All Vocab Flashcards
Bailee for higher
One who has temporary possession of personal property of others for a purpose other than sale and who is compensated for caring for it
Agent.
In insurance, person authorized to represent insurer in dealing with third parties in matters relating to insurance.
Binder
A written or oral agreement from the insurer giving temporary protection to insured pending issue of the policy
Bodily injury
Generally defined in liability policies to mean bodily injury, sickness or disease sustained by a person, including death resulting from any of these at any time
Broker
One who is an independent middleman, not tied to a particular company, who obtains insurance for his clients from insurance companies or their agents.
Burglary
In insurance policies, generally defined as the unlawful taking of property from within the premises by a person unlawfully entering or leaving the premises as evidenced by marks of forcible entry or exit.
Commission
Sum paid as remuneration to the broker for business placed with an insurer
Condition
A condition imposed upon insureds under the policy requires for them to do or not to do something during the term of the policy
Condominium
A system of separate ownership of individual units in the multiple unit building
Consideration
In a contract, and exchange of something of value between the parties.
Contract
An agreement between two or more parties which is enforceable at law.
Damages
An amount of money awarded to the person injured by another’s tort
Deductible
The specific dollar amount or percentage of the insured value to be borne by the insured before he is entitled to recovery from the insurer
Disability
When used in accident and sickness insurance, a physical or mental inability to work.
Dwelling
The building occupied as a private residence
Endorsement
Acknowledges a change in the terms of the contract
Ethics
Relating to moral character. Conforming to professional standards of conduct.
Exclusion
provision specifying situations, occurrences or persons not covered by the policy
Fiduciary
One who manages money or property for another
Fire
The loss of property due to ignition or burning
Floater
Insurance document used to provide coverage for property having a high degree of mobility
Fourthwith
Without delay. The words “forthwith”and “immediately” convey the same meaning.
Fraud
A deliberate attempt to deceive, with a view to securing some profit.
Friendly fire
Fire confined to the place it is supposed to be, example: fire in a fireplace etc.
Hazard
A condition which may cause apparel to occur.
Hold harmless
A contractual agreement whereby one party assumes legal responsibility for the acts of another.