Actual Cash Value
The cost to replace property minus the amount it has depreciated since the original purchase date.
The amount an insurance company pays to you or your beneficiary when you file a claim.
Bodily Injury Liability
This covers medical expenses for injuries the policyholder causes to someone else.
The policyholder's request for the reimbursement of a loss covered by their insurance policy.
This covers damage to the policyholder's car from any collision. The collision could be with another car, a light post, parking curb, garage wall, etc.
For damage to the policyholder's car that doesn't involve hitting another car. Covers damage resulting from fire, theft, falling objects, missiles, explosion, earthquake, flood, riot and civil commotion.
The portion of losses that you agree to pay in the event of an accident. Higher deductibles lower premiums significantly, but will come back to haunt you in the case of an accident, especially if you're at fault.