Insurance Terminology Dictionary. An event or occurrence which is unforeseen and unintended. Business owner’s policy (bop) a business owner’s policy includes three essential coverages many business owners need to help protect them from claims of bodily injury or property damage to others.
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Some words and phrases can be defined differently by other organizations. Time period during which an insurance policy is in force. Named perils deductible claim personal liability replacement cost.
A Causal Nexus Exists If The Result Is A Natural And Reasonable Outcome Or Consequence Of The Activity.
Our glossary was designed to demystify the jargon so consumers can understand their plans, its benefits, limitations, costs and coverage options. These definitions represent a common use of the commercial insurance definition or term. Also called yearly renewable term, it guarantees coverage for one year, and can be renewed annually at a higher premium or converted to a permanent life insurance policy.
Sometimes Called “Advice” Or “Evidence” Of Coverage.
A number representing the likelihood of loss, assigned to insurance applicants, based on credit history. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. An event or occurrence which is unforeseen and unintended.
Property Insurance Claims Terms Explained And Dictionary.
Commercial property insurance and homeowners’ insurance are two examples of property insurance. • activities of daily living: The amount of money paid by an insurance policy.
Liability For Damages Even Though Fault Or Negligence Cannot Be Proven.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Glossary of commercial insurance terms commercial insurance is divided into two main categories: A level term life policy that lasts for one year.
The Dictionary Is Produced In Collaboration With Volunteer Subject.
Unless specified, the terms of the binder are the same as the contract which intends to replace it. International risk management institute, inc. Premium the payment required for an insurance policy to remain in force.
