Definitions Flashcards
Absolute Liability
The type of liability imposed by law on those participating in certain activities that are considered especially hazardous person involved in such operations may be held liable for the damages of another even though individual was not negligent.
Abandonment Condition
A condition often contained in property insurance policy states that the insured cannot abandon damage property to the insurer and demand to be reimbursed for its full value
Accident
A loss that occurs at a specific time and place
Accounts receivable insurance
Filed commercial inland marine form that ensures against lost insured suffers because of an inability to collect from customers when Accounts Receivable records are damaged or destroyed
Actual Cash Value (ACV)
The cost to replace an item of property at the time of the loss minus depreciation often used to determine the amount of reimbursement for a loss
Additional Coverages
Supplement insurance coverage that apply over certain circumstances have reduced or separate limits of liability or acquired the insured to certain requirements before they are applicable also called coverage extensions other coverages and extended coverages
Additional Insured - Lessor Endorsement
Commercial auto endorsed used to make leased vehicles considered owned vehicles for coverage purposes
Adhesion Contract
Hey contract where one party has more power than the other party and drafting the contract insurance policies and adhesion contract ensure is the one with more power
Admitted insurer
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Adverse selection
The tendency of diners with a greater than average chance of loss to purchase Insurance
Agency
Principles governing the authority of any agent that represents a principal
Agent
An individual or organization that legally represents another state licensed professional who represents the insurance company sale and servicing of insurance the direct link between the insurance company and the policyholder
Aggregate Limit
The type of policy limits found in liability policies that limits coverage to A specified total amount for all losses occurring within the policy.
Agreed amount policy
Agreed value condition
Condition found in some property insurance policy that stipulates a certain value that will meet coinsurance requirement if the policy limit equals or exceeds this amount insured will not be assessed a coinsurance penalty also called state amounted condition
Agreement
Aleatory contract
A contract that is do contingent on an uncertain event (a loss) an insurance policy is an aleatory contract
Alien Company
An insurance Company Inc. in a country other than the United States is doing business in the United States
A.M. Best Company
Organization that rates the financial stability of insurance companies doing business in United States
Annual Transit Policy
Non filed commercial inland marine transportation form that ensures a property owners incoming or outgoing shipments are goods during a year
Apparent authority
Legal doctrine that states that an agent has whatever authority a reasonable person would assume she has
Application
Questionnaire filled out by an agent and the prospect to seek insurance the form contains information used to underwrite and rate the policy
Appraisal condition
Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss insured and insurer each selected appraiser to appraise selected umpire the appraisers cannot agree on the amount for lost umpires consulted the amount agreed to buy any two of the three parties this amount paid for the loss
Appurtenant Structures
Buildings of lesser value that are on the same premise as the main building insured under a property policy. Usually covered by the policy
Arbitration Condition
Policy condition it is similar to the appraisal condition may be used to resolve other areas of disagreement besides those regarding the value of loss
Assessment mutual company
Mutual insurance companies charge members a pro rata share of loss at the end of each policy.
Assigned risk plan
Assignment condition
Condition insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing
Assumption of Risk
Defense against the ability based on the common-law principle that a person who knowingly exposes himself to danger or injury assumes the risk of loss and cannot hold another person responsible for the loss
Authorized insurer
A company that makes a state insurance department standards and is authorized to do business in that state also known as admitted insurer
Automatic increase in insurance endorsement
Going whole season endorsement provides an annual increase in the coverage a amount of 4% 6% for 8%
Automobile insurance plan
Is state-sponsored plan provides automobile insurance for those who are uninsurable understated auto insurance policy
Aviation hull insurance
Insurance that provides coverage for physical damage to aircraft
Aviation liability insurances
Insurance provided for owners of aircraft that covers liability for bodily injury passengers in property damage also provides medical payments coverage
Bailee
A person or organization that has temporary possession of someone else’s personal property
Bailee’s customer policy
Non-filed commercial alien marine form obtained by a Bailey to cover loss or damage to customers property in the Bailey’s custody with out regard to liability
Bailment
To liberty of property by the owner to someone else to be held for some special purpose and then turned to the owner
Barratry
Illegal acts committed willing fully by a ships master or crew for the purpose of damaging the ship or cargo includes hijacking and abandonment and embezzlement this perils covered in Ocean marine insurance
Bests
Organization that rates The financial stability of insurance companies doing business in the United States
Bid bond
Type of surety bond guarantees that if the contractors bid is excepted the contractor will enter into a contract and provide the required performance bond
Bill of lading
Standardize contract of carriage issue by common carriers to the business of which it is shipping goods
Blanket Insurance
The type of insurance policy that covers more than one item of property at a single location or one or more items of property at multiple locations
Blanket position bond
Fidelity on the covers losses arising from the dishonesty of one or more employees acting separately or any conclusion provides a single limit of liability application to each employee involved in a loss
Bodily Injury (BI)
To find in most policies to include injury sickness disease and death resulting from any of these at any time
Boiler and Machinery Insurance
Insurance that covers the insured for losses arising out of the use of steam boilers or other machinery or equipment may be included in the commercial package policy
Broad theft coverage endorsement
Dwelling policy endorsement that covers attempted theft and vandalism and malicious mischief resulting from theft properties covered while it is on or off the premise
Broker
Individual who represents the prospect instead of the insurance company in the insurance transaction
Builders risk coverage form
One of the commercial property coverage for this covers commercial residential or farm buildings that are under construction
Builders risk reporting form
Optional form used with the commercial property builders risk coverage form allows insured purchase a smaller amount of insurance to gradually increases as the value of the building under construction increases
Burglary
As defined in crime insurance forms the taking of property by a person unlawfully entering or leaving the premise as evidenced by visible signs of forced entry or exit
Business auto coverage
One of the commercial auto coverage forms covers a businesses owned nonowned and hired autos against liability and physical damage losses
Business auto physical damage coverage form
One of the commercial auto coverage forms covers a business owned or hired business autos for physical damage only
Business income coverage forms
Commercial property coverage forms that pay for the loss of income that the insureds stains due to a direct physical loss from the coverage parols it forces to ensure to suspend operations until the property can be repaired rebuilt or replaced with reasonable speed available with or without extra expense coverage
Business income from dependent properties
Broad form commercial property coverage form designed for insurance who’s businesses income is dependent on the ongoing operation of other businesses they do not
Business liability
Lability that arises out of the conduct of business
Business pursuit is endorsements
Homeowners policy endorsement provides liability coverage for a business conduct away from the residence premise
Buisness owners policy (BOP)
Package policy designed to provide broad property liability coverage for small businesses eligibility requirements are more strict than the CPP’s
Camera and Musical instruments dealers coverage form
Filed commercial inland marine form written to cover camera and musical instrument dealers covers the insured stock in trade as well as customers property in the insurance care custody or control
Cancellation
Termination of an insurance policy by the insured or the insurance company during the policy.
Capital
The accumulated permanent resource a company gets from the owners and customers the value of the portion of assets that a company owns in that are not restricted by obligations to creditors
Captive agent
Cargo insurance
Type of ocean marine insurance that covers goods whole they are transit over water
Casualty insurance
This is a line of insurance that includes a wide variety of unrelated coverages including liability auto Worker’s Compensation aviation crime and surety bonds
Cause of loss form
Separate form used with the commercial property coverage part of the commercial package policy that lists covered perils and exclusions several different versions providing increasingly border coverage form basic too broad to special because of loss form takes the policy of the policies perils insured against provisions
Certificate of insurance
Written form that verifies the policy has been written provides a summary of the coverage provided under the policy
Claim adjuster
Person employed by or acting on behalf of of insurance company to evaluate and settle insurance claims adjuster must determine the cause of loss whether the loss is covered by the policy value lost in the amount of loss payable by the policy
Claims made form
Commercial general liability coverage form that pays for BI or PD losses through which claim was first made against insured during the policy.
Coin insurance
Policy condition that requires an insured to pay part of the loss if the amount of insurance carried on property is less than specific percentage of the value of the property at the time of loss
Coinsurance penalty
The amount not paid by the insurance company because the insured failed to comply with the coinsurance condition
Collision Coverage
And auto insurance a type of physical damage coverage that covers loss that occurs when the insured auto strikes another object or vehicle may also include upset or overturn of the insured auto
Combined Ratio
Some of the loss ratio and expense ratio racial hundred percent is the break even point a Recer Bluewater percent indicates an underwriting profit and reissue above 100% indicates a loss see loss ratio and expense ratio
Commercial articles coverage form
Filed commercial inland marine for the covers photographic equipment or musical instruments used commercially
Commercial auto coverage part
A part of the commercial package policy that provides liability and physical damage coverage for a business autos including garage trucking and motor carrier businesses
Commercial blanket bond
Type of fidelity bond covers loss arising from the dishonesty of one or more employees acting separately or inclusions the limit of liability apply separately to each lost regardless of the number of employees involved
Commercial crime coverage part
A part of the commercial package policy that covers. His crime exposures of business
Commercial general liability coverage part
A part of the commercial package policy that provides liability coverage for businesses
Commercial inland marine insurance
Commercial lines
Insurance designed for businesses institutions or organizations
Commercial Package policy
The insurance service office commercial lines policy that contains two more lines of insurance or two more coverage part will include some forms and or endorsements that are common to all lines of insurance or coverage parts as well as the individual forms and endorsements required for the individual coverage is selected CPP can include almost any commercial coverage the insured might need with the exception of Ocean Marine aviation and Worker’s Compensation insurance most commercial risks are eligible for the CPP
Commercial property coverage part
The part of the commercial package policy that provides insurance for a business is real and businesses personal property
Commercial property floaters risk
Category for nationwide definition that includes a number of commercial in the Marines form such as Bailey’s customer forms and equipment forms business floaters in dealers policies
Common policy condition
Form that must be included in the commercial package policy contains conditions that apply to all coverages issued under the CPP
Common policy declarations
Form that must be included in the commercial package policy contains information about the insurer that applies to all coverages issued on the CPP
Comparative negligence
This is a law that allows an injured party to collect from another party for lost even when the injured parties contributed to her own lost images are reduced to the extent of the injured parties negligence
Compensatory Damages
Damages that reimburse should party for losses that were actually substaned
Competent parties
One of the requirements of the legal contract states that for a contract to be valid it must be made between parties who considered competent the law
Competitive state funds
Method of providing workers compensation coverage in some states employers may even purchase insurance from private insurance company or from the state fund
Completion bond
The type of surety bond the guarantees when contractors borrow money to fund construction projects the project will be carried out the work will be delivered free and clear of liens or encumbrances
Comprehensive Coverage
And auto insurance a broad physical damage coverage that covers all property losses except collision and those perils or property that are specifically excluded also called other than collision coverage
Concealment
The withholding of a material fact involved in the contract for which the insurer relies on
Concurrent causation
Situation where two or more Perrows or come currently at the same time or in sequence to cousin lost some courts ruled that losses from concurrent causation are covered them with one of the perils that contributed to the losses excluded under the policy these rooms land property insurers to revise policy language to clarify the intent of the policy
Conditional Contract
A contract that contains a number of conditions that both parties must comply with an insurance policy is a contractual contract
Conditions
Portion of an insurance policy that describes the rights and duties of the insured and the insurance company under the policy
Condominium I’m association coverage form
Commercial property coverage form that covers the buildings in a condominium complex does not cover the condominium owners personal property
Condominium commercial unit owners coverage form
Commercial property coverage for only be purchased by owners of commercial condominiums convenience contents businesses personal property and personal property of others
Consequential loss
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Consideration
If you have to restrictively legal contract the thing of value exchange for the performance promised in the contract with insurance contracts the consideration that the insured against us a premium payment in consideration that the insurer games is a promise to pay for some losses suffered by the insured
Consultant
Insurance professional who for a fee off his advice on the benefits advantages and disadvantages of various insurance policy so’s advice not insurance
Contract bonds
Category of surety bonds that guarantee the fulfilled meant of contract to obligations includes did bonded labor and material bonds performance bonds payment on supply bonds and completion bonds
Contractors equipment floater
Mom filed commercial inland marine coverage the heavy machinery equipment and told the contractor uses in business
Contribution by equal shares
The type of other insurance condition found in liability policies his calls for all insurers to treat people equally the limit of the policy having the smallest and whereupon the event company stopped paying dearly company sharing the longer of the loss until the loss is paid in full or all policy limits are exhausted
Contributory negligence
Common-law defense against negligence that states that if an individual contributes to her own loss in any way and someone else cannot be held liable for loss
Countersigning
Signature the licensed agent that in the states must appear in the policy to validate the contract
Court Bond
Type of surety bond used to settle legal arguments that do not involve monetary damage
Coverage forms
Document that contains insuring agreements coverages exclusions and conditions must be attached to the policy jacket to make a complete policy also called a policy form
Coverage part
Combination of forms and endorsements used to provide a particular commercial coverage the forms and endorsements available under each coverage part can be used issue a policy covering a single life insurance or combined to provide a commercial package policy
Coverage trigger
Event that activates/triggers coverage under a commercial general liability coverage form under the occurrence form the coverage trigger is bodily injury or property damage that occurs during the policy. Under the claims made form the trigger is BRI or PD occurs on or after the retroactive date if any for which a claim is first made against insured during the policy.
Custodian
As defined in crime insurance forms and insured partner or employee who has care and custody of insureds property within the premise does not apply to watch persons or janitors
Damages
Monetary compensation awarded by court to an injured part
Declarations
Section of an insurance contract that shows who is insurable property or risk is covered when and where the coverage is effective and how much coverage applies
Deductible
Dollar amount insured must pay on each lost which is deductible applies the insurance company pays domainer of each cover lost up to the policy limits
Defense costs
Legal expenses incurred by the insured to defend suits brought against insureds defense costs are paid in addition to payments for BI or PD claims
Defense Costs
We will expenses incurred by the insurer to defend suits brought against insureds defense costs are paid in addition to payments for BIA or PD claim
Definitions
Sections of an insurance policy that clarifies the meaning of certain terms used in the policy
Degree of Care
Extend of legal duty owed by one person to another also called standard of care
Deposit Premium
Premium paid at the beginning of the policy. That is based on an estimate of what the financial final premium will be this premium is adjusted based on reports submitted by the insured to the insurer also called an estimated premium
Difference in conditions insurance
Type of commercial property policy that covers most insurable panels but excludes basic fire and extended coverage Harold
Diminution of value
is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate compensatory damages
Direct loss
Financial loss resulting directly from the loss to property
Direct response system
Insurance company that sells insurance through the mail or over the phone no agents are involved
Direct writer
Insurance marketing system where the company’s agents are also employees of the company
Electrician officers liability insurance
Type of errors and omissions policy written for directors and officers of corporations who may be sued as individuals by stockholders
Stability insurance
Find of insurance protects the insured against loss of income resulting injury or sickness
Discovery form
Discovery form commercial crime form covers losses that are sustained any time in discovered either during the policy. What up to 60 days after the policy expires discovery. For lunch relating to employee benefit plans extend for up to one year after policy expiration
Doctrine of reasonable expectations
Legal principles that provides that an insurance policy includes coverage that average person would reasonably expect it to regardless of what the policy actually provides
Domestic company
Insurance company doing business in the state in which it is Inc.
Domestic shipments
category of nationwide definitions that includes coverage for cargo transit Overland
Drive other car broadened coverage for named individuals endorsement
Commercial auto endorsement that extends the definition of coverage auto to include autos the named insured does not hire or borrow while being used by the person named the endorsement
Duties following loss
Conditions found in property-casualty policies that explains the insured responsibilities after a loss occurs
Dwelling policy
Pussy that provides property coverage two individuals in families covers dwellings the structures personal property in fair rental value some versions also cover additional living expenses unendorsed policy does not provide liability coverage
Dwelling under construction endorsement
Dwelling policies endorsement used to provide provisional limits of liability for dwellings under construction the limits of liability increased has construction of the building progresses
Earned Premium
Premium in insurance company has actually earned by providing insurance protection for the designated period of time
Earthquake insurance
Insurance the covers damage to a structure its contents or both is the result of an earthquake available as a separate policy and as an endorsement to the dwelling homeowners and commercial property policy
Electronic data processing equipment floater
None filed commercial inland marine policy that provides (coverage for computer hardware computer software and data is owned by the insured or in the insurance care custody or control breakdown coverage extra expense and business interruption coverage may also be included
Employees as additional insured endorsement
Endorsement used with the business auto coverage form that covers employees while they are using in auto not own hired or borrowed by the business in the business or personal fears of the name insured
Employers liability coverage
Coverage included in the Worker’s Compensation and employers liability policy that covers the employers liability common-law arising out of employees work-related injuries and occupational diseases
Employment practices liability insurance
Type of policy that covers a business loss arising out of wrongful termination discrimination sexual harassment and other employment related practice
Endorsement
Document attached to an insurance pop secret changes policy in some way
Equipment breakdown protection coverage
The title of ISO coverage for used what is traditionally cold boiler and machinery insurance
Equipment dealers coverage form
filed commercial and then moving average for the covers moving equipment and construction equipment dealers covers the insured stock in trade as well as customers property insurance care custody or control
Errors and omissions insurance
Professional liability coverage that protects the insured against liability for committing an error or omission in the performance of professional duties
Estoppel
Estoppel prevents the insurance company from adopting a position that is not consistent with a position it took previously if it would result in an injury to the insured. Considering that they can be estopped from certain actions, insurers have to be fair in their dealings with the insured.
Excess insurance
When two or more policies or just talk to the same across the one that applies only after limits of the primary coverage has been exhausted
Excess line or surplus lines agent
Asian licensed state to handle replacement of businesses with nonadmitted insurance also called surplus lines
Exclusion
Section insurance policy that list property perils person situations that are not covered under the policy
Exclusive agent
An agent who markets insurance for a single company also called a captive agent
Exclusive remedy doctrine
One of the precepts upon which the Worker’s Compensation system was found stipulates that the only means available to employees to receive compensation for employers for injuries covered by Worker’s Compensation loss is through the benefits mandated by those lots
Expense ratio
Appreciate it indicates the cost of doing business is calculated by dividing the amount of underwriting expenses by the amount of under didn’t premium
And experience reading the factor applied to reduce the premium loss experience is better than expected
Experience modification factor
Experience rating
Type of merit rating that determines premium based on previous lost experience
Exports
Category of the nationwide definition that list eligible for Ocean marine insurance
Exposure
A condition or situation that presents a possibility
Expressed authority
Legal doctrine that states that an agent has the authority specifically given to the of to the agent either orally or written
Extended and non-own coverage vehicles furnished or available for regular use endorsement
Personal policy endorsement that eliminates most exclusions applicable to autos that are furnished or available for regular use of the name insured or family members
Extended reporting period
. Of time provided by the claims made commercial general liability coverage form during which coverage will be provided for claims made after the expiration date of the policy if certain conditions are met the basic ERP 60 days and extended to five years the supplementary ERP runs for an unlimited duration but is available only by endorsement for an additional premium
Extortion commercial entities endorsement
Endorsement used with the commercial crime policy that covers loss of money securities and other property when surrendered away from the premises as result of a threat to do bodily harm to the insured an employee or a relative of either who is being held captive
Extra expense coverage form
Commercial property coverage form that covers additional expenses is incurred by the insurance business to continue operations following a direct loss by a peril insured against
Fair Credit Reporting Act
Federal law that allows consumers who are denied insurance because of information contained in a credit report to be notified in the loud to obtain information used in the report from the reporting agency
Fair access to insurance requirements (FAIR) plan
Program established by law that makes property insurance available to ensure that you might otherwise be uninsured in the standard market
Farm Coverage
Part of the commercial package policy that provides property liability insurance transformers for both personally and business exposure
Federal employers liability Act (FELA)
Federal law that provides benefits to injured railroad workers who are exempt under state workers compensation
Fellow servant rule
Common-law defense against liability that allows employees to escape liability for Andrew to an employee another employee’s carelessness contributed to the loss
Fidelity Bond
Class up on the guarantees in employees honest discharge of written to protect insured from dishonest Acts by employees
Fiduciary
Someone who stands in a relationship of trust another person
Fiduciary bond
Type of surety bond guarantees that a fiduciary will fulfill its obligations set forth by law
Fiduciary liability policy
Insurance that protects people who manage private pensions and employee benefit plans against liability for violation of the federal ERISA law
Filled and underwriting
Selection of clients by the agent in accordance with company standards
File and use
Method of rating form ratification used by some state insurance departments that allows a company to begin using forms already too soon as they are filed by the department of the chili reviews the file an official excepts or rejects it
File form
Standardized inland marine form that can be written under the commercial Inland marine coverage part of the commercial package policy
Film coverage form
Filed commercial inland marine form the covers exposed motion picture film until productions and complete positive prints are made
Financial responsibility laws
State laws that require owners or operators of autos to provide evidence they have the funds to pay for automobile system for which they might become liable insurance is the usual method for providing this evidence to the state
First named insured
First person listed in the decorations as an insured the first name insured may have a higher level duties or rights under the policy
First party loss
Property insurance loss
Flat cancellation
Cancellation of the policy by the insured or the insurance company on it’s effective date
Floater
Insurance policy that covers property where ever it is located
Flood insurance
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Floor plan coverage form
Filed commercial inland marine form the cover stock that is subject to a floor plan arrangement Ray dealer borrows money from a lender with which to pay for merchandise
Foreign company
An insurance company doing business in a state other than the one in which it is Inc.
Fraternal benefit society
And incorporated society or order out capital stock that is operated on the lodge system and is conducted solely for the benefit of its members and the beneficiaries and not-for-profit fraternal benefit societies offered insurance that is available only two it’s members
Fraud
Deliberate misrepresentation causes harm in all out effort by one party deceive and cheat the other
Freight insurance
Type of ocean marine insurance that protects the insured against the loss of shipping costs
Functional replacement cost
Method to determine reimbursement for some losses particularly those that are antique ornate or custom construction the damaged properties repaired or replaced with less expensive but functionally equivalent materials
Garage coverage Form
Commercial auto coverage form provides liability garage keepers in physical damage coverage for vehicle dealers including dealers that have repair operations on the business premise
Garage keepers insurance
Coverage that is part of the garage coverage for coverage the garage risks legal liability for customers autos in the care custody or control of the garage at the insureds option and for additional premium can also reply with a regard to fault
General average loss
once ocean marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property jettison each party shares in the loss in proportion to its total interest in the property being transported
General conditions form
Separate form that list the conditions that apply to a policy
General damages
Type of compensatory damages that reimbursed injured party for such things as pain and suffering and disfigurement
Hazard
Something that increases the chance of loss
Health insurance
The light of insurance that protects the insured against financial loss due to medical bills
Hired in non-own auto liability endorsement
Business owners policy endorsement used to cover hired or non owned autos used by the business
Hold harmless agreement
Contract real arrangement where only one party since the liability of a situation and relieves the other party of responsibility
Home day care coverage endorsement
Homeowners policy endorsement used to provide coverage for home daycare businesses
Homeowners policy
Personal multiline policy for homeowners that include both property and liability coverages there are different forms at the that provide varying degrees of property coverage. liability coverage is the same and all forms
Hull insurance
Ocean marine insurance that provides coverage for physical damage to the ship
Implied authority
Authority given by the principle to the agent that is not formally expressed or communicated
Implied Warranties
In Ocean marine insurance warranties that are not written into the policy I have become a part of the policy by custom
Imports
Category of the nationwide definition that include risks eligible for Ocean marine insurance
Incidental contract
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Incidental occupancy
A business conduct it in a dwelling used primarily as a residence with no other businesses operating on the same premise individual insurers have specific guidelines about the types of incidental business permitted for example this includes businesses or professional offices and private schools or instructional studios
Incurred losses
One of the components used to calculate the loss ratio includes pay losses and certain expenses associated with claim handling
Indemnity
Principle of insurance that provides that when a loss occurs the insured should be restored to the approximate financial condition he occupied before the loss occurred no better or no worse
Independent adjustor
claim handler works independently instead of four particular insured
Independent agent
Agent represents many insurance companies rather than a single company also called a nonexclusive agent
Indirect loss
Lost that is the result of consequence of in that class also called consequencial lose
Individual named insured endorsement
Commercial auto endorsement that provides coverage similar to that provided under the personal auto policy to a family member of the name insured while using any auto
Inland Marine Insurance
Form of insurance originally designed as an extension of ocean marine coverage to ensure transportation of goods overland today it covers a variety of portable property in addition to goods in transit available as personal or commercial insurance commercial and land Marine and chance can be included in the commercial package policy
Installation policy
Non-filed commercial inland marine policy that covers lost machinery equipment building materials and supplies to transit or being used with or doing horse installation testing building renovating or repair
Instrumentalities of transportation and communication
Category of nationwide definition that includes a variety of forms closely related to transportation or communication such as bridges pipelines and television towers
Insurable interest
Iliac Schulof sustainable economic interest in the safety or preservation of the subject of insurance from loss or destruction for financial damage or impairment
Insurance
Contractor device for transferring the risk of loss from a person business organization to an insurance company that agrees in exchange for a premium to pay for losses through accumulation of premiums
Insurance commissioner
Had official of a state insurance department may also be called insurance director or insurance superintendent
Insurance department
State Department charged with controlling insurance matters within the state
Insurance guaranty association
State funds created by law that pay claims of insurers in that state that become insolvent funds are generated by making assessments against other insurers operating in the state
Insurance services office (ISO)
Organizations established for the benefit of its members insurance companies subscriber companies ISO gather statistics provides lost cost giraffes policy forms in coverage provisions and conducts inspections for rainmaking purposes
Insured contract
Terms used in the CGL in business is liability forms to describe contracts which contract real liability coverages is available under the policy section this is sidetrack agreement and elevator maintenance agreements also called incidental contact
Insuring agreement
Section of an insurance policy that describes what is covered in the perils the policy ensures against
Interline endorsement
Section of insurance policy that describes what is covered in the hills the policy
Intervening cause
An independent action that breaks the chain of causation and sets in motion a new chain of events when this occurs the interview room cause becomes the proximate cause can serve as a common-law defense against liability
Invitee
A person invited onto a premise for some purpose involving potential benefit to the property owner
Jettison
Involuntary action to read a ship of cargo to prevent further damage or peril just is a covered peril in ocean marine policies
Jeweler a block coverage form
Filed commercial inland marine forms for Julie’s that covers the insured stock train and the property of others while it is on or off the premise
Joint ownership coverage endorsement
Personal auto policy endorsement that allows the policy to be issued to two or more persons who live in the same household or two or more individuals who are related to another way besides husband-and-wife
Jones Act
Federal law that allows members of ship cruised to sue the employer shipowner at common-law for injuries caused by an employer ship owners negligence
Judgement rating
Method of writing that establishes premiums based on a careful evaluation of each individual risk without the use of manuals or tables
Judicial bond
Category of surety bond guarantees the principal will fulfill certain obligations set forth by law includes fiduciary bonds and court bonds
Labor and materials bond
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Law of large numbers
Principle that states The some more examples used to develop in statistic the more reliable statistics will be
Legal liability coverage form
Commercial property coverage form that covers the insured for liability arising out of the negligent damage to the property of others while it is in the insurance care custody or control
Legal purpose
One of the characteristics of a legal contract means that contracts are only enforceable if they are not obviously illegal in moral or against the public good
Liability insurance
Type of insurance that protects in insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company
Liberalization condition
Condition found in property insurance contracts that provides that if they ensure broadest coverage under a policy form or endorsement without requiring an additional premium and all existing similar policies or endorsements will be construed to contain the broadened coverage
License and permit bond
Type of surety bond that is sometimes required in connection with the issuance of licenses by government agencies to guarantee that the person you post a bond will comply with all applicable laws pertaining to their activities
Licensee
Person on the premises with the property owners consent but for the sole benefit of the visitor
Life insurance
Insurance that pays a stipulated some to a designated beneficiary upon the death of the insured protection insurance beneficiary against the financial consequences of the insureds premature death
Limitations
Policy language that illuminates or reduces coverage under certain circumstances or when specified conditions
Liquor Liability coverage form
CGL coverage for the provides coverage for liquor liability excluded by standard CGL policies for those who are in the business of manufacturing distributing selling serving or furnishing alcoholic beverages
Livestock coverage form
Farm coverage form used to provide separate coverage for livestock
Lloyd’s association
A voluntary association of individuals or groups of individuals who agreed to share in insurance contracts each individual Or syndicate is individually responsible for the amounts of insurance they write
Longshore and Harbor Worker’s Compensation act coverage endorsement
Endorsement used with the Worker’s Compensation and employers liability policy that covers the additional benefits required by federal law for workers injured while working on navigable waters or shoreside Areas
Loss cost
Factor used configuring insurance rates that represent how much an insurance company needs to collect to cover expected losses
Loss provision
General term used to describe policy conditions that specify what the insured and insurer must do after a loss
Loss ratio
Method used to determine an insurance company success and covering current losses out of current premium income determined by dividing incurred losses by earned premium
Loss sustained during prior insurance condition
Condition found in loss of stained version of the commercial crime forms that allows losses that occurred during a ride or policy. To be covered under the current policy of certain conditions are met
Loss sustained form
Commercial crime form that covers losses that are specific gained during the policy. And discovered either during the policy. Or up to one year after the policy expires
Mail coverage form
Filed commercial inland marine form the covers property in transport by registered mail first-class mail certified mail or expressed mail
Malpractice insurance
Term used to describe professional liability insurance ensued to medical professionals or institutions
Manual rating
Method of premium determination that uses rates based on the collecting statistics the rates which applied per unit of insurance are published in manuals also called class rating
Market value
The amount property could be sold for at the time of loss may be used to determine the amount of reimbursement for loss
Material fact
A fact that would cause an insured to decline a risk charge a different premium or change the provisions of the policy that was issued
MCS-90 Endorsement
Endorsement attached to the truckers coverage for to provide public liability coverage
Merit rating
Method of determining premiums were a manual Ray this modified to reflect the risks unique characteristics see experience rating retrospective rating and scheduled ready
Messenger
As defined in crime insurance forms an insureds partner or employee who has care and custody of insured property outside the premise
Miscellaneous type vehicle endorsement
Personal auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy six motorcycles and motorhomes golf carts mopeds and other recreational vehicle
Misrepresentation
Written or verbal misstatement of a material fact involved in the contract on which the insurer relies
Mobile agricultural machinery and equipment coverage form
Farm coverage for the provide separate coverage for a farmers mobile agriculture machinery and equipment
Mobile equipment endorsement
Commercial auto endorsement that makes mobile equipment considered a covered auto for coverage purposes
Mobile home insurance
Coverage that protects both a mobile home structure and its contents some companies have mobile home package policies that provide home property and liability insurance for owners of mobile homes in addition there’s a mobile homeowners endorsement that can be attached to an HO2 or HO3 to modify coverage for mobile home
Mono-line company
Insurance company that writes a single line of insurance
Monoline policy
Insurance policy that provides one type of insurance coverage
Monopolistic state fund
Method of providing workers compensation coverage used in some states employees must purchase Worker’s Compensation insurance from a state fund private insurance companies are not allowed to compete
Moral Hazard
Hazard created by an individual who will be willing to create a lost situation on purpose just to collect from the insurance company
Morale Hazard
Hazard created by individuals tendency to contribute to a loss to his own irresponsible actions or carelessness
Mortgage condition
Condition found in property insurance policies that specify the rights and duties of the mortgagee under the policy also called the loss payable conditions
Mortgagee rights
Rights granted to a mortgagee under a property contract issued by a mortgage or by virtue of the mortgagee’s financial interest in the property
Motor carrier act of 1980
Federal regulation that requires truckers and other commercial carriers to certify then able to meet financial obligations if they become liable for injury or damage arising from their trucking operations
Motor carrier coverage form
Commercial auto coverage form that is an alternate to the truckers coverage form it can be used to cover anyone who transports property by auto in a commercial enterprise
Motor truck cargo policy
Non-filed commercial inland marine policy that protects the carrier against liability for damages to domestic shipments in its custody
Multiline company
Insurance company that writes more than one line of insurance
Mutual company
Insurance company owned by its policyholders the policyholder share in profits made by the company through dividends or reductions in future premiums
Mysterious disappearance
Finishing the property with no explanation
Name scheduled bond
Type of fidelity bond that covers lost only from named employees
Name insured
Person business or other entity named in the declarations to whom the policies issued
Named no owner coverage endorsement
Personal auto policy endorsement that provides coverage for the use of non-owned autos to individuals who do not own a car
Named peril policy
Insurance policy that ensures only against perils specifically listed in the policy
National Association of insurance commissioners
Organization made up of individual state insurance commissioner’s purpose is to promote uniformity and regulation by drafting model laws and regulations
National flood insurance program
Program run by the federal government that makes that insurance available to eligible communities at subsidize rates includes coverage for both buildings and personal property
Nation wide definition
Document the categorize classify risks that are eligible for ocean or inland marine insurance
Negligence
The lack of reasonable care that is required to protect others from the unreasonable chance of harm
No benefit to Bailey condition
Condition found in some property insurance contracts that states that Bailey is not covered under an insurance policy while the Bailey has possession of the insureds property
No fault insurance
Form of automobile insurance for each insurance company pays the damages of its own insured regardless of who was at fault for the accident no-fault insurance is been an act in several states
Nonadmitted insurer
Company that is not authorized to do business in the particular state also called an unauthorized insured
Nonconcurrency
Situation that exists when the same property is covered by more than one policy for the policies are not identical as to the extent of the coverage provided
No filed form
Type of commercial inland marine form is not standardized and cannot be included in the commercial inland marine coverage part of the commercial package policy
Non renewel
Decisions made by the insured or insurance company to not continue coverage for another policy. After the current policy.
Not reporting policy
Type of insurance policy for which he flat premium is charged every time the policy is renewed
Obligee
In bonds the party to whom the principal makes the promise and for whose protection the bond is written
Occurance
A loss that occurs in a specific time and place over a period of time
Occurance form
Commercial general liability coverage form the covers bodily injury or property damage that occurs during the policy period. Regardless of when the claim was made
Ocean inland marine insurance
Insurance designed to provide broad coverage for cargo ships in transit oversee includes cargo insurance whole insurance free insurance and protection indemnity insurance
Offer and acceptance
One of the elements of a legal contract means that a contract must involve two parties one who makes an offer another except the offer also called an agreement
Open competition
Method of Ray and form regulation used by some states insurance departments that allows insurance companies to compete openly with the forms and rates they select subject only two requirements of adequacy and nondiscriminate
Open peril policy
Insurance policies that protects the insured from losses caused by any peril is not specifically excluded by the policy also called all risk and special coverage
Optional limits transportation expenses coverage endorsement
Personal auto policy endorsement allows insured selected daily and maximum limits of coverage provided for transportation and loss of use expenses
Ordinance or law coverage and endorsement
Endorsement used with the commercial property coverage part to provide coverage for demolition costs and increase construction cost required or regulated by law or ordinance
Other insurance condition
Policy condition that sets out how any other insurance that applies the same loss will affect reimbursement under the policy
Outboard motor and boat insurance
Insurance against physical damage to boats unusually provided by inland marine forms
Owners and contractors protective liability coverage form
Commercial general liability coverage form the covers claims caused by the negligence of a contractor or subcontractor hired by the insured
Package policy
Policy that includes more than one type of insurance coverage also called a multiline policy
Pair or set condition
Blossoming condition found a property insurance contract that states it went partly said is damaged or destroyed the insured will not be reimbursed for the value of the entire set various methods are used to determine the amount of reimbursement
Parcel post policy
Not filed commercial inland marine policy that covers mail sent by parcel post
Particular average loss
An ocean marine insurance any partial lost it does not arise from general sacrifice of property parentheses jettison
Payment bond
Type of surety bond that guarantees bills for labor and materials will be paid to the contractor as they are due also called a labor materials pond
Peaks season endorsement
Endorsement attachment to the commercial property coverage part to provide increased coverage during particular seasons of the year when insurance inventory is at higher levels than usual
Performance bond
Type of surety bond the guarantees the jobs will be complete by the contractor according to the contract specifications
Peril
The cause of loss
Peril of the sea
Perils to which property in transit by water is exposed includes unusual action of wind or waves stranding lightning collision and sinking
Permitted incidental occupancy endorsement
Homeowners policy endorsement that covers the insurance business activities conducted on the Residence premise
Personal articles form
Personal inland marine form that provides scheduled coverage for nine optional class of personal property jewelry first cameras musical instruments silverware golf equipment fine arts stamp collections in coin collections
Personal auto policy
One of the characteristics of insurance contract means that insurance contract ensures a person not property
Personal contract
One of the characteristics of an insurance contract means an insurance contract ensures a person not a property
Personal effects form
Personal inland marine form the covers an insureds personal belongings such as baggage while traveling
Personal injury
Entry others and bodily injury arising out of such things as a libel slander for stress wrongful entry violation of privacy and malicious prosecution
Personal injury endorsement
Homeowners policy endorsement that modifies the definition of bodily injury to include personal injury
Personal inland marine insurance
_____
Personal liability and medical payments to others endorsement
Endorsement to the dwelling policy that provides liability coverage similar to that provided by section to the homeowners policy also be purchased as a separate policy
Personal lines
Insurance coverages that protect individuals and their families
Personal property form
Personal inland marine form that provides coverage for personal property
Personal property floater risk
Category of the nationwide definition includes risk eligible for personal inland marine insurance
Personal property replacement cost endorsement
Homeowners policy endorsement that adds replacement cost coverage for personal property
Personal yacht insurance
Type a personal watercraft policy written for large pleasure boats
Physical hazard
Hazard that arise from the condition occupancy or use of the property itself
Physician and surgeons equipment form
Filed commercial inland marine form the covers medical instruments on and off the premise and furniture and fixtures at the doctors office against direct physical loss
Policy
An insurance contract
Policy form
See coverage form
Policy jacket
Fucking used to assemble an insurance policy contains general conditions or the declarations page provides no coverage in and of itself policy form must be attached to make it a complete policy also called a skeleton policy
Policy limit
Maximum amount the insurance company will pay for particular loss or for losses sustained during a period of time also called limit of coverage limit of interest and Limited liability
Policy period
The date and time specified on the declarations for when coverage begins and ends
Policy territory
Please were coverage under a policy applies
Pollution liability coverage extension endorsement
Commercial general liability Dortha the provides coverage for BI and PD claims arising out of pollution losses excluded coverage for pollution cleanup costs
Pollution liability coverage form
CGL coverage form to provide certain pollution coverages that are excluded under the standard CGL includes coverage for pollution loss cleanup
Pollution liability-limited coverage form
CGL coverage for the provide certain pollution coverage that are excluded under the standard CGL is not include coverage for pollution cleanup costs
Position scheduled bond
Fidelity bond the cover specifically named positions in the company rather than individuals who hold these positions
Post judgment interest
Interest occurring on a judgment After an award is been made but before payment is made but insurance company usually covered as a supplementary payment in liability policies
Prejudgment interest
Interest awarded to compensate a third-party for interest he might have earned if compensation had been received the time or injury or damage rather than at the time of judgment
Premises and operations
Business liability exposure arising out of the business location or the activities of the business covered under the CGL
Premium audit
Survey of the insurance financial records together information used to calculate the premium such as exposure and limits
Primary insurance
when two or more coverages or policies apply to the same lost the one that pays first up to its limit of liability or the amount of the loss which ever is less
Principle
And bonds the party who promises to do or not do a specific thing in agency law the person or company being represented
Prior approval
Method of rating form ratification used by some state insurance department requires a company to obtain official approval before using new forms or rates
Producer
General term used to describe someone who sells insurance such as an agent broker or solicitor
Products and completed operations
Business liability exposure arising out of the defects in the company’s products or completed operations covered by the CGL
Professional liability
Liability arising out of the rendered or failing to render services of a professional nature
Professional liability policy
Insurance cover it issued to a professional that covers the rendering or failing to render service of a professional nature policies are tailored to fit specific occupational needs
Proof of loss
Form completed by an insured after he lost it provides an official inventory of damages
Property damages (PD)
Damage to or destruction of property including loss of use of the property
Property insurance
Line of insurance that includes many types of coverage is designed to handle the risk that a person will suffer financial loss because something she owns is damaged or destroyed
Pro rata other insurance
Method of handling insurance when more than one coverage applies to us each coverage pays a portion of the loss in proportion to the relationship it’s limits of liability bears to the total limit of liability under all applicable insurance also called contribution by limits
Protection and indemnity
Form of ocean marine liability insurance the covers of writing of types of liability such as damaged cargo through negligence and damage to the property or another boat resulting from collision
Protective safeguards endorsement
Business owners policy endorsement that requires the insured to maintain fire or security service on specified property as a condition of the policy
Proximate cause
An action that in a natural and continuous sequence produces a loss
Public official bonds
Type of surety bond furnished by principles who are elected or appointed to fill positions of trust they guarantee their faithful and honest performance in the office
punitive damages
Type of damages intended to punish the defendant and make an example out of her to discourage others from behaving the same way
Pure risk
A risk in which there is no chance of games only loss
Quotation
A summary of coverages and premiums proposed by an agent to a prospective client
Rate
The basic charge of insurance. A company sets for various types of insuranc
Reasonable person rule
Principle of law that states that each person must behave like it prudent person following those ordinary considerations that guide human affairs
Rebating
Giving her offering some benefit other than those specified in the order to induce a customer to buy insurance rebating is illegal in most states
Reciprocal company
An unincorporated do group of members that share insurance responsibilities with other members it is managed by in an attorney in fact
Reinsurance
Acceptance by and insure called a reinsurance of all or part of the risk of loss of another insurer
Repair cost
The cost repair damage or destroy items property may be the basis of reimbursement for a loss
Replacement cost
The cost replace the damaged or destroyed item of property without deducting depreciation maybe the basis of reimbursement for some losses
Reporting policy
Type of policy that does not charge a flat premium insured pays a deposit premium then submit periodic reports to the insured showing the status of the factors in which the premiums based from the status reports premiums are calculated and charged against the deposit
Representation
Statements on insurance application that the applicant believes are true representation is not considered a matter to which the parties contract so policy cannot be voided on the basis of representation
Residual market insurance
Insurance that is not ordinarily available from private insurers and may be provided by the government examples include flood insurance which is provided by the federal government and Worker’s Compensation benefits which may be provided by state funds
Retention limit
And an umbrella policy the mountain sure must pay for the lost is not covered by an underlying policy before the umbrella will begin to cover the loss also called the self-insured retention
Retroactive date
Under the claims made CGL form a date stipulated in the declarations as the first date on which bed may occur and be covered by the policy of the claim is filed
Retrospective date
Type of merit rating the bases the insurance premium my losses incurred during the policy.
Risk
The chance or uncertainty of loss
Risk retention groups
Insurance company formed by several organizations to cover those organizations liability loss exposure risk retention groups are exempt from the state laws that govern insurance companies
Robbery
In crime insurance the taking or attempted taking of property by one who has caused or threatened to cause bodily harm or committed he witnessed obviously unlawful act
Running down clause
Provisions found in the ocean marine whole policies that provides protection if the ship owner is held liable for the negligent operation of the vessel in damaging another ship
Salvage
Damaged property that can be retrieved reconditioned insult to reduce an insureds loss
Schedule rating
Type of narrating that applies a system of debits or credits to reflect characteristics of a particular insured
Scheduled coverage
Property that is specifically listed in the declarations and covered for a specific amount also called specific insurance
Scheduled personal property endorsement
Homeowners policy endorsement that provides (scheduled coverage for nine optional classes of property
Self insurance
Alternative to purchasing insurance way company or individual assumes the risk of pain for its losses and sets side the necessary funds to pay for such losses
Service bureau
Organization gathers pools and analyze the statistics from its member insurance companies to establish loss costs used to determine insurance rates
Sign coverage form
File commercial inland marine form ensures businesses against loss to me on fluorescent automatic or mechanical electric signs and lights
Single limit
One policy limit that applies to both BIA PD losses but also be called a combined single limit
Solicitor
Insurance professional who sells insurance and clicks please but cannot issue or countersign Policies
Special damages
Type of compensatory damages that reimburse the injured party for direct and specific expenses involved in the lost such as medical expenses and lost wages
specified cause of loss
One of the physical damage coverage option in the commercial auto coverage forms provides more limited coverage than comprehensive coverage insuring only against specific perils such as fire flood or explosion
Speculative risk
A risk that may result in a loss or gain
Split limits
Policy when of the provide separate limits for BI and PD
Spoilage endorsement
Endorsement used with the building and personal property and condominium commercial unit owners commercial property coverage forms and adds coverage for the insured’s parish. Personal property that must be maintained under controlled conditions to protect it from loss or damage
Spread of risk
Principle of insurance that states that ensure should spread their insured risk over a large geographical area rather than insuring a large number of people in a small area
Standard & Poor
Organization that rates the financial stability of insurance companies doing business in the United States
Statute of limitations
While it provides that certain types of suits must be brought within a specific time of the occurrence to be valid under the
Stock company
An insurance company owned by stockholders profits are shared by the stockholders policyholders are not entitled to share and company profits
Subrogation
The transfer of the insurance company of the insureds right to collect damage from another party
Supplementary payments
Provide extra coverage over and above the insureds limited liability commonly included our defense costs first aide expenses bond premiums and post judgment interest
Supplementary payments
Provide extra coverage over and above the insureds limited liability commonly included our defense cost first aide expenses bond premiums and post judgment interest
Supply bond
Type of surety bond that guarantees that a supplier will furnish supplies products or equipment at an agreed upon time an price
Surety
And bonds the party often the insurance company agrees to be responsible for loss that may result if the principal does not keep his promise
Surety bond
On the guarantees that someone will perform faithfully whenever she agrees to do or that someone will make an agreed upon payment to another party
Surplus
The difference between what a company owns assets and what it owes liabilities
Surplus lines agent
See lines agent
Terrorism risk insurance act of 2002
Federal law designed to ensure the insurance coverage for terrorism losses under commercial lines policies will be available and affordable requires insurers to pay a specific specified amount for terrorism losses in a given calendar year one settlement is reached the federal government will reimburse insurers 85% of insured loss that exceeds the limit
Theatrical property coverage form
Field commercial inland marine form that cover scenery props and costumes used by a theater group in a specific production
Theft
In crime insurance a broad term encompassing in the unlawful taking of property including burglary and robbery
Third party loss
Liability loss
Time element coverage
Coverage for the loss of businesses income over a period of time that results from direct physical law
Tort
A civil wrong which monetary damages may be provided does not include losses arising out of contract
Towing and labor cost endorsement
Personal auto policy endorsement that covers towing and the costs of labor performed at the site the car was disabled
Trailer interchange insurance
The coverage provided under the truckers in motor carrier coverage forms covers damages to specific trailers under the policy of the trucker who has possession of the trailer at the time of loss provided that the trucker is liable for the damage under a written interchange agreement and the damages caused by a covered peril
Trespasser
A person who is on the premise without the property owners express or implied permission
Trip transit policy
Non-found commercial inland marine policy that covers a single shipment of goods
Truckers coverage form
Commercial auto coverage form and specifically for the trucking industry
Twisting
illegal activity in which an agent convinces a prospect to cancel existing insurance and buy another policy from the agent to detriment of the prospect
Umbrella policy
Type of policy that provides broad coverage for insureds liability over and above liability coverage by underlining contract may also cover losses that are excluded by the underlining contracting policy available as personal or commercial insurance
UnderInsured motorist coverage
Auto coverage the pays the difference between the insurance actual damage for bodily injury and the amount of liability insurance carried by the at fault driver may be added to the personal or commercial auto policy by endorsement
Underwriting
Insurance company function that involves researching and evaluating insurance applications to decide which ones are more acceptable to the company as insurers
Underwriting expense
One of the components used to calculate the expense ratio includes all costs required to acquire and maintain a book of business such as expenses for commissions salaries and other administrative and regulatory cost
Unfair discrimination
Apply different standards to ensure that have the same risk of loss
Unilateral Contract
A type of contract that is one sided in insurance policies one-sided because only the insurance company is legally bound to perform it’s part of the agreement
Uninsured motorist coverage
Honorable coverage designed to provide protection for the insured if she is involved in an accident which an uninsured motorist is at fault uninsured motorist include those who do not carry insurance motors to insurance does not meet the statement on financial responsibility laws drivers whose insurance companies are insolvent and hit or run drivers who cannot be I identified
Occupancy
That’s as of people from Imprimis property coverage is often restricted if there are long periods of unoccupqncy
Use and file
Method of rate in form ratification used by some state insurance departments that requires insurance companies to file rates and forms within a certain period of time after they are first used
Utility services director damage coverage endorsement
Business owners policy endorsement that covers loss or damage to property caused by the interruption in water communication or power service for coverage to apply the property must be listed in the endorsement and the utility equipment must be damaged by a covered cause of loss
Utility services time element coverage endorsement
Business owners policy endorsement that covers loss of businesses income and extra expense that occurs because of an interruption water communication or power service comes to apply the property must be listed on endorsement in the utility equipment must be damaged by a covered cause of loss
Utmost good faith
A characteristic of insurance contracts meaning that the insurance company must be able to rely on honesty and cooperation of the insured and insured must rely on the company to fulfill its obligations
Vacancy
The absence of those people in property for from a premise property coverage is often restricted when there are long periods of vacancy
Valuable papers and records insurance
Filed commercial inland marine form that provides coverage for valuable paper such as transcripts blueprints records and other printed document
Valuation
Nothing used by the insurance company to determine the appropriate payment for a loss
Valued policy
Policy written for a specific amount that list the value of insured property as agreed to by both the insured and the insurer is noun is used to value losses also called and agreed amount policy
Value reporting endorsement
Endorsement used with the commercial property coverage part to provide coverage based on actual values of the property at certain locations at specific times
Vandalism and malicious mischief
Coverage provided in many property insurance policies that protects property against damage caused by Vandals
Vicarious liability
Lability the personal business incurs because of the actions of others such as family members or employees also called imputed liability
Voluntary compensation endorsement
Endorsement used with the Worker’s Compensation and employees liability policy that adds coverage for employees who are excluded from the state Worker’s Compensation law
Waiver
The international relinquishment of a know right
Warehouse to warehouse clause
Provision found in ocean marine cargo policies that extend coverage for the cargo from its point of originnation to its point of Destination
Warranty
A specific agreement between insured and ensure that becomes a part of the entrance policy breach of warranty can void The policy
Watch person
As defined in crime insurance form someone retained specifically by the insured who sole duty is to have care and custody of property inside the premise
Watercraft endorsement
Homeowners policy endorsement provides coverage for BIor PD arising out of the use of watercraft
Watercraft package
Package policy that provides property liability and medical payments coverage for losses arising out of the ownership maintenance or use of watercraft
Worker’s Compensation employees liability policy
Entrance the covers and employees obligations under Worker’s Compensation laws which make the employee responsible for stated damages in the event of a work related injury or illness also covers the insurance liability for work-related injuries under common law
Written Premium
One of the components used to calculate the expense ratio it is the gross amount of premium income on the company’s books which includes both earned and u earned premiums
