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Definition
| In insurance, person authorized to represent insurer in dealing with third parties in matters relating to insurance |
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| One who has temporary possession of personal property of others for a purpose other than sale and who is compensated for caring for it, |
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| A written or oral agreement for the insurer giving temporary protection to insured pending issue of the policy. |
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| Generally defined in liability policies to mean bodily injury, sickness or disease sustained by a person, including death resulting from any of these at any time. |
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| One who is an independent middleman, not tied to a particular company, who obtains insurance for his clients form insurance companies or their agents. |
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| In insurance policies, generally defined as the unlawful taking of property from within the premises by a person unlawfully entering or leaving the premises as evidenced by marks of forcible entry or exit. |
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| Sum paid as remuneration to the broker for business placed with an insurer. |
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| A Condition imposed upon insureds under the policy required them to do or note to do something during the term of the policy. |
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| In a contract, an exchange of something of value between the parties. |
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| An agreement between two of more parties which is enforceable at law. |
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| An amount of money awarded to the person injured by another's tort. |
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| The specific dollar amount of percentage of the insured value to be borne by the insured before he is entitled to recovery from the insurer. |
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| When used in accident and sickness insurance, a physical or mental inability to work. |
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| the building occupied as a private residence. |
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| Acknowledges a change in the terms of the contract. |
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| Relating to a moral character. Conforming to professional standards of conduct. |
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| Provision specifying the situations, occurrences of persons not covered by the policy. |
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| One who manages money of property for another. |
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| The loss of property due to ignition or burning. |
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| Insurance documents used to provide coverage for property having a high degree of mobility. |
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| Without delay. The words "forthwith" and immediately convey the same meaning. |
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| A deliberate attempt to deceive, with a view to securing some profit. |
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| Fire confined to the place it is supposed to be e.g., fire in a fireplace, etc. |
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| A condition which may cause a peril to occur. |
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| A contractual agreement whereby one party assumes legal responsibility for the act of another. |
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| One which becomes uncontrollable of breaks out form where it is intended to be and become a hostile element. |
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| Insurance principle which aims at ensuring the victim of a loss receives the actual amount of the loss no more and no less. |
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| People have an insurable interest when they are able to show that they would suffer financially from a loss, a requirement of insurance contracts. |
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Definition
| The undertaking by on person to indemnify another person against loss of liability for loss in respect of a certain risk or peril to which the object of insurance may be exposed or to pay a sum of money or other thing of value upon the happening if a certain event |
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Definition
| The rate over and above the fire rate which is charged by the insurer to provide additional policy coverages. |
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| A Fact which, if the insurer knew about in, would cause it to decline the insurance altogether, or charge a higher premium for accepting it. |
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Definition
| The minimum amount of premium an insurer will retain in the event the policy is cancelled prior to its expiry. |
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| Failure to use that degree of care which a ordinary person of reasonable prudence would use under the given circumstances. |
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Definition
| A loss under an insurance policy which does not either completely destroy or render worthless the insured property or which does not exhaust the insurance limits applying therto. |
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Definition
| One to whom insurance monies are payable in the event of a loss to insured property. |
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| The land contained within the lot lines. |
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| The money or consideration paid by the insured to the insurer for insurance Protection. |
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| Refers to the things a person has done internally to prevent or reduce loss. |
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| In commercial liability insurance policies generally defined as "physical injury" to tangible property, including all resulting loss of use of that property; or loss of use of tangible property that is not physically injured. |
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| refers to the protection provided to insured property form outside sources. |
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| Involves the chance of financial loss with no chance of financial gain. |
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| Discount or reduction in stipulated premium of policy generally by agent or broler and intended as a enticement. |
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| One person connected to another by blood or affinity. |
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Definition
| The act of restoring a damaged structure of thing to a condition as close as possible to that in which it originally existed. |
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| One person connected to another by blood or affinity. |
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Definition
| Discount or reduction in stipulated premium of policy generally by agent or broler and intended as a enticement. |
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Definition
| refers to the protection provided to insured property form outside sources. |
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Definition
| The cost of replacing repairing, constructing of reconstructing, whichever is the least, the property on the same site with new property of line kind and quality and for like occupancy without deduction for depreciation. |
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Definition
| Refers to "self-insurance"; a means of generation fund for within the organization to pay for losses. |
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| Adds additional coverages to the existing contracts. |
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Term
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Definition
| A risk management technique concerned with taking measures to reduce the frequency and severity of losses. |
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Definition
| The chance of financial loss to which the object of insurance may be exposed. |
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Definition
| Felonious taking of property from the possession of another against his will accomplished by means of force or fear. |
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| Refers to the lawful substitution of a third party in place of a party having a claim against another party. In insurance contract the insurer has the right to step into the shoes of party whom in has compensated and sue any party whom the compensated party could have sued. |
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| The taking of property without the owner's consent. |
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| One who is not a party to the insuring agreement but who may have rights therein. |
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| A legal wrong other than breach of contract, for which the court will provide a remedy in the form of a suit for damages. |
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| One who commits a tort, a wrong-doer. |
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Definition
| Complete destruction of insured property. |
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| (A) The one assuming a risk in return for the payment of a premium (B) Then person within the insurance company authorized to accept or reject application for insurance. |
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Definition
| A requirement of insurance contracts; implies complete honesty, concealing nothing. |
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Definition
| One in which the insured and insurer agree as to the value of property insured in advance of any loss of the covered property. |
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Definition
| Having no legal force of binding effect. |
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Term
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| Than which is capable of being declared void. |
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| To Voluntarily give up a right. |
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Definition
| The unilateral and voluntary relinquishment of a known right. |
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Definition
| A Clause contained in commercial property insurance policies which Provides that the coinsurance penalty will not be applied in situations involving small losses even though insured man not be in compliance with coinsurance requirements eg. Penalty waiver for losses which are less than %2 of amount of insurance and less hen 5000. |
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Term
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Definition
| A promise that certain facts are truly as they are represented to be and that they will remain so. |
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Term
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Definition
| Chance of financial loss to which an object of insurance is exposed. |
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Definition
| The chance of a financial loss or gain. |
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Term
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Definition
| A written agreement or contract between the insurer and the brokerage which acknowledges their relationship. |
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Term
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Definition
| A direct loss occurs when the peril insured actually attacks the object of insurance. |
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Term
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Definition
| Losses witch arise as a consequence of a direct loss. |
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Term
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Definition
| New or replacement cost of the property at the time of the loss, less depreciation. |
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Term
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Definition
| Policy witch provides a single limit of insurance for al property falling within a specific class |
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Term
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Definition
| Covered property is itemized on the policy. |
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Term
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Definition
| Damage which arises from a natural continuous sequence of the peril causing the loss. |
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Term
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Definition
| Basic of return premium calculating when the insurer cancels a policy. The amount of the return premium is arrived at by dividing the amount of premium paid by the number of days in the policy period. The number so obtained is the multiplied by the number of days remains in the policy period |
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Term
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Definition
| The basis of return premium calculation when the insured cancels the policy. the amount of the return premium is equivalent to that provided on a pro rata, less and administrative charge of cancellation penalty. |
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Term
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Definition
| Immediate report of loss to insurer by the insured or his reprehensive (agent) in writing. |
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Term
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Definition
| A formal verification, under oath, of the details and amounts being claimed under the policy. |
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Term
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Definition
| Insurance companies which exist to make a profit or return their investment. |
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Term
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Definition
| Insurance companies witch are organized for reasons other that profit. they are owned and controlled by their policyholders and their mandate is to secure insurance at as low a cost as possible. |
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Term
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Definition
| Contents of the insureds dwelling and other personal property owned. Worn or used by the insured while on the premises, which is usual to the ownership or maintenance of a dwelling. |
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Term
| Additional living expenses |
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Definition
| Coverages that provides for additional cost of living elsewhere then the dwelling is damaged by and insured peril and the damage is sufficient to make the dwelling unfit for occupancy, or requires that the insured move out while repairs are being made, also provides for loss of fair rental value if part of the dwelling was rented or being held for rental at the time if the loss. |
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Definition
| The willful or ignorant destruction of property. |
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| Wrongful act without legal justification or excuse. |
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Definition
| Refers to circumstance where, regardless of the presence of furnishings all occupants have moved out with no intention of returning and on new occupant has taken up residence of in the case of a newly constructed house. no occupant has yet taked up residence. |
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Definition
| A home that is factory built on its own chassis and which can be easily moved. |
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Definition
| Traditionally includes painting, pictures etching, tapestries and other bona fide works of are of rarity historical value or artistic merit |
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| Category of law that deals with wrongs against society. |
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Definition
| Law that concerns itself with settling disputes between individuals or other legal entities in ,matter not involving a criminal act. |
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Definition
| The party making the complaint (suing someone). |
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Definition
| The party who allegedly committed the wrong. |
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| Doctrine in law in which a person is guilty until proven innocent. |
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Definition
| The omission to do what a reasonable man, guided by those ordinarily regulate human affairs, would do or the doing of something which a reasonable and prudent man would not do simply defined as carelessness. |
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Term
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Definition
| Damages which can be accurately and which are intended to reimburse the plaintiff for out of pocket expenses |
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Term
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Definition
| Damages which cannot be exactly determined but which reflect and amount the court believes necessary to compensate the aggrieved party fairly. |
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Definition
| Is one who is on another premises for his- her own purpose without the express or implied permission for he occupier. Their presence is of no value to the occupier and such persons are viewed as having temporarily appropriated the property for their own use. |
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Definition
| A licensee is someone who upon the lands of another with the owner or occupant or to do some act to his advantage or to the mutual advantage of both the licensee and own or occupant. |
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Definition
| Classification given to a licensee or invitee under provincial occupiers liability acts |
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Definition
| Someone who enters by invitation be it express or implied. His entry is connected with the owners business or with an activity the owner conducts or permits to be conducted on his land and there is mutual benefit of benefit the the owner. |
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Definition
| When two or three people act together so as to cause injury or damage, they are held to be jointly liable |
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Definition
| Ownership maintenance or use of premises for the production for crops or the raising or care of livestock including all necessary operations. |
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Definition
| Use of insured's farm machinery or equipment for other away form insureds farm premises for compensation. it does not include work done for others in return for work done by them. |
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| Residence employee and use |
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Definition
| Those whose duties are exclusively in connection with the maintenance of the residence premises. |
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Definition
| Those paid for their work and who are hired on a part time seasonal or full time basis to perform duties principally connected with farming activities outside for insureds dwelling or persons engaged in farm related work on behalf of the s no oblige to pay any money |
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Definition
| In provinces where automobile insurance is provided by insurers PINK CARD is used to provide proof of financial responsibility. Or in provinces having compulsory government insurance plans, the PINK COPY of the certificate of registration serves as proof of financial responsibility. |
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Definition
| An insurance pool in which all licensed automobile insurers participate and which provides insurance to those who may be refused insurance by private insurers. |
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Definition
| A record of the driver history of the applicant and other drivers which can be obtained for provincial licensing authorities. |
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Definition
| One in which neither the driver nor the owner has collectible bodily injury liability insurance. |
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Term
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Definition
| One in which the identity of either the owner or driver cannot be ascertained and which causes bodily injury of death to an insured person arising out of actual contact of that automobile with the automobile in which the insured is an occupant. |
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Definition
| Designed to provide payment for ocean marine losses voluntarily incurred for the safety of the entire venture. The insurers of the parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed. |
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Definition
| Any person who drives the automobile or is being carried on or upon or entering into or leaving the automobile. |
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| Newly Acquired automobile |
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Definition
| one witch replaces and automobile described on the policy or is in addition to others owned by the insured which are all insured by the same insurer. |
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Definition
| A step licensing system is a system which requires a higher degree of knowledge for each increasing step. |
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Definition
| The professional is one who possesses special skills or knowledge. |
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Definition
| The right of and industry to govern its own affairs. |
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Definition
| Means an unforeseen and unintended occurrence due to external violent sudden fortuitous caused beyond the insured's control. |
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| Means the dependent child, spouse, parent, guardian, brother, sister, and grandparent of the insured applicant or spouse. |
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| Means and insured applicant, his spouse nd and dependent children. |
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Definition
| Means a Canadian resident under age 65, insured under the government health insurance plan of his province or territory of residence, who has been named on a invoice/ application issued by his broker. |
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Definition
| Means bodily sickness or disease, contracted and commencing after the policy is issued while the policy is in effect. |
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