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New Jersey Property and Casualty Insurance Vocab Questions and Answers Fully Solved
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New Jersey Property and Casualty Insurance Vocab
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New Jersey Property and CasualtyInsurance Vocab
Bail - answer a security depot that guarantees the appearance of a defendant in court
for trail, forfeited if the defendant fails to appear for trail; also the act of delivering goods
to another to be helf in trust for a special purpose
bailee - answer a person one who has care, custody, or control of another's property,
usually for repair, cleaning, processing, storage, ro service
bailee's customer policy - answer this provides coverage for loss of or damage to
property of others that is in the care, custody, or control of a bailee
bailor - answerthe owner of property who delivers it in trust to a bailee for a special
purpose
banker's blanket bond - answerthis provides protection for financial institutions and
similiar organiziation against employee and non emoloyee dishonesty
bankruptcy - answerthe legal process that determines and oversees the distribution of
an insolvent person's or company's assets to creditors. after distribution, the person or
company is relieved of all libaility to these creditors, even though some payments may
have been less than the full obligation
bankruptcy clause - answerinsruance policy clause that stipulates that the bankruptcy or
insolvency of the insured does not relieve the insurance company of any of its
obligations under the policy
betterment - answeran improvement to property that puts it in a better condition than it
was before the occupancy or loss. for example, a renter's redesign of an office space to
accomodate his needs. see also improvements and betterments coverage
binder - answera written or oral acknowledgment of insurance in force and evidence of
acceptance of the applicant's offer to purchase the insurance, whether or not premium
settlement has been reach and pending issuance of the policu.
blanket crime policy - answerthis provices coverage against dishonesty, with money and
securities coverage and forgery coverage, covering all employees
blanket insurance - answera property liability policy extending to more than one
location, class of property or employee, without specigfically naming the location, class,
or employee. see also specific insurance.
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