Category
General Insurance Terms
7 terms explained in plain English, with Indian context.
- Actual Cash Value (ACV)The depreciated value of damaged or stolen property.
- BinderA temporary insurance contract that provides coverage until a permanent policy is issued.
- DeductibleThe amount of money you must pay out-of-pocket towards a covered loss before your insurance company starts to pay.
- EndorsementAn amendment or addition to an existing insurance policy that changes the terms or scope of the original contract.
- ExclusionA provision in an insurance policy that limits or eliminates coverage for certain perils, property, classes of persons, or locations.
- PremiumThe amount of money an individual or business pays to an insurance company for coverage.
- Replacement Cost Value (RCV)The cost to replace damaged property with new property of similar kind and quality without deduction for depreciation.