Warranty Direct

Glossary


Common Warranty Terminology

Administrator

The company or people responsible for the day to-day operations necessary to fulfill the warranty agreement.

Claims reserve accounts

These are the monetary funds that a home warranty provider sets asside for the payment of current and future repair claims. This fund is a vital component of stability of a provider as it indicates the company's ability to pay claims in a fair timely manner.

Deductible

The portion of any warranty plan, service contract, or insurance plan that the member must pay out of pocket as part of any repair.

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