|
A - B
- C - D - E
- F - G -
H - I -
J - K -
L - M -
N
O - P - Q -
R - S -
T - U -
V - W - X - Y - Z
Salvage: (1) Property taken over by the insurer on payment of loss (2) In maritime law, the award to persons who voluntarily render services to maritime property in peril, with resulting benefit thereto.
Self Insurance: Setting aside of funds by an individual or organization to meet his or its losses, and accumulation of a fund to absorb fluctuations in the amount of loss, the losses being charged against the funds so set aside or accumulated.
Short Rate: Rate for a period less that that for which a policy was originally written; higher than a pro-rata rate.
Sidetrack Agreement: An agreement between a railroad and a second party under which the railroad furnishes sidetrack facilities on the latter's premises, the second party releasing the railroad from liability for damages or assuming the railroad's liability for damages to others on account of the maintenance or operation of the sidetrack. See, also, Liability, Contractual.
Sprinkler Leakage Insurance: Insurance against loss from accidental leakage or discharge from a sprinkler system (in some contracts, fire-protection equipment) due to causes other than a hostile fire or certain other specified causes.
State Fund: An insurer operated by a state government.
State Fund, Competitive: A state fund writing insurance in competition with private insurers.
State Fund, Monopolistic: A state fund, competition with which is excluded by statute.
State Insurance Department: A department of state government whose duty is regulation of the business of insurance and the dissemination of information on insurance.
Stock Insurance Company: An insurance company owned and controlled by stockholders, usually for the purpose of making profits.
Subrogation: The acquiring by the insurer of the insured's rights against third parties for indemnifications of loss or other payment to the extent that the insurer pays the loss.
Surety: The corporation or individual guaranteeing performance or faithfulness under a bond.
Suretyship: The function of being a surety.
Term Policy: A policy contract written for a period of more than one year.
Term Rate: A premium rate for a term policy.
Theft: Taking and removing property with intent to deprive the rightful owner of it.
Total Loss: (1) Loss to the insured of the entire value of a lot of good or other property by destruction, damage, or deprivation. (2) Loss entailing the payment of the face amount of an insurance contract.
Twisting: Inducing an insured to discontinue insurance with one insurer and to replace it with insurance with another insurer.
Underwriter: (1) A person whose duty it is to select risks for insurance and to determine in what amounts and on what terms they will be accepted by an insurer. (2) An insurer.
Vacant: Uninhabited and empty of all contents.
Valued Policy: A policy contract in which the insurer and the insured agree on the value of the property insured, that value being payable in the event of total loss.
Valued-policy Law: A law requiring payment of the full amount of the insurance in case of total loss of the property insured.
Vandalism and Malicious Mischief Insurance: Insurance against willful injury to or destruction of property by a person or persons other than the insured.
Waiting Period: At the inception of disability, a period in respect of which benefits are not payable.
Waiver: Voluntary surrender of a right or privilege known to exist.
Waiver of Premiums: Continuation of an insurance contract in force without further payment of premiums; may be a benefit under the disability clause or under an endorsement on a juvenile-insurance contract covering the death or disability of the applicant (usually a parent).
War Clause: A clause in an insurance contract relieving the insurer of liability, or reducing its liability for loss caused by war.
Warranty: (1) A warranty assumed to be a part of the insurance contract, even though not expressly included. (2) In connection with products liability insurance, the warranty assumed to be made by one who sells a product that it is fit for the purpose for which it is sold.
Warranty, Implied: (1) A warranty assumed to be a part of the insurance contract, even though not expressly included. (2) In connection with products liability insurance, the warranty assumed to be made by one who sells a product that it is fit for the purpose for which it is sold.
Workmen's Compensation Insurance: A statute imposing liability on employers to pay benefits and furnish care to employees injured, and to pay benefits to dependents of employees killed, in the course of and because of their employment. The employer is generally relieved of liability for common-law damages.
|
