ayalainsurance.com

Website:https://www.ayalainsurance.com
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Definitions (177)

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PREMIUM


The amount of money an insurance company charges to provide coverage in a policy
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abandonment


As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal
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accounts receivable coverage


Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records
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Actual cash value


Cost to repair or replace damaged property with materials of like kind and quality, less depreciation
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additional insured


A person or organization for whom insured status is arranged by endorsement
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advertising injury


General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services
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aggregate


The maximum amount an insurance company will pay during the policy
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All Risk Coverage


Property insurance covering loss arising from all causes of loss except those that are specifically excluded
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APPLICATION


A form with the information needed for an insurance company to underwrite and rate a specific policy
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Audit


A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums
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