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 4 of 4
OTC / Other Than Collision
"Other Than Collision, also known as Comprehensive coverage, a type of physical damage coverage. Other Than Collision is an optional physical damage coverage which helps protect your More…
Per Occurrence Limit or Each Occurrence
"A sublimit in some liability policies that caps the payment for all claims that arise from a single incident. Under the commercial general liability policy, a per occurrence limit More…
Performance Bond
Covers performance of the terms of a contract. These bonds frequently incorporate payment bond (labor and materials) and maintenance bond liability. This protects the owner from financial More…
Personal Injury
"In the broadest sense, any harm to a person, whether physical or mental or an infringement of rights. However, insurers often distinguish between, and provide different coverages for, More…
product liability insurance
"Coverage of a manufacturer's or seller's liability for losses or injuries to a buyer, user or bystander caused by a defect or malfunction of the product. When it is part of More…
products-completed operations aggregate
The total amount an insured can recover under the ISO commercial general liability coverage form for all claims arising under coverage Part A of the products and completed operations hazard More…
representation
A response to questions or a statement made on an application for insurance that the applicant indicates as true and the underwriter relies upon to issue a policy.
Risk Retention Group
" Liability insurance companies owned by their policyholders. Membership is limited to people in the same business or activity, which exposes them to similar liability More…
Schedule Modification
"A schedule modification allows insurance companies to adjust premium using credits and debits related to your unique business operations. Each insurance company files a schedule with More…
Scheduled Rating
"A method of developing property and liability insurance premiums by applying debits or credits within established ranges for various characteristics of the risk, which are either More…
Severability of Interest/Cross Liability
"This severability of interest endorsement ensures that claims by one insured against another are treated as if separate policies had been issued to each insured. This policy provision More…
Special Form
"This form is also referred to as œall risk coverage. It is very broad in scope, but again like the liability policy, you need to read the exclusions and limitations to know what you More…
Sunset Clause or Sunset Provision
A Sunset Clause is an endorsement to a General Liability policy that states the policy will not provide coverage after a set period of time. What this means is that the carrier will not More…
waiver of subrogation
A waiver of subrogation is an agreement not to pursue legal rights of recovery against the party in whose favor the waiver is executed. (search 'waiver of subrogation' on this More…
warranty
"1. A statement to the insurer by an insured upon which the validity of the policy depends. The insurance contract is not binding unless the warranty statement is literally true. This More…
workers compensation insurance
Insurance that covers an employer's responsibility to compensate injuries, illnesses, disabilities or death of employees, as prescribed by state workers' compensation laws.
your product
"A term used in simplified language liability policies for manufactured goods or products sold, handled, distributed, or disposed of by the insured. It includes containers in which the More…
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