Optional coverage purchased to compensate for the loss of use of property, if it cannot be used because of a loss covered by the policy. This is most common in auto insurance. For example, loss of use insurance will have…
The type of policy issued by a company, e.g., fire line, automobile line, casualty line. A given set of exposures making up an account. An underwriter may agree to accept, for example, fifty per cent of the line. The classes…
The period of time in which a claim may be brought by the policyholder.
The maximum amount, as stated in the policy, which an insurer is bound to pay in case of a loss. See also Liability Limits.
Refers to replacement of damaged, destroyed or lost property with used property of similar type and condition.
A charge upon real or personal property as security for some debt or duty. Also, the security interest created by a mortgage. The conditions of an insurance policy require the disclosure to the insurer of any existing lien on the…
A written statement about someone that is personally injurious to that individual.
The features of an individual risk to be taken into consideration by an insurer when underwriting a liability cover. These would include location and condition of premises, products made or distributed, work done away from the premises and so on.
The amount or amounts beyond which an insurance company does not protect a person insured for liability coverage. For example, a common liability limit for an auto insurance policy is $1 million. If a policyholder is successfully sued for more…