Actual Cash Value (ACV) - Replacement cost of the damaged property with deduction for depreciation or sometimes market value.Accounts Receivable Coverage - Coverage against loss due to inability to collect outstanding accounts receivable (or other transactions) because of damages to or destruction of records by an insured peril.This term is frequently defined in older commercial general liability (CGL) policies. Accident - Unexpected or chance event.| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
If you have questions concerning a term used in the LGIT Scope of Coverage or need additional information please contact your LGIT Underwriting representative.
These definitions are not intended to and do not supersede any definitions used in the LGIT Scope of Coverage and are intended to be used as a reference only. Insurance Terms GlossaryThe LGIT Glossary of Insurance Terminology is a reference guide to give the user quick and easy definition of common insurance terms.
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