Term
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Definition
| Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs |
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Term
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Definition
| The actual means by which property is damaged or destroyed |
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Term
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Definition
| A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest |
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Definition
| Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land |
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Definition
| All tangible or intangible property that is not real property |
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Term
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Definition
| Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party |
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Term
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Definition
| Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible |
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Term
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Definition
| A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses |
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Term
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Definition
| A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses or lost wages |
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Term
Punitive Damages
(exemplary damages) |
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Definition
| A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act to deter similar conduct; the award need not bear any relation to a party's actual damages |
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Term
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Definition
| A classification of law that applies to legal matters not governed by criminal law and that protects rights and provides remedies for breaches of duties owed to others |
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Term
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Definition
| A wrongful act or an omission, other than a crime or a breach of contract, that invades a legally protected right |
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Term
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Definition
| The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others |
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Term
| Personal Financial Planning Loss Exposures |
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Definition
| Life, health, and retirement related loss exposures |
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Term
| Temporary Partial Disability (TPD) |
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Definition
| A disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is eventually able to return to full duties and hours |
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Term
| Temporary Total Disability (TTD) |
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Definition
| A disability caused by a work-related injury or disease that temporarily renders an injured worker unable to perform any job duties for a period of time; the worker eventually makes a full recovery and can resume all job duties |
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Term
| Permanent Partial Disability (in Work Comp) |
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Definition
| A disability caused by a work-related injury or disease that impairs the injured employee's earning capacity for life, but the employee is able to work at reduced efficiency |
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Term
| Permanent Total Disability (in Work Comp) |
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Definition
| A disability caused by a work-related injury or disease that renders an injured employee unable to ever return to gainful employment |
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Term
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Definition
| The method of making, implementing, and monitoring decisions that minimize the adverse effects of risk on an organization |
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Term
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Definition
| A conscious act or decision not to act that reduces frequency and/or severity of losses or makes losses more predictable |
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Term
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Definition
| A conscious act or decision not to act that generates the funds to pay for losses and risk control measures or to offset variability in cash flows |
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Term
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Definition
| A risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occurring from that activity is eliminated |
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Term
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Definition
| A risk control technique that reduces the frequency of a particular loss |
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Term
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Definition
| A risk control technique that reduces the severity of a particular loss |
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Term
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Definition
| A risk control technique that isolates loss exposures from one another to minimize the adverse effect of a single loss |
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Term
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Definition
| A risk control technique that uses backups, spares, or copies of critical property, information, or capabilities and keeps them in reserve |
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Term
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Definition
| A risk control technique that spreads loss exposures over numerous projects, products, markets, or regions |
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Term
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Definition
| A risk control financing technique by which losses are retained by generating funds within the organization to pay for the losses |
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Term
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Definition
| A risk management technique that transfers the potential financial consequences of certain specified loss exposures from the insured to the insurer |
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Term
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Definition
| In the context of risk management, a risk financing technique by which the financial responsibility for losses and variability in cash flows is shifted to another party |
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Term
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Definition
| A system that pays lost wages, medical and vocational rehabilitation expenses, and death benefits to injured workers or their dependents for employment-related injuries and diseases |
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Term
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Definition
| Any phrase or clause in an insurance policy that describes the policy's coverages, exclusions, limits, conditions, or other features |
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Term
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Definition
| An insurance policy information page or pages providing specific details about the insured and the subject of the insurance |
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Term
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Definition
| A document that amends an insurance policy |
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Term
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Definition
| A preliminary section of an insurance policy identifying the insured, the insurance company, and the commonly used terms found throughout the policy |
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Term
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Definition
| A statement in an insurance policy that the insurer will, under described circumstances, make a loss payment or provide a service |
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Term
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Definition
| Any provision that qualifies an otherwise enforceable promise made in the policy |
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Term
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Definition
| A policy provision that eliminates coverage for specified exposures |
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