Act of God
- 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.
misfortune, calamity, catastrophe, natural disaster
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.