Definition of "Invitee"
Person who is expressly or by implication asked to visit property in the possession, care, or control of another person. The inviter has the obligation to render his or her property safe for the visit of the invitee. Liability insurance is designed to protect an insured in the event that his or her negligent acts or omissions result in bodily injury to the invitee.
Popular Insurance Terms
Fund that insures mortgages on homes for one to four families; also insures property improvement loans and loans to repair homes after a disaster. It is one of three funds operated by the ...
Type of business interruption insurance that provides indirect loss coverage by endorsement to boiler and machinery insurance. The latter, sometimes called power plant insurance, provides ...
In property insurance, amount that an insured does not have to pay when a loss exceeds a predetermined sum; here the insurance company pays more than 100% of the loss, so that the ...
Contract under which an assessment insurance company can charge policyowners additional sums if the company's loss experience is worse than had been loaded for in the premium. This ...
Coverage for risks deemed uninsurable at standard rates by normal standards (persons whose medical histories include serious illness such as heart disease or whose physical conditions are ...
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained ...
Method of transferring risk to permit the risk bearer to assume two offsetting positions at the same time so that, regardless of the outcome of an event, the risk bearer is left in a no ...
Legal contract, such as an insurance policy, annuity or pension plan, containing actuarial equivalent considerations for the proper rate structure so that premium payments will be adequate ...
Adaptation of a standard insurance contract for special needs. Standard forms do not cover all needs but they can be adapted by an underwriter, broker, or an insurance company at the ...
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