A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Q
(none)
R
Renters insurance
Term for insurance for the non-owner occupant of a dwelling or apartment.
Retroactive date
The date that defines the extent of coverage in time under claims-made
liability policies. Claims resulting from occurrences prior to the
policy’s stated retroactive date are excluded.
Risk management
The process of handling pure risk by way of reduction, elimination, or
transfer of risk, with the latter commonly achieved through insurance.
S
Schedule
List of items on a policy declaration, sometimes also showing descriptions
and values.
Special form
In contrast to the named perils forms in property insurance, those forms
that list specific perils for coverage, the special form contract covers
simply risk of direct physical loss, relying on exclusions to delimit
an define the protection intended.
Split limits
As in auto insurance, where rather than one liability amount applying
on a per-accident basis, separate amounts apply to bodily injury and
property damage liability.
T
(none)
U
Umbrella liability
A liability contract with high limits covering over top of primary liability
coverages and, subject to deductible, covering exposures otherwise
uninsured.
Underinsured motorists coverage
Coverage for the insured and passengers whenever the at-fault driver
in an accident has auto liability insurance with lesser limits than
the insured’s. This coverage lies atop "uninsured motorists
coverage" or atop the at-fault driver’s low limit automobile
liability insurance and provides the insured and passengers with protection
equal (usually) to the insured’s own automobile liability cover.
Uninsurable risk
An uninsurable risk is one which is literally uninsurable because loss
is certain rather than possible.
V
Vacant property
Once defined as devoid of occupants or contents, a stricter definition
is being applied as more and more communities find older buildings
of three and four stories that are only one quarter occupied. Property
policies impose limitations on coverage of "vacant" building
so that (changing) definition of vacant property is quite important.
Vicarious liability
The condition arising where one person is responsible for the actions
of another, as a parent is often held responsible for the vandalism
damage a minor child does to a school.
W
Waiver of subrogation
An insurer has the right of subrogation; however, it may waive that right
through this method.
Wear and tear exclusion
A common heading for an "all risks" exclusion relating to a
group of events that do not represent risk at all. Property will become
worn out and torn; it will rust, settle, become rotted, infested, marred,
scratched, etc. It is easy to distinguish however between the marring
that occurs over time (excluded) and marring that occurs when a concrete
block is dropped into a fine wooden table.
Workers compensation insurance
Coverage that conforms to the workers compensation laws of the states
in which it written.
Workers Compensation and Employers Liability Insurance
A type of liability insurance not included in the Commercial General
Liability coverage part. Workers Compensation makes benefits payable
for injuries to, disability or death of an employee without regard
to liability. Employers Liability covers the common-law liability of
an employer for injuries to an employee. Because these coverages are
related specifically to employer-employee relationships, they are not
characterized as general liability.
X
(none)
Y
(none)
Z
(none