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Personal Lines
Auto Quote Sheet | Homeowner Quote Sheet
- Automobile Liability Insurance:
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property.
- Automobile Physical Damage Insurance:
Coverage to pay for damage to or loss of an insured automobile resulting from collision, fire, theft, or
other perils
- Uninsured/Underinsured Motorist Coverage:
A form of insurance that pays the policyholder and passengers in his/her car for bodily injury caused by the owner or operator of an uninsured or inadequately insured automobile.
- Tort:
A civil wrong, other than a breach of contract, for which a court of law will afford legal relief, i.e., harming another by an act of negligence in driving an auto.
- Boat Owners Package Policy:
A special package policy for boat owners that combines physical damage insurance, medical expense insurance, liability insurance, and other coverage's in one contract
- Dwelling Property 1:
Property insurance policy that insures the dwelling at actual cash value, other structures, personal property, fair rental value, and certain other coverages. Covers a limited number of perils.
- Dwelling Property 2
: Property insurance policy that insures the dwelling and other structures at replacement cost. It adds additional coverages and has a greater list of covered perils than the Dwelling
Property 1 policy.
- Dwelling Property 3:
Property insurance policy that covers the dwelling and other structures against direct physical loss from any peril except for those perils otherwise excluded. However, personal property is covered on a named-perils basis.
Homeowners Policy: A package of insurance providing homeowners with a broad range of property and liability coverages.
Actual Cash Value (ACV):
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused
2) replacement cost minus depreciation
- Depreciation:
A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss
- Replacement Cost:
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation. (See Actual Cash Value)
- Deductible:
An amount, which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss.
Life - Pays the policy limit in the event that the insured passes away. Term - Term Life insurance covers and insured for a certain period of time. It will
pay the policy limits if the insured dies during the term of the policy, as long as the premiums are kept current. Whole Life -
Whole Life is an open-ended contract and builds up some cash value that can be taken out. It will pay in the case of the insured passing away at anytime, as long as the policy premiums are paid.
- Umbrella Liability:
Insures losses in excess of amounts covered by other liability insurance policies; also protects the insured in many situations not covered by the usual liability polices.
Recreational Vehicles
Motorcycle
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