» Common Terms and Definitions

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131 Terms found - Page: 1 » 2 ... 5

abstract of title [1684]
A short history of a piece of land that lists any transfers in ownership, as well as any liabilities attached to it, such as mortgages.

Act of God [22]
An event of nature over which humans have little or no control, such as earthquake, lightning, flood, landslide, tornado, etc. Liability policies usually exclude Acts of God.

Active Malfunction [1498]
Coverage provided under products liability insurance when the product damages the user's property.

aggregate limit [29]
A type of policy limit found in liability policies; limits coverage to a specified total amount for all losses occurring within the policy period.

aggregate limit of liability [3142]
The annual total limit of coverage for insurance claims as stated in the liability insurance policy.

Aggregate Products Liability Limit [1500]
Total amount insurer will pay for all covered products liability claims.

amortization [2708]
The gradual elimination of a liability, such as a mortgage, in regular payments over a specified period of time. Such payments must be sufficient to cover both principal and interest. Also, writing off an intangible asset investment over the projected life of the assets.

Asbestos-in-place Insurance [3152]
Provides liability protection to property owners who decide to leave asbestos in place under a building maintenance program.

Assumption of Risk [42]
A defense against liability based on the common law principle that a person who has been made aware of dangers beforehand assumes the risk and can not attribute the loss to another.

Basic Extended Reporting Period [1502]
An automatic "tail" for reporting claims after expiration of a "claims-made" liability policy. It is provided without charge and consists of two parts: a mini-tail covers claims made within 60 days after the end of the policy; a midi-tail covers claims made within five years after the end of the policy period arising out of occurrences reported not later than 60 days after the end of the policy.

Basic Limits of Liability [1503]
Bodily Injury and Property Damage limits that are either the lowest amounts which can be written at the published or manual rates, the minimum amount of insurance an insurer is willing to underwrite, or the minimum amount of insurance required by law.

Bench Error [1504]
Describes a products liability loss that occurs during the production process.

BI [1501]
BI=bodily injury - a legal liability that may arise as a result of the injury or death of another person. Usually defined to include physical harm, sickness, disease, or death resulting from any of these.

bifurcate [1759]
To separate the issues in a case so that one issue or set of issues can be tried and resolved before the others. For example, death penalty cases are always bifurcated. The court or juryfirst hears the evidence of guilt and reaches a verdict, and then hears evidence about and decides upon which punishment to impose (death or life in prison without parole). Bifurcated trials are also common in product liability class action lawsuits in which many people claim that they were injured by the same defective product -- the issue of liability is tried first, followed by the question of damages. Bifurcation is authorized by Rule 42(b) of the Federal Rules of Civil Procedure.

Bodily Injury [50]
A legal liability that may arise as a result of the injury or death of another person. Usually defined to include physical harm, sickness, disease, or death resulting from any of these. Usually defined to include physical harm, sickness, disease, or death resulting from any of these.

Boiler and Machinery Cov [51]
Insurance which covers the insured against losses, liability and physical damage, arising out of the use of a monoline policy or as part of the Commercial Package policy.

BOP Businessowners Policy [1545]
Provides property and Liability coverages in a single policy. Designed for small and medium-sized businesses.

Broad Form Nuclear Energy Liability [1505]
Liability Exclusion Endorsement form attached to General Liability policies that excludes coverage for any loss arising from nuclear material from a nuclear facility.

Broad Form Property Damage Endorseme [1506]
An endorsement to a General Liability policy that deletes the exclusion referring to property in the care, custody, or control of the insured and replaces it with a less restrictive exclusion.

Broad form property damage liability [3158]
Insurance protection for those persons or companies, such as contractors, who typically work on property of others. Instead of excluding damage to property of others altogether, this coverage restricts the exclusion to that particular part of the property on which work was being performed.

bulk sales escrow [2816]
An examination process designed to protect a buyer of a business from unknown liabilities.

Bumbershoot Policy [1507]
A Liability policy similar to the Umbrella policy which includes coverage related to Ocean Marine risks.

Burden of Proof [53]
Generally, the party who affirmatively alleges a fact must prove evidence to support it. In tort cases, the burden of proving liability and damages rests with the plaintiff.

Business owner policy BOP [3161]
An insurance policy combining property, liability, and business interruption coverage for various types of small businesses.

bypass trust [1773]
A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.

Care, Custody and Control [1542]
Most liability insurance exclude coverage for damage to property in the care, custody, or control of the insured.

Cargo Liability Insurance [83]
Protects against legal liability for loss or damage to cargo or baggage. May be part of an Ocean Marine or Aviation policy.

Casualty Insurance [84]
A line of insurance, which historically has included a wide variety of unrelated coverages. One important coverage in the casualty line is liability. Casualty also includes Aviation, Auto, Boiler and Machinery, Crime, Workers Comp and Surety bonds.

CERCLA [967]
Comprehensive Environmental Response, Compensation, and Liability Act; often referred to as "Superfund". Superfund Federal law authorizing identification and remediation of inactive hazardous waste sites.

Civil Liability [86]
Liability involving actions brought by persons against others for money damages or other relief such as injunctions, accounts and specific performance

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