Agent
A licensed person or organization authorized to sell insurance by or on behalf of an insurance company.
Admitted Company
An insurance company authorized to do business in California.
Actual Cash Value
An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles.
Aircraft Insurance
Coverage for the insured in the event that the insured's negligent acts and/or omissions result in losses in connection with the use, ownership, or maintenance of aircraft.
Automobile Insurance
Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.
Binder
A temporary or preliminary agreement which provides coverage until a policy can be written or delivered.
Bodily Injury
Any physical injury to a person. The purpose of liability insurance is to cover bodily injury to a third party resulting from the negligent or unintentional acts of an insured.
Boiler and Machinery Insurance
Covers losses resulting from the malfunction of boilers and machinery. This coverage is usually excluded from property insurance creating the need for this separate product.
Broker
A licensed person or organization paid by you to look for insurance on your behalf.
Burglary
Coverage against loss as a result of forced entry into premises.
