Land Ownership, Use And Possession Of
Liability exposure, in insurance, associated with three classifications of individuals that may come upon an insured property:
- TRESPASSER: individual enters without permission. Generally the insured has no legal obligation to render his or her land safe for the trespasser, but the insured cannot create a death trap.
- LICENSEE: individual enters with permission, but there is no mutual profit motive involved. Generally, the insured's only obligation to the licensee is to warn of any hidden dangers of which the insured is aware.
- INVITEE: individual expressly or by implication is invited to enter property; there is a mutual profit motive. Generally, the insured must use reasonable care to render his property safe for the invitee's visit.
Popular Insurance Terms
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Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...
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Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
Insurance policy that differs from the standard form. ...
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Type of pension in which benefits may vary depending on the investment performance of the pension plan assets. Contributions are made to fund a target benefit, such as 35% of compensation, ...
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