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Glass Insurance: Insurance under which the insurer agrees to replace or to pay for replacing of damaged glass and to pay certain incidental costs.
Group Insurance: Insurance covering a group of persons, usually employees of a single employer, under one contract for the benefit of the members of the group. The kind of insurance is indicated in the name of each type of group insurance, as group life insurance, group annuity, group accident and health insurance.
Hail Insurance: Insurance against loss of property, including crops caused by hail.
Hazard: (1) A condition, operations, activity, material, or combination of these, that creates or increases probability of loss. (2) Chance of occurrence of an event.
Health Insurance: Insurance against disability or loss due to disease.
Hired-cars Automobile Insurance: See, Automobile Insurance Hired-cars.
Hold-harmless Agreement: A contract under which legal liability of one party for damages is assumed by the other party to the contract.
Hospitalization Insurance: Insurance covering hospitalization and certain hospital services.
Hull Insurance: Insurance against loss to a vessel or aircraft, or to its machinery or equipment.
Improvements and Betterments Insurance: Insurance that protects a tenant against loss to improvements made by him to the property which he is tenant.
Indemnify: To make good a loss.
Indemnity: Replacement, repair, or payment of value of a loss.
Independent Contractor: One who agrees to perform services or supply commodities under a contract. In carrying out his contract he is not under the control of, nor any employee of, the party with whom he contracts.
Inherent Explosion: An explosion arising out of the inherent characteristics of the risk insured.
Inherent vice: An inherent characteristic that may cause loss of value.
Inland Marine Insurance: Insurance against loss connected with transportation other than on the ocean, and on certain types of personal property wherever located.
Insurable interest: Any interest that may suffer loss by a peril that may be insured against.
Insurance: (1) A pooling of hazards in order to indemnify those who experience losses. (2) The contractual relationship between the insured and the insurer who agrees, in return for a premium, to indemnify the insured for losses due to a specified causes; in some cases, includes specified services.
Insurance Commissioner: A public official with enforcement of the insurance law of a state or other jurisdiction.
Insurance Company: A company which acts as an insurer.
Insured: The party to the insurance contract to whom or on behalf of whom the insurer agrees to pay losses or benefits.
Insured, Additional: A person other than the original named insured, who is protected under an insurance contract.
Insured, Named: The insured, with whom the insurance contract is made and who is specifically named as such.
Insurer: The party to the insurance contract who promises to pay losses or render service.
Insuring Clause: That part of an insurance contract which constitutes the agreement to protect the insured against loss from specified perils or to pay benefits under specified circumstances.
Jewelers' Block Insurance: Subject to certain exceptions, insurance of a jewelers stock against all risks of loss; also covers to some extent property of others entrusted to the insured.
Leasehold Insurance: Insurance against loss of the value of a lease or of profit derived frm a sub-lease through termination of the lease by fire or other peril insured against.
Liability: (1) An obligation, usually financial. (2) The probable cost of meeting an obligation.
Liability, Contingent: Liability for damages arising out of the acts or omissions of others, not employees nor agents.
Liability, Insurance: Insurance against loss due to liability; covers both damages and expenses connected with alleged or actual liability.
Liability Insurance, Bodily Injury: Insurance against loss due to claims for damages because of bodily injury (including death) to persons not employees.
Liability Insurance, Comprehensive General: Insurance against loss due to all claims against the insured for damages arising from his business premises or operations (except this arising from motor vehicles away from the premises, and other stated exclusions).
Liability Insurance, Comprehensive Personal: Insurance against loss due to all claims for damages arising from personal, non-business premises or conduct (except those arising from automobiles away from the premises, and other stated exclusions).
Liability Insurance, Contractual: Insurance against loss under a contractual liability agreement.
Liability Insurance Owners', Landlords', and Tenants': Insurance against loss due to claims for damages against owners, landlords, or tenants arising out of ownership, maintenance, or use of specified premises.
Liability Insurance, Physicians' and Surgeons': Insurance against loss due to claims for damages arising from handling, use of, or any condition in, products, manufactured, sold, handled, or distributed by the insured, the accident or occurrence on which claims are based taking place away from the premises of the insured.
Liability Insurance, Products: Insurance against loss due to claims against the insured for damages arising from handling, use of, or any condition in, products manufactured from handling, handled or distributed by the insured, the accident or occurrence on which claims are based taking place away from the premises of the insured.
Liability Insurance, Property Damage: Insurance against loss due to claims for damages because of injury to others' property.
Liability Insurance, Protective: Insurance against loss due to claims for damages due to contingent liability.
Liability, Legal: An obligation enforceable at law.
Limit, Aggregate: The maximum amount of damages that the insurer will pay under a contract, or section of a contract, during the contract period.
Limit of Liability: (1) The maximum amount of damages that the carrier will pay on behalf of the insured. (2) Elsewhere the maximum amount payable in case of loss.
Live Stock Insurance: Insurance against loss due to death of live-stock.
Lloyds Association: A voluntary unincorporated association of individuals for the purpose of writing insurance. Liability is several and proportioned according to the association agreement.
Lloyds, London: A corporation that maintains facilities for the insurance business of underwriting and broker members, regulates membership, and collects and disseminates information.
Lloyd's Broker: A member of Lloyd's London, Who places risks with Lloyd's underwriters.
Lloyd's Syndicate: A group of underwriters at Lloyd's who underwrite insurance as a group but whose liability is several in accordance with agreed proportions.
Lloyd's Underwriter: A member of Lloyd's London, who underwriters insurance Lloyd's.
Loss: (1) Injury or damage sustained by an insured. (2) The amount for which the insurer becomes liable on occurrence of the event insured against.
Loss of Use Insurance: Insurance against loss due to the insured's inability to use property, such as a vehicle.
Loss-payable Clause: A clause in an insurance contract providing for payment of loss, for which the insurer is liable to the insured, to someone other than the insured.
Loss Ratio: The ration of losses to premiums.
Losses Incurred: The amount of loss, paid and outstanding, for which the insurer has become liable.
Losses Outstanding: The amount of loss for which the insurer is liable and which it expects to pay in the future.
Losses Paid: The amount of loss for which money has been disbursed by the insurer.
Marine Insurance: Insurance against losses connected with transportation. See, also, Inland Marine Insurance; Ocean Marine Insurance.
Master Policy: A policy covering a group of risks under which are issued certificates of insurance respecting individual risks of the group.
Medical Expense Insurance: Insurance providing for paymen of medical, surgical and hospital expenses.
Medical Payments Insurance: An agreement by an insurer to pay, subject to a limit, medical, surgical, hospital, and funeral expenses, regardless of liability of the insured.
Misrepresentation: An untrue representation.
Mortgagee Clause: A clause in an insurance contract making the proceeds payable to a named mortgagee, as his interest may appear, and stating the terms of the contract between the insurer and the mortagee.
Multiple-line Carrier: An insurer that writes more than one kind of insurance.
Mutual Insurance Company: A corporation of which each insured is a member. The members own the corporation and control it.
Non-admitted Carrier: An insurer that has not been licensed to write insurance in a given jurisdiction.
Non-ownership Automobile Liability Insurance: See Automobile insurance, non-ownership liability.
Obligee: The person or organization protected by a bond.
Obligor: See (1) Principal; (2) Surety
Occupational Disease: A disease arising out of an occupation.
Ocean Marine Insurance: Insurance covering loss primarily from perils of the sea.
Omnibus Clause: A clause extending coverage to persons other than the named insured.
Other-insurance Clause: A clause in an insurance contract stating the effect thereon of other insurance. See, also, Excess Insurance. (2); Pro-rata Clause.
Overinsurance: Insurance exceeding in amount the possible loss to which it applies.
Parent Company: The controlling or oldest of two or more companies under common ownership or management.
Partial Loss: (1) A loss of less than the entire value of property. (2) A loss to the insurer of less than the face amount of the contract.
Payee Clause: A clause in an insurance contract providing for payment of loss to a person or class of person.
Payroll Audit: An audit by an insurer to determine the amount of the insured's payroll, used where premiums are based on payroll.
Peril: The cause of a possible loss.
Personal Effects Floater: A contract affording insurance against loss to personal effects usually carried by travelers and located away from the domicile of the insured.
Personal Property Floater: A contract affording insurance against loss to personal property wherever located.
Pilferage: Theft of a part of a unit of property; petty thievery in general.
Policy: The document embodying the insurance contract.
Policy Contract: An insurance contract embodied in a policy.
Policy Period: The period during which a policy contract affords insurance.
Policy Proof of Interest: A phrase endorsed on a marine-insurance contract to indicate that it is agreed that the policy is evidence that the insured has an insurable interest in the subject matter of the insurance.
Policy-year: The year commencing with the effective date of the policy or with an anniversary of that date.
Policyholder: (1) the insured named in a policy contract. (2) The owner of a policy written on another as insured.
Power Interruption Insurance: Insurance against loss due to interruption of power supply from a public utility caused by accidental breakdown of the utility's machinery.
Power of Attorney: Authority given a person or corporation, called an attorney-in-fact, to act fir and obligate another to a specified extent.
Premises: Particular location or portion thereof as defined by the policy contract.
Premium: The amount charged for insurance.
Premium, Advance: (1) The premium due at the beginning of the policy period. (2) A premium paid in advance of its due date.
Premium, Earned: That part of the premium applicable to the expired part of the policy period; including the short-rate premium on cancellation, the entire premium on the amount of loss paid under some contracts, and the entire premium on the contract on the expiration of the policy period.
Premium, estimated: A provisional premium subject to final adjustment on ascertainment of the necessary facts.
Premium, Unearned: The part of the premium applicable to the un-expired part of the policy period. Part of the policy period. See, also, Premium, Earned.
Premium Rate: The price per unit of insurance.
Premiums, Return: Premium returned to policyholders, principally on cancellation or partial cancellation of contracts, on rate adjustments, or on determination that an advance premium is in excess of the actual premium.
Premiums, Written: The entire amount of premiums on policy contracts written by an insurer.
Prevention: Elimination of causes of loss.
Principal: The person or organization whose obligations are guaranteed.
Principal Sum: A lump sum payable on occurrence of a specified casualty.
Pro-rata Clause: A clause in an insurance contract providing that losses will be paid in the proportion contract providing that losses will be paid in the proportion that the amount of the contract bears to the entire amount of insurance covering the loss.
Pro-rata Rate: A premium rate charged for a short term at the same proportion of the rate for a longer term as the short term bears to the longer term. See, also, Short Rate.
Producer: An agent, broker, or salaried employee of an insurer who negotiates insurance.
Prohibited Risk: A type of risk that the insurer will not accept.
Proof of Loss: A formal written statement of a claim for payment of loss, with supporting data.
Railroad Subrogation Waiver Clause: A clause in an insurance contract providing that a release by the insured of a railroad from liability as a condition of obtaining accommodations from the railroad shall not affect the insurance contract or the insured's rights under it.
Rating: The making of insurance rate.
Rating, Experience: Determination of the premium rate for an individual risk partially or wholly on the basis of that risk's own experience.
Rating Bureau: An organization that classifies risks and promulgates rates, usually on the basis of statistical data compiled by the bureau or of inspection of risks made by it.
Rebating: Selling an insurance contract for less than the established premium or returning to the insured anything of value as a consideration for placing the insurance.
Reciprocal Law: A law by which state A provides for granting the insurers or producers of any other state doing business in state A privileges equal to those granted to insurers or producers of state A doing business in that other state; or for regulating its domestic insurers or producers in their relations with the other state according to a specified standard if that other state regulates its domestic insurers or producers according to the same standard.
Reinstatement: (1) Restoration of full rights under a contract which has lapsed or had it s benefits or term reduced because of failure of the insured to pay premium as originally agreed. (2) Restoration automatically or on application, of the full amount of a policy contract following a loss; in some cases additional premium is required.
Reinsurance: Acceptance by an insurer, called a reinsurer, of all or part of the risk of loss of another insurer.
Reinsurance, Facultative: Reinsurance of individual risks at the option of the reinsurer and the reinsured, whether under a treaty or by negotiation in respect of an individual risk.
Renewal: Continuation of an insurance contract beyond the original date of exirpation, by endorsement, certificate, or new contract.
Renewal Certificate: A certificate issued by an insurance carrier as evidence of renewal.
Replacement Insurance: Insurance under which the loss payable is the replacement cost of the property new. Excess over the depreciated replacement cost is payable only if the property is actually replaced.
Reporting Contract: An insurance contract covering stocks of goods and often other types of property in their actual amounts, these amounts being reported periodically by the insured, and the premium being based on them.
Representation: An oral or written statement other than a warranty made by the insured or applicant for insurance in connection with the making of an insurance contract.
Reserve: A liability set up by an insurer for a particular purpose.
Retention: That of the insurance on a risk retained by a reinsured for its own account, the excess or surplus of which, if any, is reinsured.
Riot and Civil Commotion Insurance: Insurance against loss due to the violent and tumultuous action of three (in on state, two) or more persons.
Risk: (1) The subject of insurance, whether a person or thing. (2) Chance of loss.
Robbery: The unlawful taking of property by violence, force, or intimidation.
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