Act of God

Definition

  • This term is generally used in insurance policies and refers an event caused by natural forces that results in damage to property. Natural forces can include hail, rain, tornadoes, lightning, floods, and earthquakes.

Synonyms
misfortune, calamity, catastrophe, natural disaster

Acronyms
AOG

Related Terms and Acronyms

  • Catastrophe Hazard Definition,
    • An event, such as a hurricane or earthquake, that poses a risk of a catastrophic loss.
  • Extended Replacement Cost Definition,
    • A replacement cost for an asset that exceeds that of the actual cash value of the asset.
  • Flood Insurance Definition,
    • An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
  • Flood Plain (flpl) Abbreviation,
    • Land that is prone to inundation.
  • Homeowners Insurance Binder Definition,
    • A document accompanying a homeowner's insurance policy that verifies the property is properly insured.
  • Incurred But Not Reported (IBNR) Acronym,
    • An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
  • Property Insurance Definition,
    • Insurance that provides coverage for damages to property from a number of perils.
  • Property Value Definition,
    • The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
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