Insurance Estimate/Statement of Loss:
The scope of work tells a story. It includes the work to be done on a project, why the work needs to be done, how the workers should complete the job, and what its going to cost.

Deductible:
This is the portion of the insurance claim that the insured is responsible for out of pocket. It is considered insurance fraud for the contract to cover or waive the deductible payment.

ACV Check:
Insurance companies are expected to pay for the damaged items and cover costs to replace the damaged items. They will take the damaged items age into factor and give the insured an initial check for the ACV (Actual Cash Value) to replace the damaged items.

RCV Check:
RCV (Replacement Cost Value) is the amount it costs to replace your damaged items with new items minus the deduction of the deductible. If they insured has an RCV Policy they will receive an additional check for the difference between ACV and RCV.

Supplementing/Supplemental Check:
Supplementing is the process of working with the insurance company to negotiate what is rightfully owed to the insured. This could be for;

• Additional damage not accounted for in original insurance estimate.
• Code upgrades need to complete work to state ordinance and product
  manufacturing requirements.

When supplements are approved by the insurance company, the scope of work
expands and additional funds are owed by the insurance company on the claim.

Depreciation:
Depreciation refers to an accounting method used to allocate the cost of a tangible or physical asset over its useful life or life expectancy.