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Today's Terms
Commissioner of Insurance
Definition:
The title of the head of most state insurance departments. In some states, the Director or Superintendent of Insurance is used instead.
Misdemeanor
Definition:
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Replacement Cost
Definition:
Replacement cost is the cost of replacing lost or damaged property with new property of like kind and quality, at current market prices.
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