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Commercial Liability
Definitions from Glossary
| Term | Definition |
|---|---|
| Abatement | the act or process of diminishing the presence of a pollutant (e.g., asbestos or lead) in either degree or intensity. |
| Accident | An unforeseen and unplanned event or circumstances or an unfortunate event resulting especially from carelessness or ignorance. |
| Accidental Means | a condition precedent to recovery under some insurance policies requiring that the covered loss be the result of an accident rather than merely the accidental result of a nonaccidental event. |
| Adjuster | one who settles insurance claims. |
| Aggravation | worsening of a preexisting condition |
| Assignment | a transfer of legal rights under or interest in an insurance policy to another party. |
| Audit | survey of the financial records of a person or organization conducted annually (in most cases) to determine exposures, limits, premiums, etc. |
| Basic Limits | the minimum limits of liability that can be purchased by an insured. |
| Brand Equity | the consumer confidence, loyalty, and favorable reputation that a business's product or service has earned in the marketplace. |
| Breach of Contract | the material failure to fulfill one's contractual obligations. |
| Cancellation | termination of an insurance policy or bond, before its expiration, by either the insured or the insurer. |
| Casualty Insurance | primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others. |
| Certificate Holder | the entity that is provided a certificate of insurance as evidence of the insurance maintained by another entity. |
| Declarations (DEC) | the front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. |
| Deductible (DED) | the amount the insurer will deduct from the loss before paying up to its policy limits. |
| Defamation | any written or oral communication about a person or thing that is both untrue and unfavorable. |
| Defense Clause | an insurance provision stating that the insurance company agrees to defend, with respect to insurance afforded by the policy, all suits against the insured. |
Created by:
jcmartinez,jm4
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