1. A rider waiving (excluding) liability for a stated cause of accident or (especially) sickness.

The vehicle identification number (VIN) on your vehicle. This number is usually found on the dashboard of your vehicle on the driver’s side, and is usually listed on the vehicle registration and title. The VIN is a combination of letters… Continue reading →

Estimation of the value of an item, usually by appraisal.

Damage or destruction to property, which is willful. This coverage can be purchased under many Property forms and is automatically covered under most Homeowners policies.

Used synonymously with malicious mischief; willful physical damage to property.

The process of evaluating a risk for the purpose of issuing insurance coverage on it.

1. A person trained in evaluating risks and determining the rates and coverages that will be used for them.

A policy that pays for liability losses in excess of those covered in homeowners and auto insurance.

Shifting all or part of a risk to another party. Insurance is the most common method of risk transfer, but other devices, such as hold harmless agreements, also transfer risk. One of the four major risk management techniques. See Risk Management.

A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.