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Bailee: One to whom goods are delivered to be held in trust in accordance with a contract, express or implied.
Bailee's Customers Insurance: Insurance against loss of or damage to property of bailees' customers payable either to bailee for their account or direct to customers.
Beneficiary: (1) Person named in insurance contract to receive all or a part of the benefits provided by it. (2) One to whom a legacy is left in a will.
Benefits: Amounts to be paid by the insurer under an insurance contract.
Binder: A temporary contract pending execution of the policy contract except for specified differences the terms of the binder are by implication those of the contract. Which is intended to replace it.
Blanket Insurance: Insurance covering more than one item of property at a single location, or one or more items of property at more than one location.
Boiler and Machinery Insurance: Insurance against loss due to accidents to boilers, pressure vessels, or machinery.
Bond: An obligation of a surety to protect the obligee against financial loss caused by act or omission of the principal.
Bond, Bid: A guarantee that a contractor will enter into a contract on which he has bid if it is awarded to him, and furnish a contract bond as required by the terms of the contract.
Bond, Completion: A bond guaranteeing the construction of an improvement in connection with which, and prior to the completion of which, a mortgagee or other lender lends money to the owner.
Bond, Contract: A guarantee of the faithful performance of a construction contract; it may include the payment of all labor and material bills incident thereto. These two guarantees may be written separately, the first as a performance bond, the second as a payment bond.
Bond, Court: A bond required of a litigant as a condition of pursuing his rights in court.
Bond, Fidelity: A Promise to make good financial loss due to the dishonesty of employees; a financial guarantee of the performance of an implied obligation.
Bond, Fiduciary: A bond executed in behalf of a person appointed by a court to a position of trust; it guarantees performance of statutory duties and proper accounting.
Bond, License: A bond guaranteeing that the person to whom a license is, or is to be, issued will comply with the law or ordinance is, or is to be, issued will comply with the law or ordinance regulating the privilege for which the license is issued.
Bond, Maintenance: A bond guaranteeing against defects in workmanship or materials for a stated time after acceptance of work.
Bond, Public Official: A guarantee that a public official will properly account for public funds and will perform such other duties as are prescribed by law. The form of the bond and the performance guaranteed are often prescribed by stature.
Bond, Surety: A guarantee of the performance of an expressed obligation, usually evidenced by a written instrument.
Broker: A representative of the insured in placing insurance with carriers, but paid a commission by the insurer. In many jurisdictions, he is legally the agent of the insurers for collection of premiums or delivery of policies.
Broker-Agent: One who is licensed to act both as a broker and as agent.
Builders' Risk Insurance: Insurance against loss to buildings or ships, including machinery and equipment, in course of construction, and to materials incidental to construction.
Burglary: In insurance, subject to some variations, felonious abstraction of property from within premises by persons making felonious entry by force of which there are visible marks upon the exterior.
Burglary Insurance: Insurance against loss or damage to property by burglary. Commonly used to include burglary, theft, and robbery insurance, and often insurance against loss of money or securities due to any cause.
Business Interruption Insurance: Insurance against loss of anticipated net profits and of necessarily continuing expenses (to the extent that such profits and expenses would have been earned had no interruptions occurred) caused by interruption of business activity by a peril insured against. May include continued payment of ordinary payroll.
Cancellation: Termination of an insurance contract before the end of the policy period by insured, or insurer, usually in accordance with provisions in the contract.
Cancellation, Flat: Cancellation of an insurance contract as of its date of inception, without premium charge.
Cancellation, Pro-Rata: Cancellation of an insurance contract with return to the insured of that proportion of the premium which the remainder of the policy period bears to the total policy period.
Cancellation, Short-Rate: Cancellation of an insurance contract at the request of the insured with return to the insured of less than the proportion of the premium payable upon pro-rata cancellation.
Cargo Insurance: Insurance against loss to cargo carried in ships or by other means of transportation.
Casualty Insurance: A class of insurance made up of a variety of subclasses, principally concerned with insurance against loss due to legal liability to third persons, but comprising also several unrelated lines.
Catastrophe: An event which causes a loss of extraordinary amount.
Certificate of Insurance: (1) A statement of coverage taking the place of the policy as evidence of insurance and often transferring the right to collect claims to the holder of the certificate. (2) In group insurance, a statement issued to a member of the group certifying that an insurance contract has been written and containing a summary of the terms applicable to that member. (3) In insurance other than marine or group, a statement that a specified insured and risk are covered to a specific extent, but ordinarily without responsibility on the part of the insurer to notify the certificate holder of termination of insurance.
Civil Commotion: An uprising of people creating a prolonged disturbance.
Claim: (1) A demand for payment under an insurance contract or bond. (2) The estimated or actual amount of a loss.
Claimant: One who makes a claim.
Class Rate: The premium rate applicable to a specified class of risk.
Classification: (1) Classifying persons, property, or operations as a basis for tabulating statistical experience and determining premium rates. (2) Also, in insurance, the individual class.
Coinsurer: An insured or insurer liable to share losses under a coinsurance arrangement.
Collision Insurance: Insurance against loss to share losses under a coinsurance arrangement.
Collision Insurance: Insurance against loss to insured property caused by striking or being struck by an object; includes loss caused by upset.
Concurrent Insurance: Insurance required by law to be carried.
Concurrent Insurance: Insurance under two or more contracts all terms of which are identical except that they may vary in amount or policy dates.
Condition: (1) An event or other fact that determines the liability or non-liability if an insurer, e.g., a hostile fire under a contract of fire insurance. (2) A clause in an insurance contract that defines such an event or other fact and its legal consequences e.g., a clause in a liability-insurance contract providing that the insured may not incur certain cost except at his own expense.
Consequential Loss: A loss not directly caused by a peril insured against but arising indirectly. See, also, Direct Loss.
Constructive Total Loss: A loss of sufficient amount to make the cost of salvaging or repairing the property equal to or greater than the value of the property equal to or greater than the value of the property when repaired; under United States marine law, to make the cost exceed 50 percent of the repaired or salvaged value.
Countersignature: Signature of a representative of the insurer validating an insurance contract.
Coverage: The extent of the insurance afforded under an insurance contract. Often used to mean insurance or insurance contract.
Crop Insurance: Insurance against loss due to failure of or damage to
crops.
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