Glossary

Contract

An agreement between two or more parties exhibiting the following necessary characteristics: mutual assent, competent parties, a valid consideration, and legal subject matter. Insurance policies are a form of contract.

Definition provided by the International Risk Management Institute (IRMI) Glossary of Insurance.

-- This content is provided for educational purposes only and may not be suitable for all circumstances. --

abcdefghijklmnopqrstuvwxyz

a

b

c

d

e

f

g

h

i

j

Jettison

k

l

m

n

o

p

q

r

s

t

u

v

w

x

X-date

y

Yellow Book

z

Get in touch with us

Decoding the Insurance Jargon: RCV vs ACV – A Coverage Comparison

Navigating through the maze of insurance terminology can be a daunting task. Two particular acronyms that often bewilder policyholders are RCV (Replacement Cost Value) and ACV (Actual Cash Value). So, what do these terms mean and how do they influence your coverage? Allow us to explain!Replacement Cost Value (RCV) signifies the total cost it would […]

What to do if insurance denied Roof claim: 6 Quick Tips

When your insurance company denies your roof insurance claim, what do you do? In many cases, homeowners are left not knowing what their options are. This can be especially true if the homeowner has never been through the insurance claims process. Fortunately, there are steps that homeowners can take to protect their rights and ensure […]