunction with property insurance policies, complementing the core protections of the main policy.
Arson
Arson is the unlawful act of intentionally setting fire to property.
Assigned Risk
An assigned risk plan, also known as a residual market plan or high-risk pool, is a system designed to provide insurance coverage to individuals or businesses who are unable to obtain it in the standard insurance market due to their high-risk profiles.
Aviation Insurance
Aviation insurance is a specialized type of insurance that provides coverage for aircraft, airlines, and other businesses involved in aviation.
