13 advanced damage insurance terms

Before issuing a policy, the insurer performs a __________ to evaluate the potential hazards and set an appropriate premium.

The policyholder filed a __________ after their home was damaged by a severe storm.

After the fire, the __________ visited the property to determine the extent of the damage and estimate the compensation amount.

The driver was covered under __________, which paid for damages to the other car involved in the collision.

__________ ensures that policies are adequately priced and aligned with the level of risk presented by the insured party.

__________ helps insurance companies manage risks related to large-scale disasters by sharing the financial burden with other insurers.

The homeowner had to pay some repair expenses __________ before the insurance company covered the remaining costs.

Before the insurance company pays out for damages, the __________ must be met by the policyholder.

Because of the client’s recent home renovations, there was a __________ to reflect the increased value of the property.

The policy only covers damage from __________, such as fire, theft, and windstorm, as specified in the contract.

The __________ clause allows the insurance company to pursue legal action against the party responsible for the loss.

The homeowner reached the maximum __________ for flood damage after a severe storm hit the area.

In cases of partial damage, the insurance company may decide to __________ items that still have some value.

The policyholder received full __________ after their vehicle was totaled in an accident that was covered by the policy.

The insurer initiated a __________ to verify the accuracy of the details provided in the claim.

The company requested an __________ of the building's value before renewing the insurance policy.