AgentAn Insurance Professional/Intermediary Who Markets And Explains Insurance Products To The Insureds And Prospective Insureds. Agents, Like Brokers, Are Restricted In The Marketing And Placement Of Coverage To Those Carriers With Whom They Have A Contractual Relationship. Aggregate Limit Maximum Amount That The Insurer Will Pay Under A Liability Policy During One Annual Policy Period, Regardless Of the Number Of Occurrences, Usually In Addition To Legal Defense Costs. For General Liability, Policies Are Sometimes Written With The Aggregate Limit Applying Separately To Each Scheduled Location
Commercial General Liability InsuranceCovers Liability Exposures That Are Common To All Organizations; A Combination Of Three Separate Coverages, Each With Its Own Insuring Agreement And Exclusions: Coverage A = General Liability; Coverage B = Personal Injury And Advertising Injury Liability; And Coverage C = Medical Payments.Commercial Property InsuranceCovers Risk Of Loss To An Organization’s Buildings Or Personal Property. Usually Includes Buildings, Personal Property Of The Insured, Personal Property Of Others On Site And In Insured’s Possession. Coverage Can Be On An All Risk Or Specific Perils Basis
Earthquake Coverage: Purchased As A Separate Policy/ Endorsement As Most Property Policies Do Not Protect Against Damage By Earthquake.Electronic Property Coverage: An Inland Marine Floater Designed Specifically For Computers And Other Electronic Equipment. Provides Coverage For Perils Not Normally Included In A Standard Property Policy, Such As Electrical Surge And Loss Of Data Equipment Breakdown Insurance:Supplements Property Insurance (Which Specifically Excludes Physical Damage And The Financial Damage Stemming From Equipment Breakdown) To Cover The Unique Causes That Can Damage Equipment. Excess Of Loss ReinsuranceA Type Of Reinsurance In Which The Primary Insurer Is Indemnified For Losses That Exceed A Specific JD Amount
Health insurance Covers Medical Expenses For Accidents Or Sickness, On A First-Party Basis, And Regardless Of Fault
Incurred LossesThe Sum Of Paid Losses, Loss Reserves, And Loss Adjustment Expense Reserves
Intentional ActsDeliberately Fraudulent Acts Or Omissions, Willful, Reckless Or Intentional Disregard Of Any Law Or Laws InceptionThe date and time on which coverage under an insurance policy takes effect.IndemnityA contract, expressed or implied, to repay in the event of a loss. Insured neither gains nor loses.Independent AdjusterOne who adjusts losses on behalf of insurance companies, but is not employed by any one insurance company.InsuranceA contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils.
Liability Insurance Insurance Covering The Financial Risk Of civil Lawsuits
Loss Adjustment ExpensesExpenses Incurred By An Insurer To Settle Claims
Loss Adjustment Expense ReservesEstimates Of The Future Cost Of Defending And Settling Claims For Losses That Have Already Occurred
Loss RatioThe Ratio Of Incurred Losses And Loss Adjustment Expenses To Earned Premiums
Named Insured :An Individual, Business Or Organization That Is Identified On The Policy Declarations Page As The Insured(s) Under A Policy. Most Policies, Especially Liability Policies, Will Have Insureds Or Additional Insureds Other Than The Named Insured (Such As Landlords), But Only The Named Insured Is Responsible For Premium Payments, Receipt Of Notices, And Adjustment Of Losses.