Glossary Flashcards
1
Q
What is abandonment?
A
A clause in property insurance policies prohibiting the insured from abandoning damaged property to the insurer for repair or disposal. Arranging for repair or disposal is the insured’s responsibility, unless the insurer elects otherwise.
2
Q
what is abatement?
A
The act or process of diminishing the presence of a pollutant (e.g., asbestos or lead) in either degree or intensity.
3
Q
What is absolute exclusion?
A
Exclusions found within certain insurance policy forms, precluding coverage for claims that are remotely—but not directly—related to the actual nature of the exclusion. The effect of such language is to defeat coverage in situations where it could be reasonably expected that coverage would apply.
