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Shults Insurance Agency

3 Canal St
Fort Plain, NY 13339

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Insurance Glossary

Actual Cash Value- Cost of replacing damaged or destroyed property with comparable new property, minus depreciation. For example, a 10-year-old sofa will not be replaced at current full value because of a decade of depreciation.

Coinsurance- In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss.

Collision Coverage- Pays to repair your auto, classic auto, motorcycle, or RV damages caused by an accident. Your agent can help you determine the limits you need based on the agreed value of your vehicle.

Comprehensive Coverage- Pays to repair or replace your vehicle if it is stolen, vandalized, or damaged in some way other than in a collision. May include loss from fire, cracked windshields, floods, falling objects, and wind.

Custom Parts & Equipment Coverage- Many motorcycle owners like to customize their rides, and some policies pay for customized parts and equipment, often at no extra charge.

Deducible- Amount of loss that the insured pays before the insurance kicks in.

Endorsement- An addition to the policy which modifies the original coverage provided.

Hazard- An element or situation which may increase the chances of an accident or loss.

Indemnity- Providing indemnity means to financially restore someone after a loss, through payment, repair or replacement.

Liability & Personal Liability Coverage- For homeowners, this coverage applies if someone is injured or property is damaged and you are to blame. Your liability coverage should be high enough to protect your belongings if you are sued.

Personal Property Coverage- This coverage helps repair or replace belongings in your home if they are lost, stolen, or destroyed as a result of an insured event.

Personal Watercraft (PWC)- A personal watercraft (PWC) is a recreational watercraft that the rider sits or stands on rather than inside of, as in a boat.

Qualifying Event- An occurrence that triggers an insured's protection.

Rating Factors- Facts or circumstances, pertaining to the applicant or customer, which are used to determine the cost of insurance.

Replacement Cost- The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.

Rider- A separate contract which is added onto a policy to expand coverage.

Underwriting- The process of examining, accepting, or rejecting customers, and classifying the accepted in order to charge the appropriate premiums for them.












Servicing these States

Our Partners
  • Allstate
  • Countryway
  • Eastern
  • Erie & Niagara
  • Fingerlakes Fire & Casualty
  • Foremost
  • Leatherstocking Cooperative
  • Mercury
  • Michigan Millers
  • National General
  • Progressive
  • Safeco
  • Travelers
  • Vermont Mutual