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Definitions (177)
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premium
The amount of money an insurance company charges to provide coverage in a policy
Meaning awaits approval from a moderator |
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abandonment
As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal
Meaning awaits approval from a moderator |
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accounts receivable coverage
Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records
Meaning awaits approval from a moderator |
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actual cash value
Cost to repair or replace damaged property with materials of like kind and quality, less depreciation
Meaning awaits approval from a moderator |
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additional insured
A person or organization for whom insured status is arranged by endorsement
Meaning awaits approval from a moderator |
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advertising injury
General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services
Meaning awaits approval from a moderator |
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aggregate
The maximum amount an insurance company will pay during the policy
Meaning awaits approval from a moderator |
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all risk coverage
Property insurance covering loss arising from all causes of loss except those that are specifically excluded
Meaning awaits approval from a moderator |
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application
A form with the information needed for an insurance company to underwrite and rate a specific policy
Meaning awaits approval from a moderator |
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audit
A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums
Meaning awaits approval from a moderator |
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