Policy condition that is similar to the appraisal condition; may be used to resolve other areas of disagreement besides those regarding the value of a loss. Insurance offsets Pure Risk...only the possibility of, form of Group Self Insurance allowed by many states enabling businesses, Under Commercial Crime, a Robbery is defined as the taking of property from a person using, Under Commercial Crime, Safe Burglary is defined as taking property from a locked, The insurance company's right to take (and probably sell) destroyed property following the, An Inland Marine endorsement to a Homeowners policy which, Found in Workers Compensation programs, the Second Injury Fund is a pool of, Used in a Commercial Umbrella contract, a Self-Insured Retention, Found most frequently within a Commercial Automobile policy, a Single Limit simply, A covered peril under Basic Peril coverage, Sinkhole Collapse covers the collapse, An important exclusion in Products Liability eliminating payment for government, A covered peril under Basic Peril coverage. The peril of Smoke covers accidental smoke. Additional Business Flashcards . The cost to replace a damaged or destroyed item of property without deduction for depreciation; may be the basis of reimbursement for some losses. Type of compensatory damages that reimburse the injured party for such things as pain and suffering and disfigurement. Insurance Terms. The two parties involved are the insured and the insurance, Umbrella policies (both Personal and Commercial) are purchased to provide, An at-fault motorist who causes an accident and who, although meeting state, Gross premiums minus overhead, expenses and losses...does not include any, A contract in which only one party makes legally enforceable promises, An at-fault motorist who causes an accident and who does not carry the required, A property such as a residence or commercial building that is temporarily devoid of. Complete the practice items listed below: a. An agent who markets insurance for a single company; also called captive agent. Accidental damage . While these terms can be confusing, the better you understand them, the better you will be prepared to successfully gain coverage and access to the treatments that are right for you. Coverage available at extra cost in a Property contract to cover losses due, Part II of Workers Compensation, Employers Liability can possibly cover, Provides liability coverage for an employer who has employees, An extra coverage that can be purchased for the benefit of the policyowner, Provides coverage for accidental loss arising from the operation, A barrier to legal action due to a party's prior actions. A covered Basic Peril. The concept that states when a large number of similar risks are examined. One of the commercial property coverage forms; covers commercial, residential, or farm buildings that are under construction. Rate 5 stars Rate 4 stars Rate 3 stars Rate 2 stars Rate 1 star . In a Commercial General Liability policy the General Aggregate Limit is, An excluded loss in a property policy caused by the seizure or destruction of. Hazard created by an individual who would be willing to create a loss situation on purpose just to collect from the insurance company. Covers private watercraft that exceed the coverage limits of a Boatowners policy. Type of ocean marine insurance that covers goods while they are in transit over water. Halls study guide by simatbirch includes 324 questions covering vocabulary, terms and more. Insurance Vocabulary. EnglishClub: Learn English: Vocabulary: Topic: Business: Insurance Insurance Vocabulary. Still have questions? 18b. Insurance Vocabulary. A fact that influence coverage in an insurance policy. the person who buys or owns the policy . Binders can be oral or, A Policy covering Property and Casualty losses associated with owning or using, Used extensively in Liability contracts, Bodily Injury refers to injuries sustained, A policy or coverage form designed to cover damage occurring to and damage. Glossary of Dental Insurance and Dental Care Terms . Learn. Such terms and availability may vary by state and exclusions may apply. It covers losses due to vandalism, A covered Basic Peril. out of pocket maximum . the person who benefits from the policy. Learn. A loss that occurs at a specific time and place or over a period of time. Category of surety bond that guarantees that the principle will fulfill certain obligations set forth by law- includes fiduciary bonds and court bonds, Factor used in figuring insurance rates that represents how much an insurance company needs to collect to cover expected losses. Commercial general liability form that pays for BI or PD losses for which a claim was first made against the insured during the policy period. PLAY. Person who stands in a special relationship of trust to another person. An exclusion found in Property policies that do not include Earthquake coverage. Learn. STUDY. Either the insurance, An agency agreement in which the agency agrees to exclusively represent one, Property in your possession belonging to others for which you are legally, Coverage available through an Ocean Marine policy. Tossing a ship's cargo overboard in an attempt to save the ship and remaining cargo. Losses that are reasonably foreseeable, The liability exposure that exists for a business at the location of the business. An indirect loss following a covered direct loss. do not carry insurance, motorists whose insurance does not meet the states minimum financial responsibility laws, drivers whose insurance companies are insolvent, and hit and run drivers who cannot be identified. cpt codes 20a. Accidental Death and Dismemberment Coverage: Insurance coverage that pays a certain sum — up to policy limits — for accidental death and specific injuries. The portion of the CGL and other liability policies which covers necessary, A common exclusion under which losses that are incurred as a result of, Predictable losses are just that, predictable. a contract under which, for consideration, a party agree to compensate another for a specific loss. Goods, The first essential element of a valid contract. A . Agent. Localized inflammation. Learn: Click on options in the bottom left-hand corner and uncheck written! An Implied, An insurance policy that provides property coverage for either property, Insurable interest means having a financial stake in property. Create. STUDY. Building and personal property coverage form. Friendly water invited into building such as water found in pipes and appliances. If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. Commercial. An unexpected and unintended chance happening occurring at a known time and place, A method of valuing loss under which the insurance company will pay the, Additional Coverages are provided without additional cost in property, An indirect loss coverage designed to offset the additional costs of living, See Authorized Company A company that has sought admission and been, In insurance, Adverse Selection can best be described as the likelihood of the worst, Liability resulting from damage caused to a business by the, Also known as a General Aggregate Limit, this is the limit expressed in a, A method of valuation in which the insured and the insurance company agree on the, A contract in which both parties will not benefit equally. Damages awarded by a court designed to punish the wrongdoer. Volcanic Action refers to above ground losses caused by a, Covered only if Earthquake coverage is purchased. Program established by law that makes property insurance available to insureds who might otherwise be insurable in the standard market. Start studying EC2. Water damage provides coverage for property damaged or, A Broad Form peril covering insured property from damage or collapse due.

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