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oci.ga.gov
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Definitions (194)
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accident
An event causing loss, which occurs without being expected or designed, usually specific in time and place.
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inspection report
Filed by an investigator employed by the insurance company or credit agency, giving general information on the health, habits, finances and reputation of the applicant.
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Accidental death benefit
Provision for payment of an additional amount – usually equal to the face amount of insurance – if the insured is killed in an accident. Popularly known as double indemnity.
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Acquisition costs
Expenses incurred in acquiring new business premiums and conservation of renewal business. Broad in scope, it includes cost of soliciting business, issuance of policies, collection of premiums, agents [..]
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Actual cash value
The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused. Another definition: the sum of money required to replace property [..]
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Actuary
A person whose principal function is to make the technical calculations required for the pricing of insurance policies.
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ADDITIONAL EXTENDED COVERAGE
A second endorsement on the fire policy (fire and lightning with extended coverage) which insures the dwelling and/or contents against water damage from plumbing, etc.; boiler explosion; glass breakag [..]
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additional insured
One who is protected by an insurance policy other than the named insured. Examples: In automobile insurance, one who drives the insured’s car with his consent ordinarily is protected. In property insu [..]
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adjuster
A person who investigates and settles losses for an insurance carrier or the insured.
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Advance premium
Most companies give the insured the right of making premium payments in advance.
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