Learn about depreciation in general insurance, a loss in the value of property due to wear and tear, usage, or obsolescence. Understand how it impacts your insurance coverage and claims.
Learn about appraisal in general insurance terms—a crucial assessment to determine the value of an item or property for adequate insurance coverage or replacement value.
Learn about the foundation exclusion clause in property insurance policies. Understand how it impacts the calculation of total property value after a loss event.
Explore the definition of 'Loss' in general insurance, including claims filed by the insured, property value decreases, and amounts paid by the insurer.
