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
Length of time insurance policy is in force. ...
One of four SEC divisions charged with regulating investment companies, investment advisers, and variable insurance products. The SEC requires variable insurance products to register with ...
Action (s) that the insured must take, or continue to take, for the insurance policy to remain in force and the insurance company to process a claim. For example, the insured must pay the ...
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
Same as term Annuity: contract sold by insurance companies that pays a monthly (or quarterly, semiannual, or annual) income benefit for the life of a person (the annuitant), for the lives ...
Percentage of total assets set aside by an insurance company to provide for unexpected losses. In general, a minimum of a 5% surplus ratio (5 cents in reserve for each $1 of assets) is ...
Home office underwriter who evaluates risk based on probability, statistics, and medical knowledge. ...
Property valued according to its earnings potential. However, property insurance contracts generally indemnify an insured on a replacement cost less physical depreciation and obsolescence ...
Ordinary life insurance that generates a first year cash value from the payment of the first year premium. Using this cash value, loans could be made to finance premiums due in the future, ...
Have a question or comment?
We're here to help.