Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for his or her sole benefit. For example, the owner of land gives an individual permission to hunt on the property but does not charge a fee. The owner must warn the licensee of any hidden dangers on the property of which he or she is aware.
Popular Insurance Terms
Coverage on data processing equipment, data processing media (such as magnetic tapes, disks), and extra expense involved in returning to usual business conditions. The data processing ...
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 ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
Subsidiary, smaller company that is owned and controlled by a much larger company. In many instances pup companies are used to write special risk insurance for which the larger company does ...
Coverage on cargo in overseas ships for war-caused liability excluded under standard ocean marine insurance. Not covered is cargo awaiting shipment on a wharf, or on ships after 15 days of ...
Coverage during the operation of a ship for: Property of Ship (ship's hull, tackle, passenger fittings, equipment, stores, boats), and ordnance; Property Damage Liability (ship's owner ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
Statute in most states under which, if no evidence exists in a common disaster (when an insured and beneficiary die within a short time of each other in an accident for which determination ...
Rule that stipulates how to calculate the actual cash value of property that has been damaged, destroyed, or stolen. The thesis of this rule is that whatever evidence that can be produced ...
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