See Accident Benefits.

See Third-party liability.

The insurance company that issues the policy is considered the second party of the two parties needed to form a legal contract. The first party is the policyholder.

A risk occupied only part of the year, such as a summer dwelling. In manufacturing, it may be a plant operating seasonally, such as a cannery.

An inland marine form of policy specifically insuring various individual items. Articles of unusual value, provided they are movable, may normally be written this way and insured against many hazards, often against “all risks.”

A statement accompanying a policy specifying the various items to be insured and the corresponding amounts applying to each item. The schedule date, when required, must be before or coincident with the issue of the policy, never afterwards.

A list of items individually covered by a policy, e.g., a list of jewels under a jewellery floater, a list of cars insured under one automobile policy or a list of buildings insured against fire.

A comprehensive list accompanying a policy to detail the property, locations and amounts insured, and the applicable conditions. In rate making, the formula applied to determine a rate.

On paying for a total loss of property, an insurance company takes title to what remains of or what is recovered of the property. This is a right of salvage.