For example, in auto insurance, a person could add one of their parents to their policy as co-owner of the vehicle if the parent doesn't live with them or drive the vehicle regularly. They'll be covered by the policy and can file claims themselves. "A person who is jointly insured on another person's policy. The actual cash value is the replacement cost ($2,500) multiplied by the useful life remaining (50%), which equals $1,250.Ī professional who analyzes historical data, statistics and other facts to estimate future risk.
Their insurance provider determines a TV's useful life is 10 years, which means the damaged TV had 50% (five years) of its life remaining. Five years ago they paid $2,000 for that TV, but today a similar TV costs $2,500. For example, a fire damaged a person's TV and they need a new one. The amount equal to the depreciated value of the replacement cost for a person's property in the event of a covered loss. If the named insured dies from natural causes, there is no coverage under this rider. This feature allows access to a portion of a life insurance policy's death benefit, or payout, usually in cases of terminal illness or catastrophic circumstances.Īn unforeseen situation that may result in damage or injury.Ī program that doesn't require an accident surcharge or loss of discount for the customer following an at-fault accident.Īn added rider to some life insurance policies that pays upon the named insured's death only if that death is caused by an accident.
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