Home Terms

Adjuster
    Individual employed by an insurance company to settle claims

All-Risk
    Type of homeowners insurance that covers losses resulting from each and every peril, except for those specifically excluded.

Appraisal
    A professional estimation of the value of property.

Extended Coverage
    Endorsement added to an insurance policy, or clause included in the policy, to provide additional.

FICA - Federal Insurance Contributions Act
    Federal law that requires employers to withhold wages and make payments to finance the Old Age, Survivors, Disability, and health insurance (OASDHI) plan.

Flood Insurance
    Insurance that provides coverage for losses resulting from a flood. Not included in a standard homeowners policy. Depending on the community where you live, you may be eligible to have federal flood insurance through The National Flood Insurance Act.

Hazard
    Circumstances that increases the likelihood or probable severity of a loss.

Insurable Interest
    Relationship between insured person or property and a potential beneficiary of the insurance policy.

Joint Tenancy
    Ownership of property by two or more individuals, each having equal share in stake and equity.

Mobile Home Insurance
    Coverage similar to a homeowners insurance policy. Covers property and liability.

Informaton Provided By Insurance Information Institute
http://www.iii.org