November 6, 2007
Insurance terms like “revocable beneficiary”, “split limits”, and “replacement cost” are insurance terms we need to understand to make insurance less complicated.
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Replacement Cost Coverage - A form of insurance that provides for the replacement of lost or damaged property without any deduction for depreciation. Revocable Beneficiary - A beneficiary designation in a life insurance policy where the policyowner reserves the sole right to make beneficiary changes. Section 1035 Exchange - A section of the Internal Revenue Code allowing the replacement of a life insurance policy or annuity contract on a non-taxable basis. |
Split Limits - This is a term normally found in either personal or business auto insurance. This term provides different insurance coverage amounts for bodily injury liability and property damage.
Subrogation - A right assigned to an insurance company after payment of a loss to allow the insurance company to pursue action against a third party.
Total Loss - An insurance company may consider a “total loss” as the maximum amount payable under an insurance policy. A “total loss” also describes any loss of such magnitude that there is no value left in the property.
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