Salvage

Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly-damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering … Read more Salvage

Renters Insurance

A form of insurance that covers a policyholder’s belongings against Perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or … Read more Renters Insurance

Proposition 103

Golden Gate Bridge, California

A November 1988 California ballot initiative that called for a statewide auto insurance rate rollback and for rates to be based more on driving records and less on geographical location. The initiative changed many aspects of the state’s insurance system and was the subject of lawsuits for more than a decade.

Property/Casualty Insurance

Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property. Property/Casualty Insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. The other sector is life/health. Outside the United States, Property/Casualty Insurance is referred to as nonlife or general insurance.