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| Somethimg that increases the chance of loss |
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Term
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| Insurance policy that covers property wherever it is located. (Inland Marine Coverage - sometimes referred to as a "rider.") |
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| Type of compensatory damages that reimburse the injured party for such things as pain and suffering and disfigurement. |
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| Personal Inland Marine form that provides scheduled coverage for nine optional classes of personal property: jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections, and coin collections. |
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| Auto policy that provides Property and Liability coverage for both owned and nonowned autos used, maintained, or operated by the insured and his or her family members. |
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| One of the characteristics of an insurance contract; means that an insurance contract insures a person, not property. |
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| Type of Surety bond that guarantees jobs will be completed by the contractor according to the contract specifications. |
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| Policy that includes more than one type of insurance coverage. Also, called a multi-line policy. |
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| Insurance policy that protects that insured from losses caused by any peril that is not specifically excluded by the policy. Also, called all risk and special coverage. |
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| Method of rate and form regulation used by some state insurance departments that allows insurance companies to compete openly with the forms and rates they select, subject only to requirements of adequacy and nondiscrimination. |
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| One of the elements of legal contract; means that a contract must involve two parties: one who makes an offer and another who accepts the offer. Also called agreement. |
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| Other Than Collision Coverage (OTC) |
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| Same as Comprehensive Coverage. In Auto Insurance, a broad Physical Damage Coverage that covers all property losses except collision and those perils or property that are specifcally excluded. |
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| In Auto Insurance, a broad Physical Damage Coverage that covers all property losses except collision and those perils or property that are specifcally excluded. Also called Other than Collision coverage (OTC) |
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| Portion of an insurance policy that describes the rights and duties of the insured and the insurance company under the policy. |
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| Type of Surety bond that guarantees when contractors borrow money to fund construction projects, the project will be carried out and the work will be delivered free and clear of liens or encumbrances. |
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| The withholdings of a material fact involved in the contract on which the insurer relies. |
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| A situation in which two or more perils act concurrently (at the same time or in sequence)to cause a loss. Some courts ruled that losses from concurrent causation are covered even when one of the perils that contributed to the loss is excluded under the policy. These rulings led Propery insurers to revise policy language to clarify the intent of the policy. |
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| A contract that contains a number of conditions that both parties must comply with. An insurance policy is a conditional contract. |
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