Fair market value of an item at the time it was damaged, stolen or destroyed. After a loss, your company will review the condition of your car's body, interior, tires, and additional equipment. Based on the pre-accident condition of the car, a claim adjuster locates similar models for sale in your area, and uses those prices to determine the Actual Cash Value.
Actuary
Actuary
A specialist in the mathematics of risk, especially as it relates to insurance calculations such as life expectancy, prediction of accident frequency, and loss reserving.
Adjuster
Individual employed by an insurance company to settle claims brought by policyholders or claimants. The adjuster evaluates each claim and then makes payment based on the coverage available in its policy contract.
Appraisal
A professional, formal, written estimation of the value of property. Damage appraisals may be completed by an insurance adjuster or vehicle repair specialist.
Assigned Risk Plan
State-managed auto insurance plan for individuals who cannot obtain conventional liability coverage because of their poor driving records. These drivers are placed in a residual market with insurance companies assigned to write policies for them at higher prices. Assigned risk plans also exist for health insurance.
Attach
To seize property or assets, or to obtain a legal writ granting the right to seize the property or assets. This usually occurs when an individual has outstanding debt, is financially unable to pay the debt in cash, and has assets of sufficient value to cover the amount of the debt.
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B
Bodily Injury Liability Coverage
Part of an auto insurance policy that covers you, up to the policy limits, for car accidents that result in bodily injuries to other drivers or pedestrians for which you are legally at fault. Covered losses generally include medical expenses, pain and suffering, and lost income. Legal defense costs are covered if you are sued as a result of the accident.
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