Translate INSURANCE-EZE INTO BUSINESS-EASE
|
|
 | |
| Malpractice Legal Definition: Departure from ordinary standard of care in the performance of a professional service. A practitioner is liable for damage or injuries caused by malpractice. For some professions, this type of liability can be covered by insurance. Translation: Alleged professional misconduct. | back to top |
| |
| Market Value Clause Legal Definition: A provision that may be used in the property damage insurance form covering certain risks; it obligates the insurance company to recognize the established market value of the destroyed and damaged stock as its actual cash value as of the date of loss, and to adjust the loss accordingly. Translation: An insurance company agrees to take into consideration the fair market value of a covered loss when determining its current cash value. | back to top |
| |
| Master Policy Legal Definition: A policy issued to an insured to cover property at more than one location. If locations are in more than one state, it is customary to issue underlying policies in the respective states to meet legal requirements. Translation: A policy that creates a group insurance plan for designated members of an eligible group. | back to top |
| |
| Medical Expense Insurance Legal Definition: Coverage available in various forms against expenses incurred for medical treatment and care as a result of bodily injury or illness, e.g., major medical expense, surgical expense, and hospitalization insurances. Translation: Insurance that covers expenses for medical treatment. | back to top |
| |
| Misrepresentation Legal Definition: Willfully misleading the insurance company with regard to information affecting the acceptance of a risk, the issuing of a policy, or the settling of a claim. Translation: Knowingly making false statements about the facts of a business, property or claim. | back to top |
| |
| Money and Securities Coverage Legal Definition: This provides insurance for loss of money and securities resulting directly from the theft, disappearance and destruction. It applies while the money and securities are on the insured's premises, while in the custody of the insured or the insured's messenger, while conducting business at the bank, and while off the insured's premises in the custody of the insured or the insured's messenger. Translation: Insurance in case any of your firm’s money or securities is stolen, disappears or is destroyed, either while on your premises or in the care of a messenger. | back to top |
| |
| Named Insured Legal Definition: Any person or firm or corporation, or any of its members, specifically designated by name as insured(s) in a policy, as distinguished from others who, although unnamed, are protected under some circumstances. Translation: Any person, firm, or organization, or any of its members whose names are on the insurance policy. | back to top |
| |
| Named Perils Legal Definition: Named-peril policies specify the perils, which are insured against, as distinguished from the “all risk” policies. Translation: Specific risks of loss the policy states it will cover. | back to top |
| |
| Nonowned Auto Legal Definition: In commercial auto policies, refers to a vehicle the insured neither rents, borrows, owns or leases. Translation: Generally refers to cars your employees own that are used for company business. | back to top |
| |
| Occupancy Legal Definition: In insurance terminology, this refers to the type of business and personal property contained in the building. It is an important consideration in computing rates and determining the amount of insurance a company is willing to write on that property. Translation: This refers to what the building is used for or the nature of its contents. | back to top |
| |
| Occupational Accident Legal Definition: An accident occurring in the course of one’s employment and caused by inherent or related hazards. Translation: An accident that occurs while on the job. | back to top |
| |
| Occupational Disease Legal Definition: Impairment of health caused by continued exposure to conditions inherent in a person’s occupation. Translation: An illness that results from a person’s place of employment or over the course of employment. | back to top |
| |
| Occupational Safety and Health Act (OSHA) Legal Definition: Legislation providing for minimum health and safety for individuals in the performance of their labors. Translation: A federal statute that establishes safety and health standards on a nationwide basis. | back to top |
| |
| Occurrence Legal Definition: An accident, including continuous or repeated exposure to substantially the same general, harmful conditions, that results in bodily injury or property damage during the period of an insurance policy. Translation: An event that results in an insured loss. | back to top |
| |
| Ocean Marine Insurance Legal Definition: Insurance of ships and their cargoes and the various liabilities involved. Translation: Coverage for seagoing vessels and their cargoes. | back to top |
| |
| Off Premises Legal Definition: A policy clause providing insurance protection on personal property while it is away from the premises named in the policy. Translation: Coverage that protects your property while it is away from the insured location. | back to top |
| |
| Package Policies Legal Definition: Combination policies in which several coverages are included, all in one contract. Examples are the storekeepers’ burglary and robbery policy, homeowners’ policy, blanket crime policy, special multi-peril policy, and comprehensive business policy. Translation: A single insurance policy that includes several coverages. | back to top |
| |
| Partial Loss Legal Definition: A loss that does not completely destroy or render useless the insured property nor exhaust the insurance applied to it. Translation: When a covered building or property is only partially damaged. | back to top |
| |
| Peril Legal Definition: The cause of a loss insured against in a policy, e.g., fire, windstorm, explosion, etc. Translation: A property insurance term referring to a specific cause of loss, e.g., fire, windstorm, explosion, etc. | back to top |
| |
| Permanent Disability Benefits Legal Definition: Periodic compensations, usually weekly, for a disability that renders any employment impossible. Such compensation may be limited by a maximum time or a maximum amount. If unlimited, it may run for the lifetime of the insured. Translation: Payments paid to a worker who will never be able to work. | back to top |
| |
| Personal and Advertising Injury Liability Legal Definition: While some policies still separately address "advertising injury" and "personal injury", The Hartford’s coverages now combines these two terms. "Personal and Advertising Injury" means injury arising out of specific offenses committed during the course of your business. Some of these offenses include false arrest, malicious prosecution, wrongful eviction, libel, slander, violation of a person's right of privacy and infringement of copyright in your advertisements. Translation: Insurance that protects the insured from lawsuits alleging the insured committed any of the acts named above during the course of doing business, like slandering someone or invading their privacy. | back to top |
| |
| Physical Hazard Legal Definition: This refers to the material, structural or operational features of the risk itself. Translation: A condition that creates or increases the chances of a loss such as slippery floors, congested traffic, unguarded premises and uninspected boilers. | back to top |
| |
| Policy Legal Definition: A printed document that is issued to the policyholder by the company stating the terms of the insurance contract. Translation: A written contract of insurance. | back to top |
| |
| Policyholder Legal Definition: This term is synonymous with “the insured.” Translation: The person or company protected by an insurance contract. | back to top |
| |
| Premises Legal Definition: The building(s) insured, containing the insured property, and any insured property immediately adjacent are considered to be the “premises.” Translation: The building(s) and its contents that are covered under the insurance contract. | back to top |
| |
| Premium Legal Definition: The consideration, in insurance and bonding, to be paid for a policy or bond. This term has various meanings in other businesses. Translation: The payment, or one of the regular periodic payments, that a policyholder makes to own an insurance policy. | back to top |
| |
| Primary Insurance Legal Definition: Provides coverage up to a specified amount or against specific perils. Translation: A policy that provides the first limits to be used to pay for a covered loss. | back to top |
| |
| Product Liability Legal Definition: Liability imposed for damages caused by accident and arising out of goods or products manufactured, sold, handled or distributed by the insured or other trading under his name. The accident must have occurred after possession of goods has been relinquished to others, and away from premises owned, rented or controlled by the insured. In the case of food products, the accident does not have to occur away from premises (restaurants, etc.). Translation: This is the liability a merchant or manufacturer has to assume if some defect in the product sold or manufactured injures a third party or damages his/her property. | back to top |
| |
| Proof of Loss Legal Definition: A formal statement made by the insured to the insurance company regarding a claim, so that the company may determine its liability under the policy or bond. Translation: The written notice the insured makes to the insurance company about a claim for loss. | back to top |
| |
| Property Damage Liability Insurance Legal Definition: Protection against liability for damage to the property of another not in the care, custody and control of the insured—as distinguished from liability for bodily injury. Translation: This kind of insurance protects insureds if they are responsible for damage to the property of others. | back to top |
| |
| Quote Legal Definition: The payment amount an insurance company or insurance agency states will need to be paid to put and keep the policy inforce. Translation: How much the insurance company or agent says you'll have to pay for your insurance coverage. | back to top |
| |
|
|
The definitions contained herein are for informational purposes only,are not intended to be all inclusive, and may not apply in all situations. You should not rely on these definitions for interpretation of policy coverages, terms and conditions.