Abandonment ...
To give up with the intent of never again claiming a right or interest in.
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Accident ...
An unintentional material loss or physical injury that does not occur over a period of time.
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Accounts Receivable Insurance ...
Insures against the loss an Insured suffers because of not being able to collect the balance due on accounts receivable from customers in the event account receivable records are damaged or destroyed.
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Actual Cash Value ...
The current depreciated value of property.
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Actuary ...
A professional mathematician who calculates insurance rates and reserves.
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Additional Coverage ...
Coverage that extends insurance in specific circumstances.
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Additional Insured ...
An individual or entity who has an insurable interest in the insured property.
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Additional Living Expense ...
Property coverage that reimburses expenses incurred from an insured loss which are 'over and above' normal living expenses, typically coverage 'D'.
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Adjust ...
To resolve; to bring to a more satisfactory state or condition; to be paid under an insurance policy in settlement of an insured loss.
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Adjuster ...
A person who investigates loss, applies policy provisions and settles claims. (See also, Claim Adjuster, and Independent Adjuster.)
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Admitted Company ...
An insurance company licensed to conduct business in a particular state. (Contrast, Non-Admitted Company.)
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Advertising Injury ...
Coverage included in Commercial General Liability policies that insures against liability from media of material that is slanderous, libelous, disparaging or in violation of right of privacy by misappropriation of a copyright title or slogan.
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Agency ...
A business that is licensed to represent an Insurance Company for the purpose of selling insurance policies. Also, an administrative governing authority.
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Agent ...
An individual who legally represents another individual or company. (See also, Independent Agent.)
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Aggregate Limit ...
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Agreed Amount Policy ...
A policy that lists and specifies the value of property, as agreed upon by both the Insured and the Insurer. The amounts specified serve as the basis for determining the loss payment if the property is damaged by a covered peril. (See also, Valued Policy.)
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Agreed Value Condition ...
A condition found in some Property insurance policies that stipulates a dollar value that will meet the coinsurance requirement. If the policy equals or exceeds this amount, the Insured will not be assessed a coinsurance penalty.
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Agreement ...
One of the four components of a legal contract requiring that both parties concur with its terms and provisions. (See also, Offer and Acceptance.)
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Alleatory ...
Unequal exchange between the parties.
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Alien Company ...
An insurance company incorporated in a country outside the United States that is doing business in the United States.
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All Risk Policy ...
An insurance policy that protects the Insured from losses caused by perils not specifically excluded by the policy. (See also, Open Peril Policy or Special Coverage.)
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Ambiguity ...
Capable of being understood in two or more distinct senses.
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Amendment ...
An addition, alteration, change, correction, deletion or modification that improves the accuracy of a policy.
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Applicant ...
The person who completes an application for insurance.
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Application ...
A form questionnaire filled out by the prospective insured that serves as the information used to rate and underwrite a policy.
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Appraisal Condition ...
A condition that sets forth a procedure for handling a disagreement between the Insured and the Insurer on the amount of a loss.
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Appraiser ...
A person who evaluates the cost of property based on what it would cost to restore it to the condition it was in prior to a loss.
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Apportionment ...
The dividing of a loss among two or more Insurers according to percentage of responsibility, based on the Insurers percentage of the total amount of insurance on the property.
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Appurtenant Structures ...
Buildings at the same location, but not attached to the primary structure.
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Arbitration ...
A means to settle issues concerning policy coverage for a certain loss or liability.
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Arson ...
The willful and malicious burning, or attempt to burn property by, or for the Insured.
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Assessable Insurance Company ...
An insurance company that may invoice its Insureds an assessment if the retained portion of the gross loss exceeds the reserves. (Contrast, Non-Assessable Insurance Company.)
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Assessment ...
The extra premium an assessable insurance company may invoice its Insureds if the retained portion of the gross loss exceeds the reserves.
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Assets ...
The listings on the balance sheet of the insurer that amount to the book value of property owned.
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Assigned Risk Plan ...
A provision used in some states to insure automobiles of people who cannot secure insurance in the voluntary market.
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Assignment ...
The transfer of a policy from one person, company or organization to another with the consent of the Insurer.
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Assurance ...
Often used as a synonym of 'Insurance'.
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Assured ...
Often used as a synonym of 'Insured'.
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Audit ...
An examination of accounts and records of a corporation to verify their accuracy.
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Authorized Insurer ...
An insurance company that meets the standards of a State Insurance Department and is authorized to conduct business in that State. (See also, Admitted Company.)
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Automobile Liability Insurance ...
Protection for the Insured against loss arising out of legal liability from property damage or physical injury to others.
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Automobile Physical Damage Insurance ...
The 'Collision' and 'Comprehensive' coverages in an automobile insurance policy.
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Automatic Increase Endorsement ...
An endorsement that increases the Dwelling Coverage 'A' amount in an insurance policy by 4%, 6% or 8% as a means to hedge against rising replacement costs.
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