Glossary For Insurance

temporary condition or partial or complete inundation of normally dry land areas from an overflow of an tide and waters

The binding force in a contract that requires something of value to be exchanged for the transfer of risk.

The individual whose name appears first on the policies declaration.

A method of determining the premium bases of the insured own past loss experience

A written statement of liability claim given by the claimant. Is a reason for a lawsuit.

Admitted insurer

A circumstance that increases the likelihood of a loss

Document that authorizes a company to start a conduction business and the kinds of insurance companies can transact

Entity that indemnifie against losses provides benefits enders serves also known as the company or the insurance company

A condition that allows the insurer to audit the insured's books or records at the end of the policy term

Doc that indicates that an insurance policy has been issued states both the amounts and types of insurance provided.

property policy with a provision agree by the insurer and insured to amount of insurance that represent a fair valuation

An assessment of the property to determine either the correct amount of insurance to be written or the amount loss paid

An unwritten body of law that is based on past judicial decisions as well as usages and customs

The lessening of value of real and personal property due to age and wear and tear

coverage extension that automatically increases amounts of insurance on buildings by an agreed upon percentage annually

A printer addendum to a contract that is used to change the policies original terms,conditions,or coverages.

The effect of a person's reputation character and living habits on his or hers insurability

Unfair practice in which one agent or insurer makes an statement about another with the intent of harming the person

The estimated total cost ( both insured and uninsured) Of an accident

Single dollar limit of liability applying to the total damages for bodily injury and property damages combined.

Factors that determine rates including loss reserves loss adjustment expenses and operating expenses

insurance company that qualified and received Certificate of Authority from the department of insurance to transact

The required amount to pay damages or the property loss

Alien Insurer

maximum limit of coverage available under a liability policy during a policy year regardless of the number of claim made

An intentional misrepresentation or deceit with the intent to induce a person to part with something of value

A legal impediment to denying a fact or restoring a right that has been previously.

The person or organizations that is protected by the insurance;The party to be indemnified.

-IS an agent or broker who handles insurers funds in a trust capacit

Is an agent that represents one company and is compensated by commissions.

statements regarding a customer's credit, character,reputation, or habits collected by a reporting agency from employee

a house, apartment, or other place of residence.

Act of identifying the name of the producer,representative or firm,limited insurance representative

Method of claims settlement used when the insured and the insurer cannot agree upon the amount of the loss

interest an insured may have in a property that is subjected of insurance to that the damages or destruction

Agreement between an insurer & insured where both parties are expected to pay a portion of the potential loss

The effect a person's indifference concerning loss has on the risk to be insured

The person who receives the benefits from the insurance policy.

A policy that only pays for loss after the primary policy has paid its limit

section of an insurance policy insurers promise to pay, the description for coverage provided and perils insured agains

The head of the state department of insurance.

Document that authorizes a company to start a conduction business and says the kinds of insurance companies can transact

Are agents that sell the insurances products of several companies and work for themselves or other agents

The withholding of known facts which is material can void a contract

Authority that is not expressed or written in contract but which the agent is assumed to have order to transact business

Is the chief executive and administrative officer of a state insurance department.

A contract in which the participating parties agree to exchange unequal amounts.

A temporary contract that puts an insurance policy infor force before the premium has been paid

Appearance of authority based on actions,words,deeds,of the principle or because of circumstances the principle create

not named on the declaration page but are protected by the policy usually in regard to a specific interest

Reckless behavior that shows disregard for the safety or lives of others

The physical damage to buildings and/or personal property as a result of the direct consequence of a particular peril

is an insurance company that is incorporated in another state

land motor vehicle,trailer,semi trailer, designed for the use on public roads,Including attached machinery or equipment

the transfer or the possibility a loss or a risk to the insurance company

Also known as Other Than Collision Coverage it covers losses by for theft vandalism and falling objects

An insurers location of incorporation and the legal liability to write business in a state

A agreement in which both parties must perform certain duties and follow rules of conduct to make the contract forceable

The cost to replace damaged property with less expensive and more modern construction or equipment .

Losses that result from a peril,but not directly caused by it. Indirect losses may occur over time.

The transfer of a legal right or interests in an insurance policy.

Life or health insurance company formed to provide insurance for members of an affiliated lodge religious,ororganization

A person or an entity that has possession of personal property entrusted to him or her by the owner

Section of an insurance policy that indicates the general rules or producers that insurer and insured agreed to follow

A person who for a fee offers any advice,opinion, consult, or service regarding the benefits promises under the policy

The reduction,decrease or disappearance of value of the persons property insured in a policy by a peirl.

-Compensation to the insured that resotes them to the same financial positions that they enjoyed prior to the loss.

The authority granted to an agent by means of the agents written contract

provisions in some property policies in which allows extensitions to major coverage to certain types of loss

An unfair trade of practice in which the insurer uses physical or mental force to persuade an applicant to buy insurance

risk with a higher probability of loss to purchase maintain insurance more often then risk who present lower probability

Pactice of computing a price per unit of insurance that apply to all applicants possessing a given set of characteristic

A method of dealing with risk by deliberately keeping away from it.

A demand that is made by the insurer to cover a loss protected by the insurance policy

-An insurance company that is incorporated in the state.

Causes of loss,exposures,conditions,ETC. Listed in the policy for which the benefits will be not be paid

access to insurance requirements plan is a state-runed program that makes insurance obtainable to those in high risk

A single property insurance policy that provides coverage for multiple classes of property at one location or multiple

An individual who is licensed to sell negotiate or effect insurance contracts on behalf of an insurer

A type of hazard that arises during the physical characteristics of an individual such as a physical disability

Entity that obtain and possess a license solely for the purpose of riding business on the owners,relatives,employers etc

-A physical or mental impairment,either congenital or resulting from an injury or sickness