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AINS 101 - Chapter 4 - Claims

Horizontales
Abbreviation for the cost to replace property with new or like kind and quality less depreciation
Damages awarded to victim for identifiable expenses such as lost wages or medical expenses
Damages awarded to victim for losses such as pain and suffering
Damages awarded by court to reimburse a victim for actual harm
A party that makes a claim either 1st party or 3rd party
Process an insurer can use after it has paid a loss to recover the amount paid from the party who caused the loss or is legally responsible for the loss
Verticales
Rights given to an insurer to recover, sell or dispose of insured property for which they have paid a total loss.
Damages awarded by the court to punish a defendant for reckless, malicious or deceitful act
Demand by a person or business seeking recovery from an insurer that might be covered by an insurance policy
Reduction in value caused by the physical wear and tear or technological or economic obsolescence of property
The portion of a covered loss that is not paid by an insurer
Monetary award to a party who has suffered loss or injury for which another party is legally responsible