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Property and Casualty Terms and Definitions

27/11/2022 | objavio Radio Gradačac

NFIP – National Flood Insurance Program – Flood insurance and flood management for personal and commercial property administered under the National Flood Act of 1968. Encourages the participation of private insurers through a flood insurance pool. Inland waterway insurance – a form of insurance originally conceived as an extension of maritime transport to cover the carriage of goods by land; Today, it includes a variety of portable items as well as goods in transit; available as personal or commercial insurance; Commercial waterway insurance may be included in the commercial parcel insurance policy. Loss – property or personal injury, including loss of use or loss of income extortion – endorsement of commercial companies – promotion of the white-collar crime policy, which covers the loss of money, securities and other property, when delivered off-site as a result of a threat to inflict bodily harm on the insured, to an employee or a relative of both who is being held captive. Credit insurance – insurance taken out unilaterally by the creditor who is the named insured after the date of the credit transaction and providing coverage against loss, cost or property damage resulting from fire, theft, collision or any other risk of loss that would harm the interests of a creditor or affect the value of the guarantee. “Creditor-placed dwelling” means “Creditor-placed insurance” for homes, mobile homes and other property. “Creditor Placed Auto” means insurance for cars, boats or other vehicles. Agreed-upon value condition – a condition in some property insurance policies that sets a certain value that meets the co-insurance requirement; If the insurance limit is equal to or greater than this amount, no co-insurance penalty will be charged to the insured; is also known as the specified amount condition. Commercial Auto Insurance – Coverage for motor vehicles owned by a commercial enterprise that protects the insured against financial loss due to legal liability for motor vehicle injuries or damage to the property of others caused by accidents resulting from the possession, maintenance, use or maintenance and control of a motor vehicle. These include combinations of commercial cars of business cars, garage, truckers and/or other commercial cars. BASIC COVERAGE FORM: Any commercial or personal insurance form that provides basic coverage. These forms generally offer the most limited coverage, surpassed by “broad forms” and “special forms”.

Flood – coverage that protects the insured against loss or damage to real or personal property caused by flooding. (Note: If flood coverage is offered as an additional risk to a property insurance policy, file it under the appropriate property insurance code.) Qualified Actuary – an individual who meets the basic education, experience, and continuing education requirements (which vary by industry) of the NAIC`s annual P&C Statement as set out in the U.S. Actuarial Actuarial Qualification Standards, and has a good reputation from the American Academy of Actuaries, which has been approved by the Casualty Practice Council of the American Academy of Actuaries as being authorized to sign notices on provisions for loss of damage. REPLACEMENT COST: The cost of replacing real estate without depreciation allowance. Coinsurance – A clause included in most property insurance policies to encourage policyholders to purchase an appropriate amount of insurance. If the insured does not comply with the amount specified in the clause (usually at least 80%), the insured person participates in a higher share of the damage. In health insurance, a percentage of any damage borne by the insured. Underinsured Motorist Coverage – Policy option for bodily injury or property damage caused by a motorist, with insufficient coverage to cover the full amount of losses in dollars. The compensation of the injured party corresponds to the difference between the damage suffered and the liability of the motorist at fault. Mortgage – a note used to secure a home loan.

Contingent liability – the liability of an insured person to persons who have suffered bodily injury or property damage as a result of work performed by an independent contractor engaged by the insured to perform work that is illegal, inherently dangerous or directly supervised by the insured Completed transactions Liability – policies covering the liability of contractors, plumbers, electricians, repairers and companies assimilated to persons who have suffered bodily injury or material damage as a result of defective work, or operations completed or abandoned by or for the insured outside the premises of the insured. Actual present value – cash value for compensation for loss or damage to property; In most cases, this is the replacement cost minus the amortization of the Fair Access to Insurance Requirements (FAIR) plan – state pools that provide insurance to homeowners who are unable to purchase property insurance in the traditional way. Liability for lifts and escalators – liability coverage for bodily injury or property damage resulting from the use of elevators or escalators operated, maintained or controlled by the insured. Subscribed premium – the contractually stipulated amount that the reporting entity charges to the policyholder for the actual term of the contract, based on expected risks, insurance benefits and expenses related to the coverage provided by the terms of the insurance contract. Retention limit – The maximum amount of medical and hospital expenses incurred by an insurer. The upper limit may apply to an individual loss and/or all of the insurer`s losses, depending on the terms of the reinsurance contract. Policy statements relating to the applicant and the property covered, such as demographic and business information, property specifications, and expected mileage per year. BUILDER`S RISK COVERAGE FORM: A commercial property coverage form specifically designed for buildings under construction. GENERAL GLOBAL LIMIT: A general limitation of liability that applies to all damages paid for bodily injury, property, bodily injury, advertising damage and medical expenses, except for damages contained in the risk of full operation of the products.

Causes of Loss Form – A separate form used with the Commercial Property Insurance portion of the Directive on Business Packages that lists the risks and exclusions covered. Several different versions offer an increasingly wide coverage ranging from Basic to Broad to Special; A form of damage replaces the risks of the insured policy against provisions. Real estate – land and everything associated with it, including everything that is permanently attached to the structure attached to the land, so it cannot be removed from the structure without causing major damage. National Flood Insurance Program – a federal government program that provides eligible municipalities with flood insurance at subsidized rates; Includes coverage for buildings and personal property. OCCUPATION: In insurance, this term refers to the type and type of use of the property in question. Basic Designated Risk – Refers specifically to real estate coverage and named causes of loss. Basic designated hazard policies cover 11 specific hazards: fire, lightning, explosion, storm or hail, smoke, aircraft or vehicles, riot or riot, vandalism or malicious mischief, sprinkler leakage, sinkhole collapse and volcanic action. ACCIDENT INSURANCE: This type of insurance that deals primarily with losses caused by bodily injury and the legal liability imposed for such injury or for property damage to others. It also includes forms as diverse as flat glass, insurance against crimes such as robbery, burglary or counterfeiting, boiler and machinery insurance and aviation insurance.

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