Actual Cash Value (ACV) — The fair market value of a property (vehicle or home) at the time of it being deemed a total loss, stolen or destroyed. Following a loss, the insurance company determines the ACV as the amount equal to the replacement cost minus the depreciation.
Adjuster — An adjuster, or insurance claim agent, manages claims in order to determine compensation (if any) in case of vehicle damages or loss based on policyholder coverage.
Agent — Licensed personnel who represents, writes and binds policies on behalf of different insurance companies.
Application — A form filled out by the potential insured with their personal information for the insurance company to decide whether or not they will insure the individual and at what premium rate.
Auto Insurance — A type of personal insurance that provides financial protection for you, your passengers and your vehicle(s) in the event of an accident, theft or other situation involving your vehicle.