One who transfers, designates or assigns property to another.

Legal transference; the transfer of an entire interest from one party to another. Insurance policies are personal contracts and are not transferable except to spouse unless special consent of the insurance company is granted.

To undertake or promise. In insurance, a company or an underwriter “assumes” a risk when he agrees to insure it. That is when insurance attaches. Common usage pertains to acceptance of a risk by a reinsurer from an insurer.

Phrase commonly used in the loss payable section of an insurance policy where the insurable interest in a property is either unknown or presently unascertainable, e.g., “Loss payable to A and B as their interest may appear.” This leaves the…

The willful and malicious burning of property.

The status of a policy on which the premiums are overdue and unpaid but are still considered collectible.

A person or persons (usually three) chosen by the parties to a dispute to hear their matter of contention and to then render judgment. The parties submit themselves in advance either voluntarily or compulsorily to the arbitrator’s decision.

An alternative to litigation for resolving a dispute between an insurer and its customer or between insurers. An unbiased person or panel is appointed to review the case and determine responsibility for paying for the loss or the amount to…

A clause in an insurance policy, reinsurance contract, or other contract that provides arbitration in the event of a disagreement.