Abandonment Condition - ANS-A condition often contained in property insurance
policies that states that the insured cannot abandon damaged property to the insurer
and demand to be reimbursed for its full value.
Acci
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Abandonment Condition - ANS-A condition often contained in property insurance
policies that states that the insured cannot abandon damaged property to the insurer
and demand to be reimbursed for its full value.
Accident - ANS-A loss that occurs at a specific time and place
Actual Cash Value (ACV) - ANS-Today's replacement cost minus depreciation.
Depreciation from wear and tear, or obsolescence.
admitted insurer; authorized insurer - ANS-Company that meets a state insurance
department's standards and is allowed to do business in that state.
Adverse Selection - ANS-the tendency of insureds with a greater than average chance
of loss to purchase insurance
Annual Transit Policy - ANS-Nonfiled commercial inland marine transportation form that
insures a property owner's incoming or outgoing shipments of goods during a year
Appraisal Clause - ANS-A survey of property to determine the insurable value of the
property or the value of the loss sustained.
Appraisal Condition - ANS-Policy condition that outlines a procedure for when the
insured and insurer disagree on the amount of a loss
Assignment - ANS-The legal transfer of one's interest in an insurance policy to another
person.
Aviation Hull Insurance - ANS-Provides coverage for physical damage to an aircraft.
Bailee's Customers Policy - ANS-Nonfiled commercial inland marine form obtained by a
bailee to cover loss or damage to customers' property in the bailee's custody without
regard to liability.
Appurtenant Structures - ANS-Buildings of lesser value that are on the same premises
as the main building insured under a property policy; they are usually covered by the
policy.
Assignment Condition - ANS-Condition in insurance policies that specifies that the
policy cannot be transferred to another unless the company consents to the transfer in
writing.
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