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Consists of the review of an estimate or appraisal done by an adjuster to guarantee that the work required in the estimate or appraisal is being completed by an approved provider or vendor.


The resumption of coverage under a policy that has terminated. Reinstatements can either be "without lapse in coverage", meaning that the coverage continues as though no cancellation took place; or, "with a lapse", meaning that there would be a period of time that the insured did not have coverage.


A legal document indicating that all financial obligations from the past, present or future resulting from an accident or occurrence have been fulfilled.


Issuance of a new policy to replace an expiring policy.

Replacement cost coverage

This form of insurance provides coverage on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to terms of the co-insurance clause. This coverage applies to both building and contents items as specified on the face of the policy.

Retroactive date

Date on a claims-made policy which triggers the beginning period of coverage prior to the effective date. A retroactive date is not required. If one is shown on the policy, any claim made during the policy period on a loss that occurred before the retroactive date will not be covered.


Refers to the probability of a particular loss occurring.

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