- The insured or the insurance company can cancel or terminate the
insurance contract at any time.
- The termination of an insurance policy before its expiration by
either the insured or the company.
- This is the insurance company that "carries" the insurance.
This insurance's main concern is with losses caused by injury and legal
liability upon the insured for the damage to property of others. It
also includes forms such as robbery and forgery.
The risk of loss by reason of simultaneous occurrence of a peril to
which all insured in a group or large number are subject.
This term replaces the word "perils" in the most recent commercial
CAUSES OF LOSS FORM
These forms state the perils insured against, additional coverages, and
exclusions. The four forms are - Basic, Broad, Special and
- A written or printed statement that evidences a policy has been
written. It also tells the coverages in general.
- A demand made by a third party for damages as the result of some
action by an insured, or by an insured for loss covered by his own
A price for risks of similar hazard, usually applied to dwellings.
- A term which is used to identify a particular part of a policy or
- In property insurance, it is a clause that states the
insured shares in losses to such a degree that at the time of a loss,
he is underinsured. In health insurance, it is a
provision stating that both the insured and the insurance company will
share the payment for the loss. In health insurance it is also called
- See "Insurance Commissioner".
An individual or organization who acts as a means of transportation
carrying people or property from one destination to another
The entire boy of the original case law of England as distinguished
from the laws of the church (Canon) or other civil law
(Roman). The common law is the basis for the entire legal
system for the majority of the United States. It was brought
from England and still remains the law where individuals states have
not passed laws changing the common law.
COMPREHENSIVE GLASS INSURANCE POLICY
This is a policy that covers glass breakage from almost any peril.
COMPREHENSIVE PERSONAL LIABILITY POLICY (CPL)
This is a personal liability contract. It covers the needs of an
individual or a family in the various activities. For
example, residential property, pets, sports activities, and other daily
Any form of insurance that is required by law.
- Willing holding back facts or other information by someone applying
for insurance that affects an insurance risk or loss.
This refers to two or more perils at the same time to cause a loss.
This is having two or more insurance policies with the same conditions
and cover the same interests. This also includes, two bonds, which do
not necessarily have the same provisions.
ASSOCIATION COVERAGE FORM
- A form used to cover the joint insurance needs of those who belong to
the condominium association in which they collectively own commercial
CONDOMINIUM UNIT OWNERS COVERAGE FORM
This is a form used to cover those commercial condominium unit-owners.
This is a loss from an insured peril, indirectly.
CONSTRUCTIVE TOTAL LOSS
A partial loss but to such a degree that the cost to repair it would
exceed the worth of the property.
- Fellowship - partnership - union; especially marital association.
Used chiefly in the phrase "loss of consortium" in an action for
damages for injury to wife, and recently, a husband, wherein the mate
contends that he or she has been deprived of the services of his or her
mate through another's negligence. (See also "Loss of Services")
Person or agent named to receive benefits under the policy if the
primary insured is not available to reserve said benefit.
CONTINGENT BUSINESS INTERRUPTION INSURANCE
This protects the businessman who looses business because of the loss
of the business that he either, (1) obtains necessary supplies, or (2)
to which he sells his product to.
A contract where an insurance company agrees to make compensation to an
insured for losses, provide other benefits, or render services to, or
on behalf of an insured. It is also called an "insurance policy".
This is very similar to the Coinsurance Clause except that the
Contribution Clause is identified mostly with Business Interruption
- (1) Wrongful use of property. (2) Changing from one policy
form to another.
- (1) This is a contract of insurance. (2) To effect
insurance. (3) And to include within the coverage of a
contract of insurance.
Any of the individual parts that are on the commercial
policy. It is also called a monoline policy or may be part of
a package policy.
- A body established for the public administration of
justice. It may be headed by one or more judges.
This is the term given to expert stenographers, either male or female,
who will, in some cases, travel with an insurance investigator and take
down in shorthand discussions and examinations by the investigator as
he or she obtains information from the insured, from witnesses, from
experts, from police officers and so forth. The court
reporter is, in effect, a disinterested witness who can testify in
courts as to what was said and also provide the insurance company or
its attorney with an invaluable record of the investigation.
This insurance will pay off the loan or the balance due in the case the
insured dies or becomes disabled.