Glossary
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A connection from a user or a company to an Xactimate One subscription. The account allows the user to do the following:
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The replacement cost of damaged or destroyed property, minus depreciation due to age and condition. Compare to replacement cost value. |
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The maximum amount an insurance company will pay to the insured during a policy period. For example, in the course of one year, an insured has a $100,000 claim for one incident and a $114,000 claim for a second incident.The total is $214,000 in damages. If the aggregate limit is £200,000, then the insured is responsible for $14,000; even if the liability limits of coverage for this policy are $200,000 per incident. |
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The process of gathering data over time, studying its patterns, and making more effective decisions based on the information. Xactimate One gathers available data from claims and displays the information as helpful graphs in the Analytics tab. For more information, see the View claim analytics for your account help topic. |
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An endorsement to a policy that covers the cost associated with current building code standards. |
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The specific cause of the loss event (faulty wiring, broken pipe, roof leak). |
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When an estimate is returned to Xactimate One from the desktop or mobile platforms by an assessor. After an estimate is checked in, its status is changed and its data can be edited once again in Xactimate One. |
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When an estimate is in use by an assessor with the desktop or mobile platforms. While in a checked out status, most of an estimate’s data is not editable in Xactimate One. |
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A request from a policyholder to an insurer for compensation under the terms of their insurance policy. The insurer inspects the request and issues payment to the insured or an approved third party on behalf of the insured. |
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A policy provision that requires the policyholder to carry an amount of insurance equal to a specified percentage of the value of the property in order to receive full payment on a loss. |
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An insurance policy for businesses and other organisations that insures against damage to their buildings, contents, and secondary structures due to a covered loss. |
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Homeowner's insurance coverage for the contents of a home and personal property. This includes appliances, furniture, clothing, jewelry, electronics, and so forth. |
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Property-damage types and their compensation amounts as described in an insurance policy. |
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A decrease in the value of property over a period of time due to wear and tear or age. Depreciation is used to determine the actual cash value of property at the time of loss. |
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Premium totals before reinsurance is deducted. |
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Homeowner's insurance coverage for the physical structure of a home and anything that is permanently attached to it. |
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An amendment or addition to an existing insurance policy which changes the terms or scope of the policy. These are usually used to add coverages or increase coverage limits, but they can also be used to limit or restrict coverage. For example, if someone starts a home business, they can add an endorsement to their homeowner’s policy for extra coverage for their business; or in the case of a divorce, the sole homeowner could request an endorsement to remove their spouse from the insurance policy. Endorsements are also called riders. |
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A job completed by an assessor, builder, or independent assessor which appraises the value of a property insurance claim. |
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The specified amount that the insured must pay before the insurer pays the remaining balance (within the limits of the policy). |
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An endorsement to dwelling coverage that increases compensation by a specified percentage over the policy limit. |
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Groups of fields, menus, check boxes, and other items used for gathering different types of information. Xactimate One allows administrators to create custom form templates with items such as text boxes, radio buttons, and signature fields. When new claims and estimates are created, these forms appear in the Forms tab for assessors to fill out. For more information, see the Create a form help topic. |
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Compensation for a loss. When an insured suffers a property loss, their insurer indemnifies them by paying to repair or replace the property. |
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An insurance policy based on a statistical index; such as construction costs. The insured’s premiums and reimbursement are contingent on this index that fluctuates over time. This is only used in France. |
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A series of automatic rules set up by an administrator to verify that a claim was completed accurately. |
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See Account. |
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A replacement cost estimate that compares the value of the property to its current amount of insurance. This estimate includes factors such as debris removal, inflation, and building code upgrades. |
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The individual or group that is covered by an insurance policy. |
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A company that agrees to compensate an individual or group for a loss according to the terms and conditions of their insurance policy. |
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A delegated assignment for a claim in Xactimate One. Once a claim is created, users can create jobs and assign them to participants. These assignments can be estimates, image gathering, sketching, and property assessments. |
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The minimum amount that a builder or service provider charges to cover travel time and setup. |
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An item from an Xactware schedule of rates that is included in an estimate. Xactware regularly surveys vendors so that line items such as nails, bricks, overhead and profit, labour, and taxes are accurately priced for estimates in the user's area. |
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An event that damages or destroys an insured property and prompts the creation of a claim. |
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An index-based policy’s index value on the day that a covered loss occurs. Compare to policy index. This is only used in France. |
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Homeowner's insurance coverage for when an insured can no longer live in a damaged property. This coverage reimburses the insured for expenses such as lodging, food, and gas until their property is returned to its state before the loss. Loss of Use is sometimes referred to Additional Living Expense (ALE), although technically, ALE is a sub-category within the Loss of Use Coverage. Loss of use coverage is available in dwelling, condominium, and renter insurance policies. Many insurers offer extended or expanded loss of use coverage that can be added to the policy as an endorsement. |
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A group of line items that are frequently used together. Macros allow users to quickly add line items to an estimate that are commonly associated with a loss type. |
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Preventing further damage to a property after a loss event. For example, if a pipe bursts in a house, a user could mitigate water damage by turning off the water to the house. |
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Premium totals after reinsurance is deducted. |
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A unique number issued by the government that is used to identify the tax account of a business entity. |
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The amount of depreciation that a policyholder is NOT compensated for. If a policyholder has a non-recoverable insurance policy, the insurer only reimburses for the actual cash value of an item or property. |
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All users who are working on a claim or estimate. This includes assessors, builders, independent assessors, and vendors. This does not typically include the insured. |
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The type of event that caused the loss (for example: fire, lightning, theft). Peril is also known as Type of Loss or Loss Type. |
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Any interested parties added to a claim. In Xactimate One, personnel types are added to claim templates in the Claim tab of Project Settings. When a project is created, users can add the interested party’s information for each personnel type. |
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A contract between a policyholder and an insurer. The contract describes in detail what types of coverages the insurer provides as well as the conditions for payment. |
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The person or group that owns and pays for an insurance policy. |
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The maximum amount an insurer will pay the insured for a covered loss. The policy limit for each coverage is stated in the policy. |
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An index-based policy’s index value on the day that the policy is created. Compare to loss date index. This is only used in France. |
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The amount a policyholder pays for an insurance policy. Some insurers allow the policyholder to pay the insurance premium in installments, monthly or semi-annually, while others may require an upfront payment in full. |
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A generalised outline of information needed for a type of claim or estimate. Xactimate One allows administrators to create custom templates for their claims and estimates. These templates specify the assignment type (claim or estimate), the acceptable closing reasons, the roles that are included in the workflow, the forms that are included, and the information fields that appear. For more information, see the Create a Template help topic. |
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An item or property's replacement cost value minus its actual cash value. If an insurance policy includes replacement cost coverage, then the policyholder is reimbursed for both the actual cash value and the recoverable depreciation. |
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An inspection carried out after the initial inspection of a claim. This usually occurs for quality control reasons or if problems are discovered in the initial estimate. |
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When a policy resumes coverage after being terminated. This is usually due to a lapse in the policyholder's premium payment. |
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When an insurance company insures itself from major losses by transferring a portion of its liability to another insurance company. The company that purchases the reinsurance is called a ceding company and pays a premium for this service. The company issuing the reinsurance policy is called a reinsurer and agrees to pay a portion of the ceding company's claims in the event of a major loss. |
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Actions taken to make a structure safe (regardless if there is a claim or not). Examples include lead abatement, mold remediation, and asbestos removal. |
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The replacement cost of damaged or destroyed property, without considering depreciation. Compare to actual cash value. |
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A document that presents information in an organised format for a specific audience and purpose. Xactimate One allows administrators to designate the default PDF reports that are generated for an estimate. It also allows them to specify which reports are auto-generated upon the completion of an estimate. For more information, see the Add default reports help topic. |
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Disputing the validity of a contract and refusing to honor its terms. |
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Returning a property or item to its former condition. |
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An individual that reviews estimates for quality control reasons or because problems were discovered. |
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Custom titles created by Xactimate One administrators for claim and job participants. Each role contains a custom name, a set of Xactimate One permissions, and common workflow tasks. Roles are applied to each participant in a claim. Administrators can define roles from Project Settings. |
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A list of line items and their prices for a specific area or region. Xactware regularly surveys vendors so that all of the line item prices are as accurate as possible. Schedule of rates are applied to estimates when claims are created with Xactware products. |
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Homeowner's insurance coverage for structures on a property that aren't connected to the home. Examples include fences, mailboxes, sheds, and detached garages. |
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A geographical area or region in which an Xactimate One account accepts work. Users can set the service areas for their account in Account Settings. |
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A feature in desktop and mobile versions of Xactimate One. It allows assessors to draw a digital blueprint of the loss site and create an estimate based on the assigned schedule of rates. |
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A contract between a service provider and their internal or external customers. This contract documents what services the provider will furnish, the standards they are obligated to meet, and their deadline. In Xactimate One, when an administrator adds a task to a role, they are given the option to add an SLA deadline to the task. This deadline determines how many hours the assignee has to complete the task. For more information, see the Service Level Agreements help topic. |
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A property estimate that is completed by an independent assessor or builder and returned to a carrier. |
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Extra limitations within a policy for specific coverage types. They can be expressed as a monetary amount, or as a percentage. For example, a policy may state that of its $500,000 coverage, only $100,000 can go toward losses from floods and only $50,000 can go toward losses from earthquakes. The insured can't receive an amount that exceeds the sublimit for the specified perils. |
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The process an insurance company uses to seek reimbursement from the responsible party for a claim it has already paid to the insured. |
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A common aspect of the claim workflow that is given to a claim participant as part of their assigned role in Xactimate One. Tasks may optionally have service level agreement deadlines. |
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User types created in Xactimate One that grant access to specific features, rights, and versions of Xactimate One. For example, users could create user groups for administrators, desk assessors, and independent assessors. Each user can be added to a user group to grant them the rights associated with the group. |
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The companies, independent assessors, and builders that an account works with. Users can manage their vendors in Vendor Management. |