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Michigan's Insurance Company
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Glossary Protection for your home . . . from Farm Bureau General Insurance Company of Michigan Actual Cash Value - The amount of money it would cost, at the time of the loss, to replace property lost or damaged, minus an amount for depreciation. Claim - A demand of payment for a loss covered by an insurance policy. Deductible - The amount you agree to pay for a claim. The higher the deductible, the lower your payment to the insurance company for the policy. Liability - A legally enforceable financial obligation. Liability Coverage - Insurance that pays another person for losses which you accidentally cause or for which you are found liable. Limit - The maximum amount payable for each coverage. Scheduled Personal Articles - A special type of endorsement which provides extensive coverage for such things as jewelry, stamp collections, computer equipment, etc. Policy - A legal contract that spells out the duties of both the insurer and the insured. Replacement Cost Coverage - Covers your home and personal possessions at their replacement value with no depreciation. Back to Protection for Your Home |
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