Liability, Personal Exposures
Acts or omissions that result in suits against an individual and/or residents of the individual's household for actual or imagined bodily injury and/or property damage to a third party. Exposures include:
- ownership, use, and possession of property concerning: trespass the obligation is not to render property safe for a trespasser,but one cannot create a death trap or maintain an attractive nuisance, such as a swimming pool, without proper safeguards; licensee the obligation is not to render property safe for a licensee but to provide adequate warning of any hidden dangers such as quicksand at the side of an approach road; invitation the obligation is to render the property safe for an invitee's visit. For example, if someone trips on a throw rug, the owner or occupier of the premises can be held liable.
- ownership, use, and possession of a motorized vehicle on or off premises.
- involvement in sports.
- actions of pets.
Popular Insurance Terms
An exception to section 101 (a) (1) OF THE INTERNAL REVENUE CODE tax-exempt Status Of the DEATH BENEFIT in a life insurance policy where the transfer of the interest in the policy by the ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Types of contracts that insure building contractors for damage to property under construction. The completed value form requires a 100% coinsurance because insurance carried must equal the ...
Automobile insurance plan, debated for a number of years, that is financed through a surcharge of a given number of cents per gallon (estimates run from 30 to 40 cents) to be paid by the ...
Type of business interruption insurance policy that provides a specific daily dollar amount benefit to the business owner for each day the business is unable to resume normal business ...
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are ...
System whereby the re insurer shares losses in the same proportion as it shares premium and policy amounts. Proportional reinsurance may be divided into the two basic forms: automatic ...
Method of funding a pension plan under which a single premium payment is made to fund a single unit of benefit for one year of recognized service with the employer. For example, if the ...
Coverage on more than one person that pays a benefit after all of the insureds die. This type of joint life policy is significantly cheaper than a regular policy. Survivorship life ...
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