Business Risk Exclusion
Omissions from coverage found in products liability insurance. The policy does not provide coverage if the business manufactures a product that does not meet the level of performance as advertised, represented, or warranted. For example, an automobile antifreeze is advertised as being able to withstand temperatures as low as 30 below zero. An engine block containing the fluid freezes at a temperature of 10 above zero. In this instance a products liability policy would not provide coverage for the insured business.
Popular Insurance Terms
Same as term Occurrence Basis: coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually ...
In property insurance policy, clause that stipulates that if legislative acts or acts of the insurance commissioner's office expand the coverage of an insurance policy or endorsement forms ...
Amount received by the policyholder if the policy is canceled, benefits are reduced, or the premium is reduced. ...
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
That which cannot be touched; having no meaning to the senses. It is represented by incorporeal rights in property (that which is evidence or represents value; for example, a copyright). ...
Association that represents reinsurance companies as well as insurance companies that do not market marine insurance. LIRMA and the institute of London underwriters share the same facility ...
Peril that occurs when personal property of two or more people is mixed to such an extent that any one owner can no longer identify his or her property. ...
Trade association of property and casualty insurance companies that do not have membership in a rating bureau. These companies do not follow standard rates and forms authored by a rating ...
Same as term Corridor Deductible: type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical ...
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