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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Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
Professional designation conferred by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. In addition to professional business ...
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...
Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...
Authority that administers state laws regulating insurance and licenses insurance companies and their agents. ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Situation in which several liability insurance policies are in force to cover the same risk, thereby resulting in higher limits of coverage than is required to adequately insure the risk. ...
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
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