The taking of another’s property by force or threat of force.
Organizations, especially larger entities, have recognized the need to better understand their exposures and means of covering their exposures. A risk manager will determine all of a company’s exposures, determine if insurance or self insurance is appropriate, and coordinate loss…
A chance of loss or injury for which an insurance claim may be submitted. For a risk to be insurable, related events that could result in a claim must be unexpected (see Accident and Occurrence). For example, the possibility that…
An amendment to an insurance policy. It is used to add or remove coverage.
A refund to the policyholder of part of the premium he has paid because of cancellation, rate reduction, reduction in amount of insurance, or some similar reason.
A system through which insurance is made available to customers that represent unusually high risks. This insurance is provided through Facility Association.
The cost of replacing property without deduction for depreciation. (See also Actual cash value and Depreciation)
Insurance which reimburses the owner/occupant of a building for the cost of renting other premises if his building is rendered unusable by some peril insured against.
A form of loss of use insurance protecting against loss of rental income. It is particularly valuable where a landlord may depend upon a rental income from his various premises to pay the mortgages. In event of fire, the rents…