1. Abandonment clause - ANS-A clause often contained in property coverage policies
declaring that the insured can not abandon broken property to the insurer and call for to
be reimbursed for its complete price
2. Accident - ANS-A unexpected fortuitous occasion
3. Accounts receivable coverage forms - ANS-An inland marine insurance shape which
insures towards loss the insured suffers because of an incapacity to acquire from clients
whilst account receivable facts are damaged
4. Actual coins value (acv) - ANS-The cost to update an item of assets at the time of loss
plus an allowance for depreciation. Often to decide quantity of repayment for misplaced (
alternative value - depreciation)
5. Admitted plane legal responsibility coverage - ANS-A insurance occasionally written
along with aircraft passenger legal responsibility that can provide reimbursement for loss
of life or dismemberment without requiring legal action
6. Aggregate Limit - ANS-Type of policy limit located in liability policies which limits
coverage to a targeted overall amount for all losses occurring in the coverage period.
7. Agreed Value - ANS-Written with property insurance policies. It waives the coinsurance
clause and calls for the insured to hold insurance same to at least eighty% of a signed
declaration of values filed with the agency.
8. Aircraft Hull Insurance - ANS-Physical harm coverage supplied to cover the loss or harm
to an insured plane, in motion, not in movement or both.
9. Aircraft Liability Insurance - ANS-Coverage written to cowl public and passenger liability
and belongings harm legal responsibility
10.Airport and Air Meet Liability - ANS-Coverage that gives protection to airports for
physical injury and belongings harm legal responsibility
11.All Risk Insurance - ANS-Better referred to as "open perils" coverage, it is coverage
shielding the insured from loss arising from any peril other than those perils in particular
excluded by call. This comparison with Name Peril coverage, which names the peril or
perils insured in opposition to.
12.Allied Lines - ANS-Property coverages that are carefully related and often sold with
hearth coverage: Dwelling coverage, Earthquake coverage, Sprinkler Leakage.
13.Annual Transit Policy - ANS-Inland Marine transportation insurance which insures a
belongings owner for items being transported.
14.Appraisal Clause - ANS-Clause which gives an appraisal manner when the insured and
the insurer are in war of words concerning the amount of a loss. Insured and insurer
each choose an appraiser, who, failing, to agree, pick an umpire. Agreement of any two
of the three can be decisive.
15.Assignment Clause - ANS-A condition in insurance guidelines that specifies that moving
the policy to another isn't always legitimate unless the enterprise consent to it in writing.
, 16.Automobile Mechanical Breakdown Insurance - ANS-Coverage designed to indemnify in
opposition to the expenses of mechanical screw ups or breakdowns not protected under
the supplier's or producer's guarantee.
17.Avaition Insurance - ANS-Insurance which presents both legal responsibility and
physical damage (additionally called Aircraft Hull coverage) insurance for aircraft.
Liability coverage available one at a time for hangarkeepers and airport owners or
operator.
18.Bail Bond - ANS-Surety bond that guarantees that the essential will seem in criminal
complaints.
19.Bailee - ANS-One who has transient custody of property belonging to another. I.E. Dry
cleaners
20.Bailee's Policy - ANS-Inland Marine coverage received by using a bailee, to cover loss
or harm to customers' property in the bailee's custody, with out regard to legal
responsibility.
21.Barratry - ANS-Illegal acts committed willfully by using a deliver's grasp or team for the
motive of destructive the ship or shipment. This Ocean Marine peril consists of hijacking,
abandonment and embezzlement of shipment.
22.Bid Bonds - ANS-Type of Contract bond which ensures the obligee that if a contractor's
bid is widely wide-spread, the contractor will offer the required performance bond.
23.Binder - ANS-Oral or written assertion supplying instantaneous coverage protection,
valid for a detailed duration. Designed to provide transient insurance until a policy can be
issued or denied.
24.Blanket Insurance - ANS-Insurance in which a unmarried amount of insurance applies to
2 or greater insurance objects. Also a type of Employee Dishonesty insurance that
covers the loss as a result of any employee. Contrast Name Schedule insurance and
Position Schedule coverage.
25.Blue Sky Bond - ANS-
26.Blue Sky Bond - ANS-surety bond required of funding corporations ensuring in
opposition to misrepresentation of Securities and defrauding the public
27.physical injury - ANS-typically Define to consist of physical harm, sickness, sickness or
demise attributable to any of these
28.boiler and Machinery coverage form - ANS-insurance which covers the insured towards
loss (liability and bodily damage) arising out of the usage of steam boilers or different
equipment. Part of the commercial package deal coverage.
29.Builder's hazard insurance shape - ANS-insurance that provides coverage for homes
below creation as well as system to service the constructing, owned fabric and materials
and temporary structure utilized in construction. Part of the industrial assets part of
commercial package deal policy.
30.Constructing and personal property coverage shape - ANS-the primary insurance shape
of the economic package deal coverage commercial assets coverage component.
Covers a business building, enterprise personal assets and the personal property of
others.
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