Insurance terms glossary.
A B C D E F G H I J L M N O P R S W Y
selected terms: 77 page 3 of 4
general aggregate limit
The maximum limit payable for claims that occur under specified coverages during the policy period. The highest amount an insured can recover under the ISO commercial general liability More…
hired auto
Hired auto coverage provides coverage for a vehicle that is rented on a temporary basis. Most commercial auto policies provide coverage for newly aquired vehicles for a limited period of More…
hoosegow
Where one is likely to end up if he commits insurance fraud. :)
Indemnify
"1. to promise to pay someone if something they possess is damaged or lost2. to pay someone money because of loss, injury, or damage that they have suffered Insurance will indemnify More…
indemnitor
a person who gives indemnity. In the case of bonds this is the person who is signing as the indemnitor and will be expected to pay back the bond company if a claim is made.
Indemnity
"1. protection against loss or damage, especially in the form of a promise to pay for any losses or damage2. a payment for the loss of money, goods etc."
Inland Marine
"A type of property coverage. An inland marine policy would cover mobile equipment. The term comes from the progression of insurance which originally covered only marine risks. When More…
Journeyman
"A journeyman is a person who has completed an apprenticeship program or is an experienced worker, not a trainee, and is fully qualified and able to perform a specific trade without More…
Legal Liability (garage policy)
"Garage policies can be either Legal Liability, Direct Exess or Direct Primary. With a Legal Liability form the customer of the garage would have to prove that the garage owner was More…
Liability Insurance
"Insurance that provides indemnity or compensation for a harm or wrong to a third party for which the insured is legally obligated to pay. Usually, the injury or damage is caused by More…
Managing General Agent
"An agent authorized by an insurance company to manage all or a part of the insurer's business in a specific geographic territory. Activities on behalf of the insurer may include More…
Manifestation Clause
"A Manifestation Endorsement on a General Liability policy requires that the occurrence  manifests (becomes apparent or visible) during the policy period in order to be More…
Material Misrepresentation
"The intentional concealment, distortion or fabrication of a material fact. material fact A fact of such importance that without it a contract or other legal obligation would not have More…
metadata
Metadata is any data that helps describe the content or characteristics of a file.
MGA
"An agent authorized by an insurance company to manage all or a part of the insurer's business in a specific geographic territory. Activities on behalf of the insurer may include More…
Misrepresentation
A false oral or written statement made with an intent to deceive.
Non-Owned Auto Liability
"This coverage is designed to protect against a claim that may arise as a result of an employee using his or her own vehicle to run errands or perform a service within the scope of More…
Occurrence Policy
"A liability policy for claims arising out of incidents that occur during the policy period, regardless of whether the policy is still in effect at the time the claim is made." More…
occurrence trigger
"Under an occurrence policy, coverage is invoked or triggered if a loss occurs during the policy period. Liability is assigned to the policy in force at the time of a covered loss, More…
OCP
"Owners and contractors protective liability (OCP) coverage was designed (1) to protect an owner who could be drawn into a suit because a contractor, hired by the owner, causes a third More…
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