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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Act of God


Synonyms:calamity, catastrophe, misfortune, natural disaster
Acronyms &
abbreviations:
AOG
Filed Under: insurance, legal-contracts
Tags: contract, insurance, property insurance
 

Definition of act of god (AOG)

act of god (AOG)
1. 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.


Related Terms and Acronyms:

  • catastrophe hazard   An event, such as a hurricane or earthquake, that poses a risk of a catastrophic loss.
  • extended replacement cost   A replacement cost for an asset that exceeds that of the actual cash value of the asset.
  • flood insurance   An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
  • flood plain (flpl)   Land that is prone to inundation.
  • homeowners insurance binder   A document accompanying a homeowner's insurance policy that verifies the property is properly insured.
  • incurred but not reported (IBNR)   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   Insurance that provides coverage for damages to property from a number of perils.
  • property value   The worth of a piece of real estate, based on the price a buyer and seller would negotiate.

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