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Definitions (46)
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Actual cash value
is the lessor of (1) the replacement cost of the motorcycle or the property less the depreciation and/or betterment and (2) the purchase price
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betterment
is improvement of the motorcycle or property to a greater value than its pre-loss condition
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Bodily injury
bodily harm. It also includes sickness, disease, or death but which results from bodily harm
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CANCELLATION
is when a policy is terminated before the expiration date either by the insured or the insurer
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claim
a request for payment by an insured for a loss associated with a covered vehicle
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Claimant
the person making the claim
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collision
the upset of your insured motorcycle or its impact with another vehicle or object
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comprehensive
Also known as “other than collision” is when damage is caused by any of the following: breakage of glass; contact with bird or animal; explosion or earthquake; fire, hail, water, flood or wind; lightn [..]
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DEDUCTIBLE
the amount the named insured is responsible for in a comprehensive or collision claim and in some cases a medical expense or uninsured motorist claim. In other words, it is the amount that will be de [..]
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DEPRECIATION
a decrease or loss in value to the motorcycle or property because of use, disuse, physical wear and tear, age, outdatedness or other causes
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