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Definitions (50)
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Actual cash value
This is the fair market value amount used to replace insured property that has been damaged or destroyed, minus depreciation. For vehicles, the amount can be established by referring to a dealer quota [..]
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Agent
An individual certified and officially approved to act as a representative and sell insurance for a particular insurance company.
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Binder
A temporary or initial agreementthat provides insurance protection until a policy is processed or delivered.
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Bodily injury
Any physical injury sustained by the injured due to work or caused by negligence or unintentionally caused by a third party.
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Broker
A licensed individual or organisation you pay to look for the insurance plan on your behalf.
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BURGLARY
A burglary is the loss of property or valuable possessions due to a forced or unlawful entry to your home, vehicle, or business premises.
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CANCELLATION
The termination of an insurance contract before the end of the policy period; either by the insured or insurer.
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claim
Any request or demand for payment under the terms of the insurance policy
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