Auto Claims Mediation

10 Insurance Terms and Phrases ACV – Actual Cash Value (ACV) unless otherwise defined in the policy, is defined in California, as fair market value. The fair market value of an automobile is the amount at which a knowledgeable buyer (under no unusual pressure) would be willing to buy, and a knowledgeable seller (under no unusual pressure) would be willing to sell. Appraisal – An insurance policy provides for an appraisal process after a loss, on demand of either the insured or the company, in order to determine the amount of loss settlement in the event of a dispute regarding the actual cash value or the replacement cost. Both parties share the costs. Business Day – Means each day of the week except Saturdays, Sundays, federal and state holidays. Calendar Day – Means each and every day including Saturdays, and Sundays, federal and California state holidays. If the last day for performance of any act required by the Insurance Code or regulations, falls on a Saturday, Sunday, federal or state holiday, then the period of time to perform the act is extended to and includes the next calendar day which is not a Saturday, Sunday, or federal or state holiday. Collision – Unless otherwise defined in the policy, is damage to a vehicle caused by collision with another vehicle or other objects, and upset. Comprehensive – Unless otherwise defined in the policy, is damage to a vehicle caused by reasons other than collision, such as fire, theft and vandalism.