Insurance Claims Glossary
ACV Check - Insurance companies are expected to pay for the damaged items and cover costs to replace the roof. They will take the roof's age into factor and give the homeowner an initial check for the ACV (Actual Cash Value) to replace the damaged roof.
RCV Check - Replacement Cost Value is the amount it costs to replace your property with a new property without deducting for depreciation. If the homeowner has an RCV policy , they can get an additional check for the difference between the ACV and RCV check.
Deductible - This is the portion of the insurance claim that the homeowner is responsible for. It is considered insurance fraud for the contractor to cover or waive the deductible payment.
Scope of work - The scope of work tells a story. It includes the work to be done on a project, how the workers should complete the job, and what its going to cost. The insurance company will review the contractor's submitted estimate and return a scope of work for everything they approve to be completed.
Insurance claim - The insurance claim is a way for your insurance company to pay for the problems you've had and make sure everything's covered.
Depreciation- The term depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation value if often determined by the Property Loss Research Bureau, a third-party organization that performs all research related to insurance claims and loss.
Public Adjuster - The Public Adjuster's main responsibility is to protect you and your interests in claims against a loss with the Insurance Company.
Insurance Adjuster - Adjusters inspect the property damage or personal injury claims to determine how much the insurance company should pay for the loss.
