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
Membership organization representing professional actuaries in all insurance fields in Canada including life and health, casualty, consulting and fraternal actuaries. A member must reside ...
Type of court bond filed on behalf of the defendant and used to release assets to him or her that have been attached pending a court decision. ...
Device that enables the health maintenance organization (HMO) to present a premium quotation to the employer that would encourage the employer to replace the current health carrier. The POS ...
In homeowners insurance, usually an 80% coinsurance requirement, which means the insured must carry insurance on the value of a home on a replacement cost basis of at least 80%. For ...
Individual retirement account established under the tax reform act of 1986, for a spouse who has unearned income. The maximum annual combined contribution into the worker's and spouse's IRA ...
Agents' records showing when clients' policies expire. ...
Coverage issued to a creditor on the lives of debtors for outstanding loans. If a debtor dies before repayment, the policy pays the remainder of the loan to the creditor. The contract ...
Collection of numbers to record and analyze data such as occurrences of events and particular characteristics. Statistics are absolutely vital to all elements of insurance. In life and ...
Coverage for a tenant with a favorable lease (enabling the lessee to rent premises for less than the market value). If the lease is canceled by the lessor because an insured peril (such as ...
Have a question or comment?
We're here to help.