Glossary
Plain-language definitions of insurance terms.
- Actual Cash Value
- What your damaged property was worth at the time of the loss — the replacement cost minus depreciation for age and wear.
- Adjuster
- The person — often employed by the insurer, sometimes independent — who investigates a claim, estimates the loss, and recommends what the insurer should pay.
- Annuity
- A contract with an insurer in which you pay a lump sum or series of payments in exchange for income later, often in retirement. Types and terms vary widely.
Life