1. Abandonment Condition - ANS-A condition often contained in property insurance rules
that states that the insured can't abandon broken property to the insurer and call for to
be reimbursed for its full value.
2. Absolute Liability - ANS-Type of liability imposed by using law on those participating in
certain sports which can be considered especially hazardous; a person concerned in
such operations may be held chargeable for the damages of any other despite the fact
that the character changed into no longer negligent
3. Accident - ANS-A loss that takes place at a selected time and region
4. Actual Cash Value (ACV) - ANS-Today's alternative fee minus depreciation. Depreciation
from put on and tear, or obsolescence.
5. Additional Coverage; Coverage Extensions; Extended Coverages; Other Coverages -
ANS-Supplement coverage insurance that follow most effective in sure occasions, have
reduced or separate limits of liability, or require the insured to satisfy sure requirements
earlier than they may be applicable
6. admitted insurer; authorized insurer - ANS-Company that meets a state coverage
branch's standards and is allowed to do business in that state.
7. Adverse Selection - ANS-the tendency of insureds with a more than average threat of
loss to buy insurance
8. Advertising Injury - ANS-Coverage in the CGL that covers losses due to oral or written
material that slanders or libels, violates privacy rights or infringes on copyrights, titles or
slogans.
9. Aggregate Limit - ANS-Type of coverage restriction discovered in legal responsibility
regulations that limits coverage to a detailed overall quantity for all losses going on within
the coverage duration
10. Annual Transit Policy - ANS-Nonfiled commercial inland marine transportation shape
that insures a assets proprietor's incoming or outgoing shipments of goods at some
stage in a yr
11. Appraisal Clause - ANS-A survey of assets to determine the insurable cost of the assets
or the price of the loss sustained.
12. Appraisal Condition - ANS-Policy condition that outlines a procedure for whilst the
insured and insurer disagree on the quantity of a loss
13. Appurtenant Structures - ANS-Buildings of lesser fee which can be at the equal premises
as the main building insured beneath a property coverage; they are typically protected
by the policy.
14. Assigned Risk Plan; Automobile Insurance Plan - ANS-A nation-sponsored plan that
provides vehicle coverage to individuals who are uninsurable below popular car
insurance regulations.
15. Assignment - ANS-The prison transfer of one's interest in an insurance coverage to
another character.
, 16. Assignment Condition - ANS-Condition in insurance rules that specifies that the
coverage can not be transferred to any other except the organization concurs to the
transfer in writing.
17. Assumption Risk - ANS-Defense towards liability based totally at the not unusual
regulation precept that someone who knowingly exposes themselves to hazard or injury
takes on the risk of loss and can not hold another character responsible for the loss.
18. Aviation Hull Insurance - ANS-Provides insurance for physical harm to an plane.
19. Bailee - ANS-A character or employer that has transient possession of someone else's
non-public property.
20. Bailee's Customers Policy - ANS-Nonfiled commercial inland marine shape received by
a bailee to cowl loss or damage to clients' assets in the bailee's custody with out regard
to liability.
21. Basic Perils in Homeowners Policy - ANS-There are 14 perils. Fire, lightening, revolt,
explosion, vehicles, volcanic eruption, civil commotion, smoke, hail, aircraft, windstorm,
vandalism, malicious mischief, theft.
22. Basic Property Policy Structure (DICEE) - ANS-D - Declarations
23. I - Insuring settlement
24. C - Conditions
25. E - Exclusions
26. E - Endorsements
27. Bid Bond - ANS-Type of surety bond that if a contractor's fee is common, the contractor
will input right into a settlement and provide the required overall performance bond.
28. Binder - ANS-Oral or written announcement that provides immediate coverage protection
for a designated period; designed to provide transient coverage until a policy is issued or
denied.
29. Blanket Insurance - ANS-Type of coverage policy that covers a couple of item of
property at a unmarried area or one or extra items of belongings at more than one
places
30. Blanket Position Bond - ANS-Fidelity bond that covers losses arising from the dishonesty
of 1 or more personnel acting one at a time or in collusion; gives a unmarried restriction
of legal responsibility relevant to every worker worried in a loss.
31. Bodily Injury (BI) - ANS-Defined in maximum regulations to consist of harm sickness
disease and death on account of any of those at any time.
32. BOP - ANS-Package policy designed to offer huge belongings and legal responsibility
insurance for small corporations; eligibility requirements are stricter than the CPP.
33. Builders Risk Coverage Form - ANS-Commercial assets insurance paperwork that
covers industrial, residential, or farm buildings which can be below construction or for the
duration of reworking.
34. Burglary - ANS-The taking of assets by way of someone unlawfully getting into or leaving
the premises as evidenced by visible symptoms of pressured access or go out
35. Business Income Policy - ANS-Pays for loss of profits that the insured sustains due to a
right away bodily loss from a covered peril that forces the insured to droop operations till
the property may be repaired, rebuilt, or changed with reasonable velocity; available with
or without more expense insurance.
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