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
Type of guaranteed investment contract in which the interest rate credited is tied to an external index such as the United States Treasury Bond Index. ...
Instrument that uses noncombustible substances such as carbon dioxide to deprive a fire of oxygen, thereby extinguishing it. ...
Insured losses that have occurred but have not been reported to a primary insurance company. These types of claims have a tremendous effect on a reinsurance treaty, which may be showing a ...
Organization of over 300 property and casualty insurance companies whose mission is to investigate fraudulent claims and bring to justice those making such claims. ...
one in which the amount and frequency of payment may fluctuate. ...
Stated fixed payment for maternity costs regardless of the actual costs. ...
Type of health maintenance organization (HMO) that issues contracts to independent physicians. These physicians are paid a per visit fee for seeing an HMO member or are paid an annual fixed ...
Same as term Floater: coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed ...
Actions not allowed between a trust and a disqualified person under the employee retirement income security act of 1974 (erisa). The disallowed actions are designed to prevent a conflict of ...
Have a question or comment?
We're here to help.