ACTUAL CASH VALUE
An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles.
A licensed person or organization authorized to sell insurance by or on behalf of an insurance company.
Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.
A temporary or preliminary agreement, which provides coverage until a policy, can be written or delivered.
A licensed person or organization paid by you to look for insurance on your behalf.
The termination of insurance coverage during the policy period. Flat cancellation is the cancellation of a policy as of its effective date, without any premium charge.
Notice to an insurer that under the terms of a policy, a loss may be covered.
The first or third party. That is any person who asserts right of recovery.
Provision in an insurance policy, usually optional, under which the policyholder, for a reduced rate, agrees to maintain insurance equal to a specified percentage of the value of the property covered. Policyholders who fail to maintain the minimum amount of coverage specified, assume a proportionate share of the loss.
The company refuses to accept the request for insurance coverage.
The amount of the loss which the insured is responsible to pay before benefits from the insurance company are payable. You may choose a higher deductible to lower your premium.
A decrease in value due to age, wear and tear, etc.
Amendment to the policy used to add or delete coverage. Also referred to as a "rider."
Certain causes and conditions, listed in the policy, which are not covered.
The date on which the policy ends.
The dollar amount to be paid to the beneficiary when the insured dies. It does not include other amounts that may be paid from insurance purchased with dividends or any policy riders.
Coverage for loss of or damage to a building and/or contents due to fire.
A period (usually 31 days) after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.
An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
A policy that will pay specified sums for medical expenses or treatments. Health policies can offer many options and vary in their approaches to coverage.
An elective combination of coverages for the risks of owning a home. Can include losses due to fire, burglary, vandalism, earthquake, and other perils.
A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.
The policyholder - the person(s) protected in case of a loss or claim.
The insurance company.
A policy that will pay a specified sum to beneficiaries upon the death of the insured.
Maximum amount a policy will pay either overall or under a particular coverage.
The amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, using the value of the policy as collateral. In the event the policyholder dies with the debt partially or fully unpaid, then the amount borrowed plus any interest is deducted from the amount payable.
The policyholder / applicant makes a false statement of any material (important) fact on his/her application. For instance, the policyholder provides false information regarding the location where the vehicle is garaged.
An incorrect estimate of the insurance premium.
The cause of a possible loss. For example, fire, theft, or hail.
The written contract of insurance.
The maximum amount a policy will pay, either overall or under a particular coverage.
The amount of money an insurance company charges for insurance coverage.
A policyholder contracts with a lender to pay the insurance premium on his/her behalf. The policyholder agrees to repay the lender for the cost of the premium, plus interest and fees.
When the policy is terminated midterm by the insurance company, the earned premium is calculated only for the period coverage was provided. For example: an annual policy with premium of $1,000 is cancelled after 40 days of coverage at the company's election. The earned premium would be calculated as follows: 40/365 days X $1,000 = $110.
An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
The restoring of a lapsed policy to full force and effect. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest.
The cost to repair or replace an insured item. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one once the repairs or purchases have been made.
Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage.
When the policy is terminated prior to the expiration date at the policyholder's request. Earned premium charged would be more than the pro-rata earned premium. Generally, the return premium would be approximately 90 percent of the pro-rata return premium. However, the company may also establish its own short-rate schedule.
A licensed employee of a fire and casualty agent or broker who may act for the agent or broker in some circumstances.
An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.
To terminate or cancel a life insurance policy before the maturity date. In the case of a cash value policy, the policyholder may exercise one of the nonforfeiture options at the time of surrender.
The process of selecting applicants for insurance and classifying them according to their degrees of insurability so that the appropriate premium rates may be charged. The process includes rejection of unacceptable risks.
A period of time set forth in a policy that must pass before some or all coverages begin.
Living on Cape Cod can be limiting in the choices regarding home insurance carriers. Most Cape Codders are familiar with the Massachusetts Property Insurance Underwriters Association or the "not so Fair Plan". A great alternative now available on Cape Cod is Universal Property & Casualty Insurance Company which can be accessed through your local agent. UPCIC is proven to have comparative deductibles and premiums. Contact a local Cape Cod agent to provide you with a free quote to see if UPCIC can save you money on premium and/or provide better coverage for your home.
UPCIC Financial Strength
Has aligned itself with some of the best and most respected service providers in the industry. This functional structure affords UPCIC the opportunity to take advantage of a unique combination of financial strength, underwriting skills, analytical expertise and administrative capability.
The mission of Universal Property & Casualty Insurance Company and the Red Elephant is to deliver exceptional
service and value to you, our customer. We offer smart solutions, financial security and peace of mind. The wisdom
of the Red Elephant guarantees that we never forget our most important job,serving our customers. The Red Elephant and Universal Property & Casualty are always ready to stand by your side.
Underwriters are always available. Universal Property & Casualty is committed to processing all claims quickly and efficiently with every effort made to furnish the client with immediate service.
Universal Property & Casualty Insurance Company is dedicated to providing unsurpassed service to its agents and our customers. When you call Universal Property & Casualty, you will not talk to a voice mail system. A well-trained representative is ready to help.
We pride ourselves on personal attention, servicing each customer's claim as if s(he) were a member of our own family. Our goal is to give our customers the quickest turnaround time possible on all claims.
Flood Map Update Schedule Reflecting data as of 02/06/2014
Enter your Zip Code to see all of the communities in your county that have maps scheduled to be updated. Even if your community is not listed, changes may still be in progress.
To view preliminary maps issued since May 1, 2013, visit FEMA's Preliminary Flood Map Search Tool.
The Homeowner Flood Insurance Affordability Act was signed into law by the President March 21. It amends some provisions of the Biggert-Waters Flood Insurance Reform Act of 2012. Find details here as they are made available.
Don’t wait until water is at your door
Consider purchasing flood insurance sooner rather than later. Keep in mind that there’s often a 30-day wait after purchase for the policy to take effect. So call or write us today about flood insurance. It’s rainy day protection that could help save your most valuable investment: your home or business.
Click HERE for a Cape Cod Home Insurance QUOTE
Windstorm mitigation is especially important to homeowners. Mitigate means to make something less serious or less severe. So windstorm mitigation is simply lessening or minimizing the effects of windstorms on our homes.
Having features on your home to protect against hurricanes and other windstorms can lower your insurance premiums. Things like impact-resistant doors and windows, storm shutters, hurricane straps, or clips connecting your roof trusses to the walls are all examples of mitigation features.
Here are some others that you might not think of automatically:
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Arthur D. Calfee Insurance Agency, Inc. is proudly serving primary home, vacation home, auto, collector car, business, general liability, property, professional liability, contractor's liability, worker's comp, key man, whole life, term life, group or personal disability, & long-term care insurance policies to patrons in the following Cape Cod, Massachusetts towns, communities and villages: Barnstable, Bourne, Brewster, Buzzards Bay, Centerville, Chatham, Cotuit, Craigville, Dennis, Eastham, Falmouth, Hatchville, Harwich, Hyannis, Hyannisport, Marstons Mills, Mashpee, Orleans, Osterville, Provincetown, Sandwich, Truro, Wellfleet, Woods Hole, Yarmouth, and Yarmouthport.