Plano Texas | Insurance Auto Home Commercial Liability Life Health | Ben Goodwyn Agency

The value of the insured property, in dollars, at the time of loss. This amount is whatever it will cost to replace the property, minus a deduction for depreciation (age, wear and tear, etc.)

The person who handles the settlement of a claim on behalf of the insurance company, either as an employee of the company or an independent engaged by contract. Also known as a claim representative.

A legal agreement between an insurance buyer and an insurance company or its agent. It provides temporary insurance coverage until a policy is either issued or refused.

Injury to the body of a person as specifically defined in an insurance policy. Bodily injury liability is the legal responsibility for medical and related costs that may result from injury to the life or health of another person.

Liability Coverage which covers the injuries to others that you are deemed responsible for as the result of an at-fault accident.

Insurance against a loss resulting from damage to the covered auto through collision with another object

Covers damage to the auto not resulting from a collision. Example: Car is parked in a parking lot and a tree limb falls, breaking the windshield.

The guarantee to pay if specific losses occur, according to the terms of the insurance policy.

The largest total amount the insurance company will pay for covered losses. Many policies have multiple limits – a certain amount per person, another amount per accident, and sometimes an aggregate limit on all losses paid during the policy term.

The estimated or claimed amount of money due in reparation for injury or loss suffered.

Normally the first page of a policy, it includes the insured’s name, how long the coverage applies and how much insurance is being provided. Also called the declarations page.

A specified amount that is deducted from a loss before policy coverage begins. (Example: Auto insured on a policy with a $250 deductible sustains $1,000 in damage, then the policyholder pays the first $250 and the insurance company pays the $750 balance.)

An amendment to an insurance policy to provide coverage for special circumstances not included in the basic contract, usually for an additional premium.

Provisions of an insurance policy that state what the company will not pay for.

The day and hour when the policy will terminate if not canceled earlier or continued by payment of renewal premium.