The value of a covered item at the time of loss, factoring in depreciation, as opposed to what it would cost to replace it new.
The person or entity designated to receive the payout from a life insurance policy or annuity.
A temporary agreement providing proof of insurance coverage before the formal policy is issued.
A formal request to an insurer for payment based on the terms of the policy.
The percentage of a covered cost you’re responsible for after meeting your deductible, expressed as a split (e.g., you pay 20%, insurer pays 80%).
A fixed dollar amount you pay for a specific covered service, regardless of the total cost.