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
Same as term Associate in Automation Management: professional designation earned after the successful completion of three national examinations given by the insurance institute of America ...
Coverage for a group of individuals under one policy. Usually, members belong to a particular company, union, or trade association. In a contributory plan a lump sum premium is paid by the ...
Modifications of the single premium deffered annuity, which usually guarantees at a minimum a return of a stipulated amount (usually at least 90% of the single premium accumulated at the ...
Endorsement to an automobile insurance policy that protects an insured in either or both of two circumstances when driving a non owned car: business endorsement if the insured's negligent ...
Same as term Coverage: protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and ...
Funds set aside by an insurance company to pay incurred losses which have not yet been paid. ...
Trade association of surplus lines agents and insurers. ...
Portion of a property or liability loss retained by a policyholder. Most policyholders do not purchase insurance to cover their entire exposure. Rather, they elect to take a deductible, or ...
Same as term Agreed Amount Clause: in property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is ...
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