text
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
A posteriori data</s>
<|assistant|>
A posteriori data – Also known as “empirical” data, A Posteriori data makes predictions about future events based on the past."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
A priori data</s>
<|assistant|>
A priori data – Data depends on deductive reasoning to make predictions about the future. It does not depend on trials and tests or even history to develop a probability. A priori is essentially an exercise in mathematical calculation based on known data (and all the factors must be known). A priori begins with objective thought, eases into reasoning and finally falls to conjecture. A priori calculations cannot guarantee the outcome, only that the outcome can be predicted with a reasonable amount of certainty."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
A.M. Best Company</s>
<|assistant|>
A.M. Best Company – Organization that rates the financial stability of insurance companies doing business in the United States."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Abandonment condition</s>
<|assistant|>
Abandonment condition – A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Abandonment of Employment</s>
<|assistant|>
Abandonment of Employment – Engaging in an activity clearly not intended for the advancement of the employer nor directed by or anticipated by the employer. Includes any activity in direct contradiction to the rules, requests or expectations of the employer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Absolute liability</s>
<|assistant|>
Absolute liability – Type of liability imposed by law on those participating in certain activities that are considered especially hazardous; a person involved in such operations may be held liable for the damages of another even though the individual was not negligent."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Accident</s>
<|assistant|>
Accident – An unintended loss that occurs at a specific time and place."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Accounts receivable insurance</s>
<|assistant|>
Accounts receivable insurance – Filed commercial inland marine form that insures against loss the insured suffers because of an inability to collect from customers when accounts receivable records are damaged or destroyed."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Actual cash value (ACV)</s>
<|assistant|>
Actual cash value (ACV) – The cost to replace an item of property at the time of loss, less an allowance for depreciation; often used to determine the amount of reimbursement for a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Additional coverages</s>
<|assistant|>
Additional coverages – Supplemental insurance coverages that apply only in certain circumstances, have reduced or separate limits of liability, or require the insured to meet certain requirements before they are applicable; also called coverage extensions, other coverages, and extended coverages."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Additional insured</s>
<|assistant|>
Additional insured – An individual or company, in addition to the insured, who is listed in the declarations; an example is a mortgage company that has an insurable interest in the property insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Additional insured-Lessor endorsement</s>
<|assistant|>
Additional insured-Lessor endorsement – commercial auto endorsement used to make leased vehicles considered owned vehicles for coverage purposes."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Adhesion contract</s>
<|assistant|>
Adhesion contract – A contract where one party has more power than the other party in drafting the contract; an insurance policy is an adhesion contract-the insurer is the one with more power."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Admitted insurer</s>
<|assistant|>
Admitted insurer – A fully licensed carrier approved to provide specific lines of insurance coverage in the state."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Adverse selection</s>
<|assistant|>
Adverse selection – The tendency of insureds with a greater-than-average chance of loss to purchase insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Agency</s>
<|assistant|>
Agency – Principles governing the authority of any agent that represents a principal."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Agent</s>
<|assistant|>
Agent – An individual or organization that legally represents another; a state-licensed professional who represents the insurance company in the sale and servicing of insurance; the direct link between the insurance company and the policyholder."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Aggregate limit</s>
<|assistant|>
Aggregate limit – Type of policy limit found in liability policies that limits coverage to a specified total amount for all losses occurring within the policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Agreed Value condition</s>
<|assistant|>
Agreed Value condition – Condition found in some property insurance policies that stipulates a certain value that will meet the coinsurance requirement; if the policy limit equals or exceeds this amount, the insured will not be assessed a coinsurance penalty; also called stated amount condition."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Agreed Value condition</s>
<|assistant|>
Agreed Value condition – Condition found in some property insurance policies that stipulates a certain value that will meet the coinsurance requirement; if the policy limit equals or exceeds this amount, the insured will not be assessed a coinsurance penalty; also called stated amount condition."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Agreed value method</s>
<|assistant|>
Agreed value method – A method of valuing property in which the insurer and the insured agree, at the time the policy is being written, on the maximum amount that will be paid in the event of a total loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Aleatory contract</s>
<|assistant|>
Aleatory contract – A contract that is contingent on an uncertain event (a loss); an insurance policy is an aleatory contract."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Alien company</s>
<|assistant|>
Alien company – An insurance company incorporated in a country other than the United States that is doing business in the United States."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
All Normal Operating Expenses (ANOE)</s>
<|assistant|>
All Normal Operating Expenses (ANOE) – Operating expenses that would have been incurred had no business-closing loss occurred."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Allocated Loss Adjustment Expense (ALAE)</s>
<|assistant|>
Allocated Loss Adjustment Expense (ALAE) – Loss adjustment costs assignable to a particular loss and not attributable to the overall cost of providing loss adjusting services. The cost of outside investigation, appraisal and defense counsel are examples of ALAE."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Amount subject to loss</s>
<|assistant|>
Amount subject to loss – Maximum coinsurance percentage x 12 months business income calculation"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Annual transit policy</s>
<|assistant|>
Annual transit policy – Nonfiled commercial inland marine transportation form that insures a property owner’s incoming or outgoing shipments of goods during a year."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Apparent authority</s>
<|assistant|>
Apparent authority – Legal doctrine that states that an agent has whatever authority a reasonable person would assume she has."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Application</s>
<|assistant|>
Application – Questionnaire filled out by an agent and the prospect who is seeking insurance; the form contains information used to underwrite and rate the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Appraisal condition</s>
<|assistant|>
Appraisal condition – Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss-the insured and the insurer each select an appraiser; the two appraisers select an umpire; if the appraisers cannot agree on the amount of loss, the umpire is consulted; the amount agreed to by any two of the three parties is the amount paid for the loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Appurtenant structures</s>
<|assistant|>
Appurtenant structures – Buildings of lesser value that are on the same premises as the main building insured under a property policy; they are usually covered by the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Arbitration condition</s>
<|assistant|>
Arbitration condition – Policy condition that is similar to the appraisal condition; may be used to resolve other areas of disagreement besides those regarding the value of a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Arising out of</s>
<|assistant|>
Arising out of – A causal connection between the furtherance of the employer’s business and the injury. If the employer benefits in some way from the activity, then the injury or illness suffered in the pursuit of that activity is considered to “arise out of” the employment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Assault</s>
<|assistant|>
Assault – No actual bodily contact, only the threat of bodily injury by force. Such threat is intentional and unlawfully directed towards another person such that the other party as a reasonable fear that injury is likely to occur. The apparent ability to carry out such a threat must also exist."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Assessment mutual company</s>
<|assistant|>
Assessment mutual company – Mutual insurance company that charges members a pro-rata share of losses at the end of each policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Assignment condition</s>
<|assistant|>
Assignment condition – Condition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Assumption of risk</s>
<|assistant|>
Assumption of risk – Defense against liability based on the common law principle that a person who knowingly exposes himself to danger or injury assumes the risk of loss and cannot hold another person responsible for the loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Authorized insurer</s>
<|assistant|>
Authorized insurer – Company that meets a state insurance department’s standards and is authorized to do business in that state; also called an admitted insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Automatic increase</s>
<|assistant|>
Automatic increase – In Insurance Endorsement Dwelling policy endorsement that provides an annual increase in the Coverage A amount of 4%, 6%, or 8%."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Automobile insurance plan</s>
<|assistant|>
Automobile insurance plan – A state-sponsored plan that provides automobile insurance to those who are uninsurable under standard auto insurance policies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Aviation hull insurance</s>
<|assistant|>
Aviation hull insurance – Insurance that provides coverage for physical damage to aircraft."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Aviation liability insurance</s>
<|assistant|>
Aviation liability insurance – Insurance provided for owners of aircraft that covers liability for bodily injury, injury to passengers, and property damage; also provides medical payments coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Avoidance</s>
<|assistant|>
Avoidance – A risk control technique that involves ceasing or never undertaking an activity so that the possibility of a future loss occurring from that activity is eliminated."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bailee</s>
<|assistant|>
Bailee – A person or organization that has temporary possession of someone else’s personal property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bailee’s customer policy</s>
<|assistant|>
Bailee’s customer policy – Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers’ property in the bailee’s custody without regard to liability."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bailment</s>
<|assistant|>
Bailment – Delivery of property by the owner to someone else to be held for some special purpose and then returned to the owner."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bailor</s>
<|assistant|>
Bailor – The individual or entity granting possession of their personal property to another party for care, service, or keeping."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bare walls</s>
<|assistant|>
Bare walls – Used in relation to condominium associations and their insurance coverage. Associational insurance requirements are limited to common elements and limited common elements."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Barratry</s>
<|assistant|>
Barratry – Illegal acts committed willfully by a ship’s master or crew for the purpose of damaging the ship or cargo-includes hijacking, abandonment and embezzlement; this peril is covered in ocean marine insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Basement</s>
<|assistant|>
Basement – Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Basic named Peril</s>
<|assistant|>
Basic named Peril – Relates specifically to property coverage and named causes of loss. Basic named peril policies cover 11 specific perils: fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism or malicious mischief, sprinkler leakage, sinkhole collapse, and volcanic action."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Batch clause</s>
<|assistant|>
Batch clause – A batch clause limits the amount of coverage to the per occurrence limits for all defective products that come from a single run or batch. If a manufacturer with a $1 million per occurrence products liability policy produces 10,000 defective products in one batch, all the claims from that arise out of that defective run are considered one occurrence. These “batch” clauses are generally found only in proprietary or manuscript forms."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Battery</s>
<|assistant|>
Battery – Actual physical contact with another individual resulting in physical injury. This is not limited to physical beating, can also refer to physical restraint of a person. Battery can exist without assault (i.e. grabbing another person and beating them without provocation or warning)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Best’s</s>
<|assistant|>
Best’s – Organization that rates the financial stability of insurance companies doing business in the United States."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bid bond</s>
<|assistant|>
Bid bond – Type of surety bond that guarantees that if a contractor’s bid is accepted, the contractor will enter into a contract and provide the required performance bond."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bill of lading</s>
<|assistant|>
Bill of lading – Standardized contract of carriage issued by common carriers to the business for which it is shipping goods."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Binder</s>
<|assistant|>
Binder – Oral or written statement that provides immediate insurance protection for a specified period; designed to provide temporary coverage until a policy is issued or denied."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Blanket insurance</s>
<|assistant|>
Blanket insurance – Type of insurance policy that covers more than one item of property at a single location or one or more items of property at multiple locations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Blanket position bond</s>
<|assistant|>
Blanket position bond – Fidelity bond that covers losses arising from the dishonesty of one or more employees acting separately or in collusion; provides a single limit of liability applicable to each employee involved in a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Bodily injury (BI)</s>
<|assistant|>
Bodily injury (BI) – Defined in most policies to include injury, sickness, disease, and death resulting from any of these at any time."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Boiler and machinery insurance</s>
<|assistant|>
Boiler and machinery insurance – Insurance that covers the insured for losses arising out of the use of steam boilers or other machinery or equipment; may be included in the commercial package policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Breakaway walls</s>
<|assistant|>
Breakaway walls – Non-structural walls perpendicular to the flow of water (takes the direct hit) designed to fail under certain wave force conditions. The failure of these walls should cause NO damage to the structural supports, the foundation or any part of the building above the walls."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Broad evidence rule</s>
<|assistant|>
Broad evidence rule – A court ruling explicitly requiring that all relevant factors be considered in determining actual cash value."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Broad named perils</s>
<|assistant|>
Broad named perils – Relates specifically to property coverage. Broad named peril forms add three named perils to the causes of loss found under basic named perils: falling objects; weight of snow, ice or sleet; and water damage (limited)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Broad theft coverage endorsement</s>
<|assistant|>
Broad theft coverage endorsement – Dwelling policy endorsement that covers theft, attempted theft and vandalism, and malicious mischief resulting from theft; property is covered while it is on or off the premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Broad transfer</s>
<|assistant|>
Broad transfer – Provides the greatest scope of contractual risk transfer and requires the transferee to indemnify and hold harmless the transferor from all liability arising out of an incident, even if the act is committed solely by the transferor. This may qualify as an exculpatory contract and is illegal in some jurisdictions because the wording is considered “unconscionable.”"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Broker</s>
<|assistant|>
Broker – Individual who represents the prospect, instead of the insurance company, in the insurance transaction."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Buffer layer</s>
<|assistant|>
Buffer layer – A level of excess insurance coverage between a primary layer and an umbrella policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Builders risk coverage form</s>
<|assistant|>
Builders risk coverage form – One of the commercial property coverage forms; covers commercial, residential, or farm buildings that are under construction."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Builders risk reporting form</s>
<|assistant|>
Builders risk reporting form – Optional form used with the commercial property builders risk coverage form; allows insured to purchase a smaller amount of insurance that gradually increases as the value of the building under construction increases."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Building and personal property coverage form</s>
<|assistant|>
Building and personal property coverage form – Commercial property coverage form that covers buildings, the insured’s business personal property, and the personal property of others located at the business premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Burglary</s>
<|assistant|>
Burglary – As defined in crime insurance forms, the taking of property by a person unlawfully entering or leaving the premises as evidenced by visible signs of forced entry or exit."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business auto coverage form</s>
<|assistant|>
Business auto coverage form – One of the commercial auto coverage forms; covers a business’s owned, nonowned, and hired autos against liability and physical damage losses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business auto physical damage coverage form</s>
<|assistant|>
Business auto physical damage coverage form – One of the commercial auto coverage forms; covers a business’s owned or hired business autos for physical damage only."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business income</s>
<|assistant|>
Business income – Net profit or loss that would have been earned plus continuing normal operating expenses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business income coverage forms</s>
<|assistant|>
Business income coverage forms – Commercial property coverage forms that pay for loss of income that the insured sustains due to a direct physical loss from a covered peril that forces the insured to suspend operations until the property can be repaired, rebuilt, or replaced with reasonable speed; available with or without extra expense coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business income from dependent properties</s>
<|assistant|>
Business income from dependent properties – Broad form commercial property coverage form designed for insureds whose business income is dependent on the ongoing operations of other businesses they do not own."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business liability</s>
<|assistant|>
Business liability – Liability that arises out of the conduct of a business."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Business pursuits endorsement</s>
<|assistant|>
Business pursuits endorsement – Homeowners policy endorsement that provides liability coverage for a business conducted away from the residence premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Businessowners policy (BOP)</s>
<|assistant|>
Businessowners policy (BOP) – Package policy designed to provide broad property and liability coverage for small businesses; eligibility requirements are more strict than the CPP’s."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Camera and musical instruments dealers coverage form</s>
<|assistant|>
Camera and musical instruments dealers coverage form – Filed commercial inland marine form written to cover camera and musical instruments dealers; covers the insured’s stock in trade as well as customer property in the insured’s care, custody, or control."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Cancellation</s>
<|assistant|>
Cancellation – Termination of an insurance policy by the insured or the insurance company during the policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Capital</s>
<|assistant|>
Capital – The accumulated, permanent resources a company gets from owners and customers; the value of the portion of assets that a company owns and that are not restricted by obligations to creditors."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Captive agent</s>
<|assistant|>
Captive agent – Independent contractors contractually restricted to representing one admitted insurance carrier or carrier group. The carrier not the agent owns the rights to the business produced."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Captive insurer</s>
<|assistant|>
Captive insurer – A subsidiary formed to insure the loss exposures of its parent company and the parent’s affiliates."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Cargo insurance</s>
<|assistant|>
Cargo insurance – Type of ocean marine insurance that covers goods while they are in transit over water."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Casual labor</s>
<|assistant|>
Casual labor – The people hired are not performing duties that would normally be done by any employee (they are doing work outside the normal operational requirements)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Casualty insurance</s>
<|assistant|>
Casualty insurance – Line of insurance that includes a wide variety of unrelated coverages, including liability, auto, workers’ compensation, aviation, crime, and surety bonds."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Causal nexus</s>
<|assistant|>
Causal nexus – A legal term that in Latin means “to bind.” Legally it means to link a cause and effect. A causal nexus exists if the result is a natural and reasonable outcome or consequence of the activity."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Cause in fact</s>
<|assistant|>
Cause in fact – Without the actions of the supposed at-fault party there would be no injury or damage. If the wrongdoer’s act or omission is removed, would the injury or damage have occurred anyway?"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Causes of loss form</s>
<|assistant|>
Causes of loss form – Separate form used with the commercial property coverage part of the commercial package policy that lists covered perils and exclusions; several different versions provide increasingly broader coverage from basic to broad to special; a causes of loss form takes the place of the policy’s perils insured against provisions."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Certificate of insurance</s>
<|assistant|>
Certificate of insurance – Written form that verifies a policy has been written; provides a summary of the coverage provided under the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Chattel</s>
<|assistant|>
Chattel – Movable or immovable personal property. Chattel does not include real estate or structures attached to the real estate."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Claim adjuster</s>
<|assistant|>
Claim adjuster – Person employed by or acting on behalf of an insurance company to evaluate and settle insurance claims; the adjuster must determine the cause of loss, whether the loss is covered by the policy, the value of the loss, and the amount of loss payable by the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Claims-made form</s>
<|assistant|>
Claims-made form – Commercial general liability coverage form that pays for BI or PD losses for which a claim was first made against the insured during the policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Class rates</s>
<|assistant|>
Class rates – Rates developed and “ready to use” before the individual risk is even presented to the insurance carrier."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Clawback provisions</s>
<|assistant|>
Clawback provisions – Clawback provisions allow boards of directors to demand repayment of performance-based bonuses made to CEO’s and CFO’s if such bonuses were paid based on fraud or misstatements in financial information."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Coinsurance clause</s>
<|assistant|>
Coinsurance clause – Policy condition that requires an insured to pay part of a loss if the amount of insurance carried on property is less than a specified percentage of the value of the property at the time of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Coinsurance penalty</s>
<|assistant|>
Coinsurance penalty – The amount not paid by the insurance company because the insured failed to comply with the coinsurance condition."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Collateral estoppel</s>
<|assistant|>
Collateral estoppel – A judgment of fact found in one case prevents a party from trying to deny that fact in another case."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Collateral source rule</s>
<|assistant|>
Collateral source rule – Damages assessed against the tortfeasor are not to be reduced by any other sources of recovery available to the injured party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Collision coverage</s>
<|assistant|>
Collision coverage – In auto insurance, a type of physical damage coverage that covers loss that occurs when the insured auto strikes another object or vehicle; may also include upset or overturn of the insured auto."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Combined ratio</s>
<|assistant|>
Combined ratio – The sum of the loss ratio and the expense ratio; a ratio of 100% is the breakeven point; a ratio below 100% indicates an underwriting profit; a ratio above 100% indicates a loss; see Loss ratio and expense ratio."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Combustible liquids</s>
<|assistant|>
Combustible liquids – Liquids having a closed cup flash point equal to or greater than 100 degrees Fahrenheit."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Coming and going rule</s>
<|assistant|>
Coming and going rule – Injury suffered traveling to or home from work or even while going to and returning from lunch is generally not compensable."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial articles coverage form</s>
<|assistant|>
Commercial articles coverage form – Filed commercial inland marine form that covers photographic equipment or musical instruments used commercially."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial auto coverage</s>
<|assistant|>
Commercial auto coverage – A part of the commercial package policy that provides liability and physical damage coverage for a business’s autos, including garage, trucking, and motor carrier businesses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial blanket bond</s>
<|assistant|>
Commercial blanket bond – Type of fidelity bond that covers loss arising from the dishonesty of one or more employees acting separately or in collusion; the limit of liability applies separately to each loss, regardless of the number of employees involved."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial crime coverage</s>
<|assistant|>
Commercial crime coverage – A part of the commercial package policy that covers various crime exposures of businesses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial general liability (CGL) coverage</s>
<|assistant|>
Commercial general liability (CGL) coverage – A part of the commercial package policy that provides liability coverage for businesses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial lines</s>
<|assistant|>
Commercial lines – Insurance designed for businesses, institutions, or organizations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial package policy (CPP)</s>
<|assistant|>
Commercial package policy (CPP) – The insurance services office (ISO) commercial lines policy that contains two or more lines of insurance or two or more coverage parts; it will include some forms and/or endorsements that are common to all lines of insurance or coverage parts, as well as the individual forms and endorsements required for the individual coverages selected; the CPP can include almost any commercial coverage the insured might need, with the exception of ocean marine, aviation, and workers’ compensation insurance; most commercial risks are eligible for the CPP."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial property coverage</s>
<|assistant|>
Commercial property coverage – A part of the commercial package policy that provides insurance for a business’s real and business personal property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Commercial property floater risks</s>
<|assistant|>
Commercial property floater risks – Category of the nationwide definition that includes a number of commercial inland marine forms, such as Bailee’s customer forms, equipment forms, business floaters, and dealers policies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Common policy conditions</s>
<|assistant|>
Common policy conditions – Form that must be included in the commercial package policy; it contains conditions that apply to all coverages issued under the CPP."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Common policy declarations</s>
<|assistant|>
Common policy declarations – Form that must be included in the commercial package policy; contains information about the insured that applies to all coverages issued under the CPP."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Comparative negligence</s>
<|assistant|>
Comparative negligence – Law that allows an injured party to collect from another party for a loss, even when the injured party contributed to her own loss. Damages are reduced to the extent of the injured party’s negligence."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Compensable business income</s>
<|assistant|>
Compensable business income – The actual amount of business income paid during the period of restoration – the amount necessary to indemnify the insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Compensatory damages</s>
<|assistant|>
Compensatory damages – Damages that reimburse an injured party for losses that were actually sustained."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Competent parties</s>
<|assistant|>
Competent parties – One of the requirements of a legal contract; states that for a contract to be valid, it must be made between parties who are considered competent under the law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Competitive state fund</s>
<|assistant|>
Competitive state fund – Method of providing workers’ compensation coverage in some states; employers may either purchase insurance from a private insurance company or from a state fund."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Completion bond</s>
<|assistant|>
Completion bond – Type of surety bond that guarantees that when contractors borrow money to fund construction projects, the project will be carried out and the work will be delivered free and clear of liens or encumbrances."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Comprehensive coverage</s>
<|assistant|>
Comprehensive coverage – In auto insurance, a broad physical damage coverage that covers all property losses except collision and those perils or property that are specifically excluded; also called other than collision coverage (OTC)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Concealment</s>
<|assistant|>
Concealment – The withholding of a material fact involved in the contract on which the insurer relies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Concurrent causation</s>
<|assistant|>
Concurrent causation – A situation where two or more perils act concurrently (at the same time or in sequence) to cause a loss; some courts ruled that losses from concurrent causation are covered even when one of the perils that contributed to the loss is excluded under the policy; these rulings led property insurers to revise policy language to clarify the intent of the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Conditional contract</s>
<|assistant|>
Conditional contract – A contract that contains a number of conditions that both parties must comply with; an insurance policy is a conditional contract."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Conditions</s>
<|assistant|>
Conditions – Portion of an insurance policy that describes the rights and duties of the insured and the insurance company under the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Conditions precedent</s>
<|assistant|>
Conditions precedent – Conditions that must be fulfilled to initially activate the insurance contract."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Conditions subsequent</s>
<|assistant|>
Conditions subsequent – Acts or duties that must be accomplished after the loss in order to receive the benefits promised by the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Condominium association coverage form</s>
<|assistant|>
Condominium association coverage form – Commercial property coverage form that covers the buildings in a condominium complex; does not cover the condominium owner’s personal property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Condominium commercial unit-owners coverage form</s>
<|assistant|>
Condominium commercial unit-owners coverage form – Commercial property coverage form that may only be purchased by owners of commercial condominiums; covers the condominium’s contents, including business personal property and the personal property of others."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Consideration</s>
<|assistant|>
Consideration – A characteristic of a legal contract; the thing of value exchanged for the performance promised in the contract; with insurance contracts, the consideration that the insured gives is the premium payment; the consideration that the insurer gives is the promise to pay for certain losses suffered by the insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Constructive total loss</s>
<|assistant|>
Constructive total loss – The property can be repaired, but the cost to repair the damaged property is greater than the value of the property after it is repaired (it would cost more to repair it than it would be worth when done)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Consultant</s>
<|assistant|>
Consultant – Insurance professional who, for a fee, offers advice on the benefits, advantages, and disadvantages of various insurance policies; sells advice, not insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contingent capital arrangement</s>
<|assistant|>
Contingent capital arrangement – An agreement entered into before any losses occur, that enables an organization to raise cash by selling stock or issuing debt at prearranged terms after a loss occurs that exceeds a certain threshold."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Continuing operating expenses</s>
<|assistant|>
Continuing operating expenses – Normal operating expenditures that continue during the time the operations are discontinued due to a direct property loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contract</s>
<|assistant|>
Contract – A legal agreement between two competent parties that promises a certain performance in exchange for a certain consideration."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contract bonds</s>
<|assistant|>
Contract bonds – Category of surety bonds that guarantee the fulfillment of contractual obligations; includes bid bonds, labor and materials bonds, performance bonds, payment bonds, supply bonds, and completion bonds."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contract of adhesion</s>
<|assistant|>
Contract of adhesion – Any contract in which one party must either accept the agreement as written by the other party or reject it."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contract of hire</s>
<|assistant|>
Contract of hire – States approach the issue of extraterritorial jurisdiction and when to name a state from the employment contract standpoint. The state of hire is essentially the deciding factor."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contract of indemnity</s>
<|assistant|>
Contract of indemnity – A contract in which the insurer agreed, in the event of a covered loss, to pay an amount directly related to the amount of the loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contractors equipment floater</s>
<|assistant|>
Contractors equipment floater – Nonfiled commercial inland marine form that covers the heavy machinery, equipment, and tools a contractor uses in business."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contractual risk transfer</s>
<|assistant|>
Contractual risk transfer – A formal agreement between two parties whereby one agrees to indemnify and hold another party harmless for specified acts."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contributing location</s>
<|assistant|>
Contributing location – A dependent property location that supplies the insured with the parts, materials or services necessary to manufacture its product or provide its service."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contribution by equal shares</s>
<|assistant|>
Contribution by equal shares – Type of other insurance condition found in liability policies; it calls for all insurers to contribute equally up to the limit of the policy having the smallest limit, whereupon that company stops paying; the other companies share in the remainder of the loss until the loss is paid in full or all policy limits are exhausted."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Contributory negligence</s>
<|assistant|>
Contributory negligence – Common law defense against negligence that states that if an individual contributes to her own loss in any way, then someone else cannot be held liable for the loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
COPE</s>
<|assistant|>
COPE – Construction, Occupancy, Protection and Exposures – allows the insurer to evaluate the risks of insuring a piece of real estate, which will ultimately determine whether a policy is offered."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Cost of insurance and freight</s>
<|assistant|>
Cost of insurance and freight – A shipping term in which the buyer is responsible for insuring the property from its point of origin."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Cost of risk</s>
<|assistant|>
Cost of risk – The total cost of managing an individual’s, family’s, or organization’s risk."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Countersignature</s>
<|assistant|>
Countersignature – Signature of a licensed agent that, in most states, must appear on the policy to validate the contract."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Court bond</s>
<|assistant|>
Court bond – Type of surety bond used to settle legal arguments that do not involve monetary damages."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Coverage form</s>
<|assistant|>
Coverage form – Document that contains insuring agreements, coverages, exclusions, and conditions; must be attached to a policy jacket to make a complete policy; also called a policy form."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Coverage part</s>
<|assistant|>
Coverage part – Combination of forms and endorsements used to provide a particular commercial coverage; the forms and endorsements available under each coverage part can be used to issue a policy covering a single line of insurance or combined to provide a commercial package policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Coverage trigger</s>
<|assistant|>
Coverage trigger – Event that activates (triggers) coverage under a commercial general liability coverage form Under the occurrence form, the coverage trigger is bodily injury or property damage that occurs during the policy period; under the claims-made form, the trigger is BI or PD that occurs on or after the retroactive date, if any, for which a claim is first made against an insured during the policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Credit Risk</s>
<|assistant|>
Credit Risk – The risk customers or other creditors will fail to make promised payments as they come due."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Crime</s>
<|assistant|>
Crime – The individual makes a decision to ignore the law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Crumbling skull</s>
<|assistant|>
Crumbling skull – A legal theory sometimes used as a defense to or argument against application of the “Eggshell Skull” rule. The principle behind this defense is that the result would have been the same whether or not the accused wrongdoer was involved."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Custodian</s>
<|assistant|>
Custodian – As defined in crime insurance forms, an insured, partner, or employee who has care and custody of insured property within the premises; does not apply to watchpersons or janitors."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Cut-through Endorsement</s>
<|assistant|>
Cut-through Endorsement – An endorsement regarding payment of reinsurance proceeds attached to either the primary insurance contract or the reinsurance contract activated by the insolvency of the primary insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Damages</s>
<|assistant|>
Damages – Monetary compensation awarded by a court to an injured party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
De facto employee</s>
<|assistant|>
De facto employee – Employers may call a de facto employee an independent contractor when they are “in fact” an employee."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
De jure employee</s>
<|assistant|>
De jure employee – An employee is an employee created by an act of law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Declarations (dec page)</s>
<|assistant|>
Declarations (dec page) – Section of an insurance contract that shows who is insured, what property or risk is covered, when and where the coverage is effective, and how much coverage applies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Deductible</s>
<|assistant|>
Deductible – Dollar amount the insured must pay on each loss to which the deductible applies; the insurance company pays the remainder of each covered loss, up to the policy limits."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Defense costs</s>
<|assistant|>
Defense costs – Legal expenses incurred by the insurer to defend suits brought against insureds; defense costs are paid in addition to payments for BI or PD claims."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Definitions</s>
<|assistant|>
Definitions – Section of an insurance policy that clarifies the meaning of certain terms used in the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Degree of care</s>
<|assistant|>
Degree of care – Extent of legal duty owed by one person to another; also called standard of care."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Deposit premium</s>
<|assistant|>
Deposit premium – Premium paid at the beginning of the policy period that is based on an estimate of what the final premium will be; this premium is adjusted based on reports submitted by the insured to the insurer; also called an estimated premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Derivative suit</s>
<|assistant|>
Derivative suit – A derivative suit is one brought by one or several shareholders on behalf of a publicly held corporation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Difference in conditions insurance (DIC)</s>
<|assistant|>
Difference in conditions insurance (DIC) – Type of commercial property policy that covers most insurable perils but excludes basic fire and extended coverage perils."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Diminution of value</s>
<|assistant|>
Diminution of value – An actual or perceived loss of an auto’s resale or market value that results from a direct, accidental loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Direct loss</s>
<|assistant|>
Direct loss – Financial loss resulting directly from a loss to property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Direct response system</s>
<|assistant|>
Direct response system – Insurance company that sells insurance through the mail or over the phone; no agents are involved."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Direct writer</s>
<|assistant|>
Direct writer – Insurance marketing system where the company’s agents are also employees of the company."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Direct writing agents</s>
<|assistant|>
Direct writing agents – Employees of the insurance carrier who generally receive a salary, benefits, and some type of commissions or bonuses"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Directors and officers liability insurance (D&O)</s>
<|assistant|>
Directors and officers liability insurance (D&O) – Type of errors and omissions policy written for directors and officers of corporations who may be sued as individuals by stockholders."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Disability insurance</s>
<|assistant|>
Disability insurance – Line of insurance that protects the insured against loss of income resulting from injury or sickness."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Disaster recovery plan</s>
<|assistant|>
Disaster recovery plan – A plan for backup procedures emergency response and post-disaster recovery to ensure that the critical resources are available to facilitate the continuity of operation in an emergency situation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Discovery form</s>
<|assistant|>
Discovery form – Commercial crime form that covers losses that are sustained at any time and discovered either during the policy period or up to 60 days after the policy expires; the discovery period for losses related to employee benefit plans extends for up to one year after policy expiration."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Discretionary payroll</s>
<|assistant|>
Discretionary payroll – Payroll expenses of specified individuals or classes of employees whose services are not necessary to resume operations"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Diversifiable risk</s>
<|assistant|>
Diversifiable risk – A risk that affects only some individuals, businesses or small groups."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Diversification</s>
<|assistant|>
Diversification – A risk control technique that spreads the loss exposures over numerous projects, products, projects, markets or regions."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Doctrine of reasonable expectations</s>
<|assistant|>
Doctrine of reasonable expectations – Legal principle that provides that an insurance policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Dollar trading</s>
<|assistant|>
Dollar trading – An insurance premium and loss exchange in which the insured pays the insurer premiums for low value losses and the insure pays the same dollars back tot he insured, after subtracting expenses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Domestic company</s>
<|assistant|>
Domestic company – Insurance company doing business in the state in which it is incorporated."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Domestic shipments</s>
<|assistant|>
Domestic shipments – Category of the nationwide definition that includes coverage for cargo in transit over land."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Drive other car (DOC)-Broadened Coverage For Named Individuals Endorsement</s>
<|assistant|>
Drive other car (DOC)-Broadened Coverage For Named Individuals Endorsement – Commercial auto endorsement that extends the definition of a covered auto to include autos the named insured does not own, hire, or borrow while being used by the person named in the endorsement."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Dual purpose operation</s>
<|assistant|>
Dual purpose operation – Operations that receive income from both manufacturing and non-manufacturing operations which are not directly relatable to the manufacturing process."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Duplication</s>
<|assistant|>
Duplication – A risk control technique that uses backups, spares or copied of critical property, information or capabilities and keeps them in reserve."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Duties following loss</s>
<|assistant|>
Duties following loss – Condition found in property-casualty policies that explains the insured’s responsibilities after a loss occurs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Dwelling policy</s>
<|assistant|>
Dwelling policy – Policy that provides property coverage to individuals and families; covers dwellings, other structures, personal property, and fair rental value; some versions also cover additional living expense; the unendorsed policy does not provide liability coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Dwelling under construction endorsement</s>
<|assistant|>
Dwelling under construction endorsement – Dwelling policy endorsement used to provide provisional limits of liability for dwellings under construction; the limits of liability increase as construction of the building progresses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Earned premium</s>
<|assistant|>
Earned premium – Premium an insurance company has actually earned by providing insurance protection for the designated period of time."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Earthquake insurance</s>
<|assistant|>
Earthquake insurance – Insurance that covers damage to a structure, its contents, or both as the result of an earthquake; available as a separate policy and as an endorsement to the dwelling, homeowners, and commercial property policies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Economic perils</s>
<|assistant|>
Economic perils – Consumer preferences, market conditions, etc."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Eggshell skull</s>
<|assistant|>
Eggshell skull – A legal term based in tort and criminal law that states that tortfeasors take the injured party as they find them. Also known as the “thin skull” rule."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Electronic data processing equipment floater</s>
<|assistant|>
Electronic data processing equipment floater – Nonfiled commercial inland marine policy that provides open peril coverage for computer hardware, computer software, and data that is owned by the insured or in the insured’s care, custody, or control. Breakdown coverage, extra expense, and business interruption coverage may also be included."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Elevated building</s>
<|assistant|>
Elevated building – A non-basement building with its lowest elevated floor raised above ground level by foundation walls, shear walls, posts, piers, pilings, or columns."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Empirical data</s>
<|assistant|>
Empirical data – Depends on data gathered from past events; it is trying to predict the future based on what has happened in the past."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Employee</s>
<|assistant|>
Employee – A person hired to perform certain services or tasks for particular wages or salary under the control of another (the employer); or a worker hired to perform a specific job usual and customary to the employer’s business operation in exchange for money or other remuneration."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Employee risks</s>
<|assistant|>
Employee risks – Uncertainty regarding the availability of qualified employees, the injury or death of any employee, the unexpected loss of a key employee, strikes, and suits brought by an employee or group of employees."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Employees as additional insureds endorsement</s>
<|assistant|>
Employees as additional insureds endorsement – Endorsement used with the business auto coverage form that covers employees while they are using an auto not owned, hired, or borrowed by the business in the business or personal affairs of the named insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Employers liability coverage</s>
<|assistant|>
Employers liability coverage – Coverage included in the Workers’ Compensation and Employers Liability policy that covers the employer’s liability at common law arising out of employees’ work-related injuries and occupational diseases."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Employment practices liability insurance</s>
<|assistant|>
Employment practices liability insurance – Type of policy that covers a business’s losses arising out of wrongful termination, discrimination, sexual harassment, and other employment-related practices."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Endorsement</s>
<|assistant|>
Endorsement – Document attached to an insurance policy that changes the policy in some way."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Enterprise risk management</s>
<|assistant|>
Enterprise risk management – Focuses on questions like: How does this one decision affect the rest of the organization? Who or what is put at risk because this particular action is taken?"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Equipment breakdown protection coverage form</s>
<|assistant|>
Equipment breakdown protection coverage form – Title of ISO coverage form used to write what is traditionally called boiler and machinery insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Equipment dealers coverage form</s>
<|assistant|>
Equipment dealers coverage form – Filed commercial inland marine coverage form that covers mobile equipment and construction equipment dealers; covers the insured’s stock in trade as well as customer property in the insured’s care, custody, or control."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Equitable estoppel</s>
<|assistant|>
Equitable estoppel – Prevents a person from adopting a new position that contradicts a previous position created by words, silence, or actions if allowing the adoption of the new position would unfairly harm the person who relied on the previous position to his or her detriment. Also known as estoppel in pais."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Errors and omissions insurance (E&O)</s>
<|assistant|>
Errors and omissions insurance (E&O) – Professional liability coverage that protects the insured against liability for committing an error or omission in the performance of professional duties."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Escheat</s>
<|assistant|>
Escheat – A common law doctrine to assure that unclaimed property of an individual that dies intestate is not left without an owner."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Estoppel</s>
<|assistant|>
Estoppel – Principle that states that if one intentionally or unintentionally creates the impression that a certain fact exists, and an innocent party relies on that impression and is injured as a result, the guilty party may be legally prohibited from asserting that the fact does not exist."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Excess coverage</s>
<|assistant|>
Excess coverage – Insurance that cover losses above an attachment point, below which usually there is another insurance policy or self-insured retention."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Excess electronic equipment endorsement</s>
<|assistant|>
Excess electronic equipment endorsement – Personal auto policy endorsement that allows an insured to add coverage for tapes, records, and disks used with electronic media and to increase the limit of insurance for electronic equipment that is permanently installed in an area of the auto not normally used for installing this equipment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Excess insurance</s>
<|assistant|>
Excess insurance – When two or more policies or coverages apply to the same loss, the one that applies only after the limits of the primary coverage have been exhausted."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Excess layer</s>
<|assistant|>
Excess layer – A level of coverage above the primary layer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Excess lines agent</s>
<|assistant|>
Excess lines agent – Agent licensed by the state to handle the placement of business with nonadmitted insurers; also called surplus lines agent."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Excess of loss reinsurance</s>
<|assistant|>
Excess of loss reinsurance – The reinsurer agrees to indemnify the primary insurer for all losses exceeding a specified retention either on a per loss basis or an aggregate loss basis."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Exclusions</s>
<|assistant|>
Exclusions – Section of an insurance policy that lists property, perils, persons, or situations that are not covered under the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Exclusive agent</s>
<|assistant|>
Exclusive agent – An agent who markets insurance for a single company; also called captive agent."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Exclusive remedy doctrine</s>
<|assistant|>
Exclusive remedy doctrine – One of the precepts upon which the workers’ compensation system was founded; stipulates that the only means available to employees to receive compensation from employers for injuries covered by workers’ compensation laws is through the benefits mandated by those laws."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Exculpatory</s>
<|assistant|>
Exculpatory – An agreement altering tort and contract law. Commonly used in waivers to protect one party against injury suits from another party while participating in activities that may prove inherently dangerous."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Expense loading</s>
<|assistant|>
Expense loading – The part of the final rate intended to cover the insurance carrier’s expenses and allow for some underwriting profit."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Expense ratio</s>
<|assistant|>
Expense ratio – Ratio that indicates the cost of doing business; it is calculated by dividing the amount of underwriting expenses by the amount of written premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Experience modification factor</s>
<|assistant|>
Experience modification factor – In experience rating, the factor applied to reduce the premium when loss experience is better than expected."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Experience rating</s>
<|assistant|>
Experience rating – Type of merit rating that determines premium based on previous loss experience."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Exports</s>
<|assistant|>
Exports – Category of the nationwide definition that includes risks eligible for ocean marine insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Exposure</s>
<|assistant|>
Exposure – A condition or situation that presents a possibility of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Express authority</s>
<|assistant|>
Express authority – Legal doctrine that states that an agent has the authority specifically given to the agent, either orally or in writing, by the principal."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Express contract</s>
<|assistant|>
Express contract – An express contract is one that has been reduced to writing; however, some oral contracts may be given the weight of express contracts provided all requirements of a contract are present (offer, acceptance, consideration, etc.)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Extended reporting period (ERP)</s>
<|assistant|>
Extended reporting period (ERP) – Period of time provided by the claims-made commercial general liability coverage form during which coverage will be provided for claims made after the expiration date of the policy if certain conditions are met; the basic ERP runs 60 days and can be extended to five years; the supplemental ERP runs for an unlimited duration, but is available only by endorsement for an additional premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Extortion-Commercial entities endorsement</s>
<|assistant|>
Extortion-Commercial entities endorsement – Endorsement used with the commercial crime policy that covers loss of money, securities, and other property when surrendered away from the premises as a result of a threat to do bodily harm to the insured, an employee or a relative of either who is being held captive."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Extra expense coverage form</s>
<|assistant|>
Extra expense coverage form – Commercial property coverage form that covers additional expenses incurred by the insured business to continue operations following a direct loss by a peril insured against."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Factual expectancy</s>
<|assistant|>
Factual expectancy – A situation in which a party experiences economic advantage if an insured event does not occur or economic harm if the event does occur."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fair access to insurance requirements</s>
<|assistant|>
Fair access to insurance requirements – (FAIR) plan Program established by law that makes property insurance available to insureds who might otherwise be uninsurable in the standard market."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fair Credit Reporting Act</s>
<|assistant|>
Fair Credit Reporting Act – Federal law that allows consumers who are denied insurance because of information contained in a credit report to be notified and allowed to obtain the information used in the report from the reporting agency."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Family risks</s>
<|assistant|>
Family risks – The unexpected illness, injury, leaving, or death of a family member."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Farm coverage</s>
<|assistant|>
Farm coverage – Part of the commercial package policy that provides property and liability insurance to farmers for both their personal and business exposures."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Federal Employers Liability Act (FELA)</s>
<|assistant|>
Federal Employers Liability Act (FELA) – Federal law that provides benefits to injured railroad workers who are exempt under state workers’ compensation laws."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fellow servant rule</s>
<|assistant|>
Fellow servant rule – Common law defense against liability that allowed employers to escape liability for injury to an employee if another employee’s carelessness had contributed to the loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fidelity bond</s>
<|assistant|>
Fidelity bond – Class of bonds that guarantees an employee’s honest discharge of duty; written to protect an insured from dishonest acts by employees."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fiduciary</s>
<|assistant|>
Fiduciary – Person who stands in a special relationship of trust to another person."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fiduciary bond</s>
<|assistant|>
Fiduciary bond – Type of surety bond that guarantees that a fiduciary will fulfill its obligations set forth by law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fiduciary liability policy</s>
<|assistant|>
Fiduciary liability policy – Insurance that protects people who manage private pension and employee benefit plans against liability for violation of the federal ERISA law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Field underwriting</s>
<|assistant|>
Field underwriting – Selection of clients by the agent in accordance with company standards."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
File and use</s>
<|assistant|>
File and use – Method of rate and form ratification used by some state insurance departments that allows a company to begin using forms or rates as soon as they are filed by the department; the department eventually reviews the filing and officially accepts or rejects it."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Filed form</s>
<|assistant|>
Filed form – Standardized inland marine form that can be written under the commercial inland marine coverage part of the commercial package policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Film coverage form</s>
<|assistant|>
Film coverage form – Filed commercial inland marine form that covers exposed motion picture film until production is complete and positive prints are made."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Final rate</s>
<|assistant|>
Final rate – The total of the loss cost plus the expense loading. Also know as gross rate."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Financial responsibility laws</s>
<|assistant|>
Financial responsibility laws – State laws that require owners or operators of autos to provide evidence that they have the funds to pay for automobile losses for which they might become liable. Insurance is the usual method for providing this evidence to the state."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Finite risk insurance plan</s>
<|assistant|>
Finite risk insurance plan – A risk financing plan that transfers a limited amount of risk to an insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
First party loss</s>
<|assistant|>
First party loss – Property insurance loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
First-named insured</s>
<|assistant|>
First-named insured – First person listed in the declarations as an insured; the first-named insured may have a higher level of duties or rights under the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Flammable liquids</s>
<|assistant|>
Flammable liquids – Defines liquids having a closed cup flashpoint below 100 degrees Fahrenheit and a vapor pressure not exceeding 40 pounds per square inch."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Flat cancellation</s>
<|assistant|>
Flat cancellation – Cancellation of a policy by the insured or the insurance company on its effective date."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Flex rating</s>
<|assistant|>
Flex rating – A hybrid between “file and use” and “use and file” regulations. In flex rating states, insurance carriers file a rate “range.” Rates can go up or down within that range without prior approval."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Floater</s>
<|assistant|>
Floater – Insurance policy that covers property wherever it is located."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Floor plan coverage form</s>
<|assistant|>
Floor plan coverage form – Filed commercial inland marine form that covers stock that is subject to a floor plan arrangement, where a dealer borrows money from a lender with which to pay for merchandise."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Force majeure</s>
<|assistant|>
Force majeure – A contractual provision that excuses a party from liability for the failure to comply with the provisions of the contract due directly to events beyond the control of that party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Foreign company</s>
<|assistant|>
Foreign company – An insurance company doing business in a state other than the one in which it is incorporated."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fortuitous loss</s>
<|assistant|>
Fortuitous loss – A loss that is accidental and unexpected."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fraternal Benefit Society</s>
<|assistant|>
Fraternal Benefit Society – An incorporated society or order, without capital stock, that is operated on the lodge system and is conducted solely for the benefit of its members and their beneficiaries and not for profit; Fraternal benefit societies offer insurance that is available only to members."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Fraud</s>
<|assistant|>
Fraud – A deliberate misrepresentation that causes harm; an all-out effort by one party to deceive and cheat the other."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Free along side</s>
<|assistant|>
Free along side – The seller is responsible for insuring the property until it is next to the ship prior to leaving."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Free on board</s>
<|assistant|>
Free on board – Two definitions apply. Internationally, FOB indicates that the seller insures the goods until they are loaded on the ship for transport. Domestically, FOB may be followed by other instructions; such as ‘FOB Destination,” meaning that the seller is responsible until the goods arrive at the final destination; or “FOB Dock,” making the seller responsible until they arrive at the dock named."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Freight insurance</s>
<|assistant|>
Freight insurance – Type of ocean marine insurance that protects the insured against the loss of shipping costs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Frequency</s>
<|assistant|>
Frequency – The probability or likelihood than an undesired event will occur or that it will occur more than once."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Functional replacement cost</s>
<|assistant|>
Functional replacement cost – Method to determine reimbursement for some losses, particularly those to antique, ornate, or custom construction; the damaged property is repaired or replaced with less expensive, but functionally equivalent, materials."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Functional valuation method</s>
<|assistant|>
Functional valuation method – A valuation method in which the insured is required to pay no more than the cost to repair or replace the damaged or destroyed property with property that is its functional equivalent."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Funded loss reserves</s>
<|assistant|>
Funded loss reserves – Cash is set aside specifically to pay for any loss or losses suffered by the entity. The funds are not intended for any other use or purpose."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Gap factor</s>
<|assistant|>
Gap factor – An increase in limit over the amount of the developed business income exposure to account for any unexpected increase in revenue and/or to provide a cushion against any unexpected extension in the period of restoration."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Garage coverage form</s>
<|assistant|>
Garage coverage form – Commercial auto coverage form that provides liability, garagekeepers, and physical damage coverages for vehicle dealers, including dealers that have repair operations on the business premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Garagekeepers insurance</s>
<|assistant|>
Garagekeepers insurance – Coverage that is part of the garage coverage form; covers a garage risk’s legal liability for customers’ autos in the care, custody, or control of the garage; at the insured’s option and for an additional premium, can also apply without regard to fault."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
General average loss</s>
<|assistant|>
General average loss – Ocean marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property (jettison); each party shares in the loss in proportion to his total interest in the property being transported."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
General conditions form</s>
<|assistant|>
General conditions form – Separate form that lists the conditions that apply to a policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
General contractor</s>
<|assistant|>
General contractor – An individual or entity with whom the principal/owner directly contracts to perform specified jobs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
General damages</s>
<|assistant|>
General damages – Type of compensatory damages that reimburse the injured party for such things as pain and suffering and disfigurement."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
General exclusion classifications</s>
<|assistant|>
General exclusion classifications – These are the opposite of “standard exception” classes. General exclusion class activities are completely unexpected and are not considered part of the analogy of the governing classification of most operations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
General inclusion classifications</s>
<|assistant|>
General inclusion classifications – Some activities are considered to be an integral part of the business’ operations thus the payroll of the individuals engaged in these activities is included in the governing classification."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Ghost policy</s>
<|assistant|>
Ghost policy – A a workers compensation policy written for an unincorporated business with no employees and which does not extend coverage to the business’ owner(s), or an incorporated business that excludes the officers."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Hazard</s>
<|assistant|>
Hazard – Something that increases the chance of loss or a source of danger. A hazard increases the frequency and/or severity of a loss. There are five types of hazards with which insureds and insurers must concern themselves: Physical Hazard, Moral Hazard, Morale Hazard, Legal Hazard & Information Hazard."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Hazard analysis</s>
<|assistant|>
Hazard analysis – A method of analysis the identifies conditions that increase the frequency or severity of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Health insurance</s>
<|assistant|>
Health insurance – Line of insurance that protects the insured against financial loss due to medical bills."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Hedging</s>
<|assistant|>
Hedging – A financial maneuver intended to avoid wide fluctuations in value or “insure” against total financial ruin should an investment prove poor."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Hired and nonowned auto liability endorsement</s>
<|assistant|>
Hired and nonowned auto liability endorsement – Businessowners policy endorsement used to cover hired or nonowned autos used by the business."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Hold harmless agreement</s>
<|assistant|>
Hold harmless agreement – Contractual arrangement where one party assumes the liability of a situation and relieves the other party of responsibility."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Home day care coverage endorsement</s>
<|assistant|>
Home day care coverage endorsement – Homeowners policy endorsement used to provide coverage for home daycare businesses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Homeowners policy</s>
<|assistant|>
Homeowners policy – Personal multiline policy for homeowners that includes both property and liability coverages; there are different forms that provide varying degrees of property coverage; liability coverage is the same in all forms."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Hull insurance</s>
<|assistant|>
Hull insurance – Ocean marine insurance that provides coverage for physical damage to the ship."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Human Perils</s>
<|assistant|>
Human Perils – Theft, vandalism, negligence, regulation, poor design or production, etc. An increase in the probability of loss because of a person or persons."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Implied authority</s>
<|assistant|>
Implied authority – Authority given by the principal to the agent that is not formally expressed or communicated."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Implied contract</s>
<|assistant|>
Implied contract – Implied contracts are oral or “understood” agreements or promises between parties generally created by actions or the assumed intentions of the parties or the surrounding circumstances."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Implied warranties</s>
<|assistant|>
Implied warranties – In ocean marine insurance, warranties that are not written into the policy, but have become a part of the policy by custom."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Imports</s>
<|assistant|>
Imports – Category of the nationwide definition that includes risks eligible for ocean marine insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
In the course</s>
<|assistant|>
In the course – A function of the timing and location of the injury or illness."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Incidental occupancy</s>
<|assistant|>
Incidental occupancy – A business conducted in a dwelling used primarily as a residence with no other businesses operating on the same premises; individual insurers have specific guidelines about the types of incidental businesses permitted, but examples include business or professional offices and private schools or instructional studios."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Income risks</s>
<|assistant|>
Income risks – Differs based on who is subject to the risk. Individuals require a certain amount of cash to live at a specified level. Organizations require cash to operate effectively and efficiently."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Incompetent party</s>
<|assistant|>
Incompetent party – Someone who lacks sufficient mental capacity to enter a contract. This includes someone who has not reached a specific age (or marital status) as defined by specific state or federal statute."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Incurred losses</s>
<|assistant|>
Incurred losses – One of the components used to calculate the loss ratio; it includes paid losses and certain expenses associated with claim handling."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Indemnify</s>
<|assistant|>
Indemnify – To return the insured, as closely as possible, to the same financial condition that existed prior to the loss or would have existed had no loss occurred without enrichment or improved position."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Indemnitor</s>
<|assistant|>
Indemnitor – The party called on to respond financially. This can include the “Transferee” or an insurance company."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Indemnity</s>
<|assistant|>
Indemnity – Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he occupied before the loss occurred, no better or no worse."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Indemnity agreement</s>
<|assistant|>
Indemnity agreement – An agreement that transfers the financial risk of a particular activity from one party to another party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Independent adjuster</s>
<|assistant|>
Independent adjuster – Claim handler who works independently instead of for a particular insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Independent agent</s>
<|assistant|>
Independent agent – Agent who represents many insurance companies, rather than a single company; also called a nonexclusive agent."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Independent contractor</s>
<|assistant|>
Independent contractor – Are generally engaged to perform operations not within the usual trade or business of the principal and such tasks are contract-specific."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Indirect loss</s>
<|assistant|>
Indirect loss – Loss that is the result or consequence of a direct loss; also called a consequential loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Individual named insured endorsement</s>
<|assistant|>
Individual named insured endorsement – Commercial auto endorsement that provides coverage similar to that provided under the personal auto policy to family members of the named insured while using any auto."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Inflation guard protection</s>
<|assistant|>
Inflation guard protection – A method of protecting against inflation by increasing the limit for covered property by a specified percentage over the policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Information hazard</s>
<|assistant|>
Information hazard – Relates to the individual’s use of money and/or time, and the possible loss of both."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Inland marine insurance</s>
<|assistant|>
Inland marine insurance – Form of insurance originally designed as an extension of ocean marine coverage to insure transportation of goods over land; today it covers a variety of portable property, in addition to goods in transit; available as personal or commercial insurance; commercial inland marine insurance can be included in the commercial package policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Installation policy</s>
<|assistant|>
Installation policy – Nonfiled commercial inland marine policy that covers loss to machinery, equipment, building materials, and supplies in transit to or being used with or during the course of installation, testing, building, renovating, or repair."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Instrumentalities of transportation and communication</s>
<|assistant|>
Instrumentalities of transportation and communication – Category of the nationwide definition that includes a variety of forms closely related to transportation or communication, such as bridges, pipelines, and television towers."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurable business income</s>
<|assistant|>
Insurable business income – The amount of business income used to calculate the business income premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurable interest</s>
<|assistant|>
Insurable interest – Any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance from loss or destruction or financial damage or impairment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurable risks</s>
<|assistant|>
Insurable risks – Four “primary” elements and three “necessary” elements are required for a particular risk to be considered insurable. The four primary elements are: 1) a financial loss; 2) static risk; 3) particular/individual risk; and 4) pure risk. The three necessary elements are: 1) a large number of homogeneous exposures; 2) the loss is definite in time and place; and 3) the loss is unforeseen or accidental."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance</s>
<|assistant|>
Insurance – Contract or device for transferring the risk of loss from a person, business, or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance commissioner</s>
<|assistant|>
Insurance commissioner – Head official of a state insurance department; may also be called an Insurance Director or Insurance Superintendent."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance department</s>
<|assistant|>
Insurance department – State department charged with controlling insurance matters within the state."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance guaranty association</s>
<|assistant|>
Insurance guaranty association – State funds created by law that pay claims of insurers domiciled in that state that become insolvent; funds are generated by making assessments against other insurers operating in the state."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance securitization</s>
<|assistant|>
Insurance securitization – The process of creating a marketable insurance-linked security based on the cash flows that arise from the transfer of insurable risks."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance Services Office (ISO)</s>
<|assistant|>
Insurance Services Office (ISO) – Organization established for the benefit of its member insurance companies and other subscriber companies; ISO gathers statistics, provides loss costs, drafts policy forms and coverage provisions, and conducts inspections for rate-making purposes."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insurance to value</s>
<|assistant|>
Insurance to value – Insurance written for an amount approximating the full value of the asset(s) insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insured contract</s>
<|assistant|>
Insured contract – Term used in the CGL and businessowners liability forms to describe contracts for which contractual liability coverage is available under the policy, such as leases, sidetrack agreements, and elevator maintenance agreements; also called incidental contract."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Insuring agreement</s>
<|assistant|>
Insuring agreement – Section of an insurance policy that describes what is covered and the perils the policy insures against."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Intangible property</s>
<|assistant|>
Intangible property – Property that has no physical form."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Intellectual property</s>
<|assistant|>
Intellectual property – Creations of the mind including inventions, writings, designs, and trade secrets."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Interchange of labor rule</s>
<|assistant|>
Interchange of labor rule – Applicability of this rule varies by state; some states only allow its use in the construction, erection or stevedoring classes of business while other states permit the interchange of labor rule to apply to any type of business operation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Interline endorsement</s>
<|assistant|>
Interline endorsement – An endorsement that modifies two or more lines of insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Intermediate transfer</s>
<|assistant|>
Intermediate transfer – The transferee agrees to accept the financial consequences of occurrences caused in whole or in part by its negligence. This includes if the transferor or another entity contributes to the loss in some way."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Intervening act</s>
<|assistant|>
Intervening act – An act that is or should be reasonably foreseeable and thus does not relieve the original wrongdoer of his liability for the injury because the intervening act may be part of the chain of events leading to injury or damage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Intervening cause</s>
<|assistant|>
Intervening cause – An independent action that breaks the chain of causation and sets in motion a new chain of events; when this occurs, the intervening cause becomes the proximate cause; can serve as a common law defense against liability."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Intestacy</s>
<|assistant|>
Intestacy – An individual, owning property in excess of debts and expenses (a positive net worth), who dies without a legally binding will or declaration."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Inverse condemnation</s>
<|assistant|>
Inverse condemnation – A governmental action that diminishes or practicality removes all value of an individual’s property without just compensation"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Invitee</s>
<|assistant|>
Invitee – A person invited onto a premises for some purpose involving potential benefit to the property owner."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Jettison</s>
<|assistant|>
Jettison – A voluntary action to rid a ship of cargo to prevent further damage or peril. Jettison is a covered peril in ocean marine policies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Jewelers block coverage form</s>
<|assistant|>
Jewelers block coverage form – Filed commercial inland marine form for jewelers that covers the insured’s stock in trade and the property of others while it is on or off the premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Joint ownership coverage endorsement</s>
<|assistant|>
Joint ownership coverage endorsement – Personal auto policy endorsement that allows the policy to be issued to two or more persons who live in the same household or two or more individuals who are related in another way besides husband and wife."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Jones Act</s>
<|assistant|>
Jones Act – Federal law that allows members of ships’ crews to sue their employer/ship owner at common law for injuries caused by the employer’s/ship owner’s negligence."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Judgment rating</s>
<|assistant|>
Judgment rating – Method of rating that establishes premiums based on a careful evaluation of each individual risk without the use of manuals or tables."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Judicial bond</s>
<|assistant|>
Judicial bond – Category of surety bond that guarantees that the principal will fulfill certain obligations set forth by law-includes fiduciary bonds and court bonds."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Jurisdictional authority rule</s>
<|assistant|>
Jurisdictional authority rule – States using this as the measure of major damage allow the authority having jurisdiction (the local government) to decide when a damaged building must be brought into compliance with the current building code."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Large deductible plan</s>
<|assistant|>
Large deductible plan – An insurance policy with a per occurrence or per accident deductible of $100,000 or more."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Last clear chance</s>
<|assistant|>
Last clear chance – A doctrine in tort law applicable in jurisdictions that subscribe to the contributory negligence doctrine. Last clear chance allows a plaintiff that is contributory negligent to recover if he is able to prove that the defendant (most at-fault party) had the last opportunity to avoid the accident."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Law of large numbers</s>
<|assistant|>
Law of large numbers – Principle that states that the more examples used to develop any statistic, the more reliable the statistic will be."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Leader location</s>
<|assistant|>
Leader location – These can include anchor stores, sports and entertainment venues and other such operations or entities that draw customers to the area or drive them to the insured location."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Legal hazard</s>
<|assistant|>
Legal hazard – Increased likelihood that a loss will occur because of court actions. Characterized by a jury awarding larger-than-normal amounts because they think the at-fault party has “deep pockets.”"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Legal liability</s>
<|assistant|>
Legal liability – Liability imposed by the courts (common law) or by statute on any person or entity responsible for the financial injury or damage suffered by another person, group, or entity."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Legal liability coverage form</s>
<|assistant|>
Legal liability coverage form – Commercial property coverage form that covers the insured for liability arising out of negligent damage to the property of others while it is in the insured’s care, custody, or control."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Legal person</s>
<|assistant|>
Legal person – A legal fiction, a “person” created by statute and “born” with the filing of articles of incorporation (or organization)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Legal purpose</s>
<|assistant|>
Legal purpose – One of the characteristics of a legal contract; means that contracts are only enforceable if they are not obviously illegal, immoral, or against the public good."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Legal risks</s>
<|assistant|>
Legal risks – Uncertainty surrounding courts, contracts, torts, and negligence."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Liability insurance</s>
<|assistant|>
Liability insurance – Type of insurance that protects an insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Liability loss exposure</s>
<|assistant|>
Liability loss exposure – Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for an injury or damage suffered by another part."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Libel/Slander</s>
<|assistant|>
Libel/Slander – False statements broadcast about a person as fact not opinion. These statements do not have to be made with the intent to harm or shame to allow for a tort claim; but if done with malice, the injured party can sue for general damages in addition to special damages. Libelous statements are generally written or broadcast through the media (television, radio and the Internet) while slander deals with the spoken word (it doesn’t linger and is generally directed to a known audience). Both terms can be classified as “defamation.”"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Liberalization condition</s>
<|assistant|>
Liberalization condition – Condition found in property insurance contracts that provides that if the insurer broadens coverage under a policy form or endorsement without requiring an additional premium, then all existing similar policies or endorsements will be construed to contain the broadened coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
License and permit bond</s>
<|assistant|>
License and permit bond – Type of surety bond that is sometimes required in connection with the issuance of licenses by government agencies. They guarantee that the person who posts the bond will comply with all applicable laws pertaining to their activities."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Licensee</s>
<|assistant|>
Licensee – Person on the premises with the property owner’s consent but for the sole benefit of the visitor."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Life insurance</s>
<|assistant|>
Life insurance – Insurance that pays a stipulated sum to a designated beneficiary upon the death of the insured; protects the insured’s beneficiary against the financial consequences of the insured’s premature death."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Life safety</s>
<|assistant|>
Life safety – The portion of fire safety that focuses on the minimum building design, construction, operation and maintenance requirements necessary to assure occupant of a safe exit from the burning portion of the building."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Limitations</s>
<|assistant|>
Limitations – Policy language that eliminates or reduces coverage under certain circumstances or when specified conditions apply."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Limited Liability Company (LLC)</s>
<|assistant|>
Limited Liability Company (LLC) – A hybrid legal entity combining the advantages (mostly tax-based) of a partnership and the liability protection offered by a corporation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Limited transfer</s>
<|assistant|>
Limited transfer – The narrowest level of contractual risk transfer. The transferee only accepts the financial consequences of loss resulting from his/its sole negligence"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Liquidated damages</s>
<|assistant|>
Liquidated damages – A contractual agreement requiring one party to pay another a specified amount if certain contractual provisions are violated or are not completed."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Liquidity risk</s>
<|assistant|>
Liquidity risk – The risk that an asset cannot be sold on short notice without incurring a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Liquor liability coverage form</s>
<|assistant|>
Liquor liability coverage form – CGL coverage form that provides coverage for liquor liability excluded by standard CGL policies for those who are in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Livestock coverage form</s>
<|assistant|>
Livestock coverage form – Farm coverage form used to provide separate coverage for livestock."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Lloyd’s Association</s>
<|assistant|>
Lloyd’s Association – A voluntary association of individuals or groups of individuals who agree to share in insurance contracts; each individual or syndicate is individually responsible for the amounts of insurance they write."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Longshore and Harbor Workers’ Compensation Act coverage endorsement</s>
<|assistant|>
Longshore and Harbor Workers’ Compensation Act coverage endorsement – Endorsement used with the Workers’ Compensation and Employers Liability policy that covers the additional benefits required by federal law for maritime workers injured while working on navigable waters or shore-site areas."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss</s>
<|assistant|>
Loss – Disadvantage or deprivation resulting from an unfavorable incident."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss cost</s>
<|assistant|>
Loss cost – Factor used in figuring insurance rates that represents how much an insurance company needs to collect to cover expected losses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss exposure</s>
<|assistant|>
Loss exposure – A term used to describe the loss potential of a particular insured. Includes property, liability, and employee risk."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss frequency</s>
<|assistant|>
Loss frequency – The number of losses that occur within a specified period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss limit</s>
<|assistant|>
Loss limit – The level at which a loss occurrence is limited for the purpose of calculating a retrospectively rated premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss prevention</s>
<|assistant|>
Loss prevention – Taking measures to prevent the loss from happening in the first place."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss provisions</s>
<|assistant|>
Loss provisions – General term used to describe policy conditions that specify what the insured and insurer must do after a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss ratio</s>
<|assistant|>
Loss ratio – Method used to determine an insurance company’s success in covering current losses out of current premium income; determined by dividing incurred losses by earned premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss reduction</s>
<|assistant|>
Loss reduction – Taking steps to reduce the amount of damage a loss may cause."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss severity</s>
<|assistant|>
Loss severity – The amount of loss, typically measured in dollars, for a loss that occurred."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss sustained during prior insurance condition</s>
<|assistant|>
Loss sustained during prior insurance condition – Condition found in loss sustained version of the commercial crime forms that allows losses that occurred during a prior policy period to be covered under the current policy if certain conditions are met."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Loss sustained form</s>
<|assistant|>
Loss sustained form – Commercial crime form that covers losses that are sustained during the policy period and discovered either during the policy period or up to one year after the policy expires."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mail coverage form</s>
<|assistant|>
Mail coverage form – Filed commercial inland marine form that covers property in transport by registered mail, first class mail, certified mail, or express mail."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Major damage</s>
<|assistant|>
Major damage – The amount of damage required for the jurisdictional authority to require the structure be brought into compliance with the current building code."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Majority interest</s>
<|assistant|>
Majority interest – Created when the same person or group of person(s) combine to own more than 50 percent of an entity"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Malpractice insurance</s>
<|assistant|>
Malpractice insurance – Term used to describe professional liability insurance issued to medical professionals or institutions."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Management</s>
<|assistant|>
Management – Planning, organizing, leading, and controlling people or activities towards a specific goal."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Manual rating</s>
<|assistant|>
Manual rating – Method of premium determination that uses rates based on collected statistics. The rates, which apply per unit of insurance, are published in manuals; also called class rating."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Manufacturing location</s>
<|assistant|>
Manufacturing location – A dependent property location that manufactures products for delivery to your customers under contract of sale."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Manuscript form</s>
<|assistant|>
Manuscript form – An insurance form that is drafted according to the terms negotiated between a specific insured (or group of insureds) and and insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Market risk</s>
<|assistant|>
Market risk – Uncertainty about an investment’s future value because of potential changes in the market for that type of investment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Market value</s>
<|assistant|>
Market value – The amount property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Material fact</s>
<|assistant|>
Material fact – A fact that would cause an insurer to decline a risk, charge a different premium, or change the provisions of the policy that was issued."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Maximum coinsurance percentage</s>
<|assistant|>
Maximum coinsurance percentage – Number of months required to accomplish the four period of restoration objectives / 12 (the number of months in a year)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Maximum possible loss</s>
<|assistant|>
Maximum possible loss – Maximum possible loss is the “worst case scenario” and the most pessimistic view – the entire building and everything inside could be destroyed."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Maximum probable loss</s>
<|assistant|>
Maximum probable loss – Maximum probable loss is inversely proportional to the size of a structure and the effectiveness of any protective safeguards."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
MCS-90 endorsement</s>
<|assistant|>
MCS-90 endorsement – Endorsement attached to the truckers coverage form to provide public liability coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Merit rating</s>
<|assistant|>
Merit rating – Method of determining premiums where a manual rate is modified to reflect the risk’s unique characteristics."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Messenger</s>
<|assistant|>
Messenger – As defined in crime insurance forms, an insured, partner, or employee who has care and custody of insured property outside the premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Miscellaneous type vehicle endorsement</s>
<|assistant|>
Miscellaneous type vehicle endorsement – Personal auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy, such as motorcycles, motor homes, golf carts, mopeds, and other recreational vehicles."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Misrepresentation</s>
<|assistant|>
Misrepresentation – Written or verbal misstatement of a material fact involved in the contract on which the insurer relies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mobile agricultural machinery and equipment coverage form</s>
<|assistant|>
Mobile agricultural machinery and equipment coverage form – Farm coverage form that provides separate coverage for a farmer’s mobile agricultural machinery and equipment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mobile equipment endorsement</s>
<|assistant|>
Mobile equipment endorsement – Commercial auto endorsement that makes mobile equipment considered a covered auto for coverage purposes."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mobile home insurance</s>
<|assistant|>
Mobile home insurance – Coverage that protects both a mobile home structure and its contents; some companies have mobile home package policies that provide property and liability insurance for owners of mobile homes. In addition, there is a mobile homeowners endorsement that can be attached to an HO-2 or HO-3 to modify coverage for mobile homeowners."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Modular policy</s>
<|assistant|>
Modular policy – An insurance policy that consists of several different documents, non of which by itself forms a complete policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Monoline company</s>
<|assistant|>
Monoline company – Insurance company that writes a single line of insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Monoline policy</s>
<|assistant|>
Monoline policy – Insurance policy that provides one type of insurance coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Monopolistic state fund</s>
<|assistant|>
Monopolistic state fund – Method of providing workers’ compensation coverage used in some states; employers must purchase workers’ compensation insurance from a state fund; private insurance companies are not allowed to compete."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Monopolistic states</s>
<|assistant|>
Monopolistic states – Employers can purchase a workers’ compensation policy only from the state. Only four monopolistic states are still in operation: North Dakota, Ohio, Washington and Wyoming."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Moral hazard</s>
<|assistant|>
Moral hazard – Hazard created by an individual who would be willing to create a loss situation on purpose just to collect from the insurance company."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Morale hazard</s>
<|assistant|>
Morale hazard – Hazard created by an individual’s tendency to contribute to a loss through his own irresponsible actions or carelessness."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mortgage condition</s>
<|assistant|>
Mortgage condition – Condition found in property insurance policies that specifies the rights and duties of the mortgagee under the policy; also called the loss payable condition."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mortgagee rights</s>
<|assistant|>
Mortgagee rights – Rights granted to a mortgagee under a property contract issued to a mortgagor by virtue of the mortgagee’s financial interest in the property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Motor Carrier Act of 1980</s>
<|assistant|>
Motor Carrier Act of 1980 – Federal regulation that requires truckers and other commercial carriers to certify they are able to meet financial obligations if they become liable for injury or damage arising from their trucking operations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Motor carrier coverage form</s>
<|assistant|>
Motor carrier coverage form – Commercial auto coverage form that is an alternate to the truckers coverage form; it can be used to cover anyone who transports property by auto in a commercial enterprise."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Motor truck cargo policy</s>
<|assistant|>
Motor truck cargo policy – Nonfiled commercial inland marine policy that protects a carrier against its liability for damage to domestic shipments in its custody."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Multiline company</s>
<|assistant|>
Multiline company – Insurance company that writes more than one line of insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mutual company</s>
<|assistant|>
Mutual company – Insurance company owned by its policyholders; the policyholders share in profits made by the company through dividends or reductions in future premiums."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Mysterious disappearance</s>
<|assistant|>
Mysterious disappearance – Vanishing of property with no explanation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Name schedule bond</s>
<|assistant|>
Name schedule bond – Type of fidelity bond that covers loss only from named employees."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Named insured</s>
<|assistant|>
Named insured – Person, business, or other entity named in the declarations to whom the policy is issued."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Named nonowner coverage endorsement</s>
<|assistant|>
Named nonowner coverage endorsement – Personal auto policy endorsement that provides coverage for the use of nonowned autos to individuals who do not own a car."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Named peril</s>
<|assistant|>
Named peril – Named peril policies specifically list the causes of loss covered by the policy. If the cause is not listed, there is no coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Named peril policy</s>
<|assistant|>
Named peril policy – Insurance policy that insures only against perils specifically listed in the policy; also called specified peril policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
National Association of Insurance Commissioners (NAIC)</s>
<|assistant|>
National Association of Insurance Commissioners (NAIC) – Organization made up of individual state insurance commissioners whose purpose is to promote uniformity in regulation by drafting model laws and regulations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
National flood insurance program</s>
<|assistant|>
National flood insurance program – Program run by the federal government that makes flood insurance available to eligible communities at subsidized rates; includes coverage for both buildings and personal property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Nationwide definition</s>
<|assistant|>
Nationwide definition – Document that categorizes and classifies risks that are eligible for ocean or inland marine insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Natural perils</s>
<|assistant|>
Natural perils – Fire, lightning, flood, wind, etc."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Natural person</s>
<|assistant|>
Natural person – A flesh and blood human being."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Negligence</s>
<|assistant|>
Negligence – The lack of reasonable care that is required to protect others from the unreasonable chance of harm."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Negligence per se</s>
<|assistant|>
Negligence per se – A breach of duty because the law says it is."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Negligent conduct</s>
<|assistant|>
Negligent conduct – Failure to act or behave in the manner a reasonably prudent person would act in the same situation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Net income loss exposure</s>
<|assistant|>
Net income loss exposure – A condition that presents the possibility of loss caused by a reduction in net income."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
No benefit to bailee condition</s>
<|assistant|>
No benefit to bailee condition – Condition found in some property insurance contracts that states that a bailee is not covered under an insured’s policy while the bailee has possession of the insured’s property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
No-fault insurance</s>
<|assistant|>
No-fault insurance – Form of automobile insurance where each insurance company pays the damages of its own insureds, regardless of who was at fault for the accident; no-fault insurance has been enacted in several states."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-admitted insurer</s>
<|assistant|>
Non-admitted insurer – Company that is not authorized to do business in a particular state; also called an unauthorized insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-concurrency</s>
<|assistant|>
Non-concurrency – Situation that exists when the same property is covered by more than one policy, but the policies are not identical as to the extent of coverage provided."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-delegable duty</s>
<|assistant|>
Non-delegable duty – A requirement placed on one individual or entity by reason of relationship which cannot be passed to a third party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-filed form</s>
<|assistant|>
Non-filed form – Type of commercial inland marine form that is not standardized and cannot be included in the commercial inland marine coverage part of the commercial package policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-renewal</s>
<|assistant|>
Non-renewal – Decision made by an insured or insurance company to not continue coverage for another policy period after the current policy period expires."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-reporting policy</s>
<|assistant|>
Non-reporting policy – Type of insurance policy for which a flat premium is charged every time the policy is renewed."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Non-special flood hazard Area</s>
<|assistant|>
Non-special flood hazard Area – Non-special flood hazard areas are historically delineated with “B,” “C” or “X.” These are considered areas of moderate or minimal flooding hazard, generally only expected to flood in times of severe storms and weather conditions or when drainage problems exist."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Normal bad debt</s>
<|assistant|>
Normal bad debt – The amount of bad debt usual and customary to a particular business."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Objective risk</s>
<|assistant|>
Objective risk – The measurable variation in uncertain outcomes based on facts and data."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Obligee</s>
<|assistant|>
Obligee – In bonds, the party to whom the principal makes the promise and for whose protection the bond is written."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Occupational</s>
<|assistant|>
Occupational – An injury arising out of and in the course and scope of employment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Occupational disease</s>
<|assistant|>
Occupational disease – Illness directly attributable to work conditions and exposures; such injury or illness must arise out of and in the course and scope of employment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Occurrence</s>
<|assistant|>
Occurrence – A loss that occurs at a specific time and place or over a period of time."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Occurrence form</s>
<|assistant|>
Occurrence form – Commercial general liability coverage form that covers bodily injury or property damage that occurs during the policy period, regardless of when the claim is made."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Ocean marine insurance</s>
<|assistant|>
Ocean marine insurance – Insurance designed to provide broad coverage for cargo and ships in transit over sea; includes cargo insurance, hull insurance, freight insurance, and protection and indemnity insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Offer and acceptance</s>
<|assistant|>
Offer and acceptance – One of the elements of a legal contract; means that a contract must involve two parties: one who makes an offer and another who accepts the offer; also called agreement."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Open competition</s>
<|assistant|>
Open competition – Method of rate and form regulation used by some state insurance departments that allows insurance companies to compete openly with the forms and rates they select, subject only to requirements of adequacy and nondiscrimination."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Open peril policy</s>
<|assistant|>
Open peril policy – Insurance policy that protects the insured from losses caused by any peril that is not specifically excluded by the policy; also called all risk and special coverage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Operational capability</s>
<|assistant|>
Operational capability – An entity’s ability to operate at or near pre-loss production or sales capacity."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Operational continuity</s>
<|assistant|>
Operational continuity – The ability of the business to continue to operate and produce some amount of goods or services following a loss-induced business suspension."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Operational risks</s>
<|assistant|>
Operational risks – Uncertainty surrounding the ability to produce or provide the goods or services promised; the ability to satisfy the customer; and the continuation of a good reputation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Optional limits transportation expenses coverage endorsement</s>
<|assistant|>
Optional limits transportation expenses coverage endorsement – Personal auto policy endorsement that allows the insured to select the daily and maximum limits of coverage provided for transportation and loss of use expenses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Ordinance or law coverage endorsement</s>
<|assistant|>
Ordinance or law coverage endorsement – Endorsement used with the commercial property coverage part to provide coverage for demolition costs and increased construction costs required or regulated by law or ordinance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Ordinary employee</s>
<|assistant|>
Ordinary employee – These are employees not classified as officers, executives, department managers, employees under contract or any specifically listed employee or job description./p>"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Ordinary payroll</s>
<|assistant|>
Ordinary payroll – Payroll of ordinary employees."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Other insurance condition</s>
<|assistant|>
Other insurance condition – Policy condition that sets out how any other insurance that applies to the same loss will affect reimbursement under the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Outboard motor and boat insurance</s>
<|assistant|>
Outboard motor and boat insurance – Insurance against physical damage to boats; usually provided by inland marine forms."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Owners and contractors protective liability coverage form</s>
<|assistant|>
Owners and contractors protective liability coverage form – Commercial general liability coverage form that covers claims caused by the negligence of a contractor or subcontractor hired by the insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Package policy</s>
<|assistant|>
Package policy – Policy that includes more than one type of insurance coverage; also called a multiline policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pair or set condition</s>
<|assistant|>
Pair or set condition – Loss settlement condition found in property insurance contracts that states that when part of a set is damaged or destroyed, the insured will not be reimbursed for the value of the entire set; various methods are used to determine the amount of reimbursement."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Parcel post policy</s>
<|assistant|>
Parcel post policy – Nonfiled commercial inland marine policy that covers mail sent by parcel post."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Particular average loss</s>
<|assistant|>
Particular average loss – In ocean marine insurance, any partial loss that does not arise from a general sacrifice of property (jettison)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Payment bond</s>
<|assistant|>
Payment bond – Type of surety bond that guarantees bills for labor and materials will be paid to the contractor as they are due; also called labor and materials bond."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Peak season endorsement</s>
<|assistant|>
Peak season endorsement – Endorsement attached to the commercial property coverage part to provide increased coverage during particular seasons of the year when the insured’s inventory is at higher levels than usual."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Performance bond</s>
<|assistant|>
Performance bond – Type of surety bond that guarantees that jobs will be completed by the contractor according to the contract specifications."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Peril</s>
<|assistant|>
Peril – The cause of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Perils of the sea</s>
<|assistant|>
Perils of the sea – Perils to which property in transit by water is exposed; includes unusual action of wind or waves, stranding, lightning, collision, and sinking."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Permitted incidental occupancies endorsement</s>
<|assistant|>
Permitted incidental occupancies endorsement – Homeowners policy endorsement that covers the insured’s business activities conducted on the residence premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal articles form</s>
<|assistant|>
Personal articles form – Personal inland marine form that provides scheduled coverage for nine optional classes of personal property: jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections, and coin collections."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal auto policy</s>
<|assistant|>
Personal auto policy – Auto policy that provides property and liability coverage for both owned and nonowned autos used, maintained, or operated by the insured and her family members."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal contract</s>
<|assistant|>
Personal contract – One of the characteristics of an insurance contract; means that an insurance contract insures a person, not property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal effects form</s>
<|assistant|>
Personal effects form – Personal inland marine form that covers an insured’s personal belongings, such as baggage, while traveling."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal injury</s>
<|assistant|>
Personal injury – Injury other than bodily injury arising out of such things as libel, slander, false arrest, wrongful entry, violation of privacy, and malicious prosecution."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal injury endorsement</s>
<|assistant|>
Personal injury endorsement – Homeowners policy endorsement that modifies the definition of bodily injury to include personal injury."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal liability and medical payments to others endorsement</s>
<|assistant|>
Personal liability and medical payments to others endorsement – Endorsement to the dwelling policy that provides liability coverage similar to that provided by Section II of the homeowners policy; may also be purchased as a separate policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal lines</s>
<|assistant|>
Personal lines – Insurance coverages that protect individuals and their families."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal loss exposure</s>
<|assistant|>
Personal loss exposure – Any condition or situation that presents the possibility of a financial loss to an individual or a family by such causes as death, sickness, injury or unemployment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal property</s>
<|assistant|>
Personal property – All tangible or intangible property that is not real property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal property floater risks</s>
<|assistant|>
Personal property floater risks – Category of the nationwide definition that includes risks eligible for personal inland marine insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal property form</s>
<|assistant|>
Personal property form – Personal inland marine form that provides open peril coverage for personal property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal property replacement cost endorsement</s>
<|assistant|>
Personal property replacement cost endorsement – Homeowners policy endorsement that adds replacement cost coverage for personal property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personal yacht insurance</s>
<|assistant|>
Personal yacht insurance – Type of personal watercraft policy written for large pleasure boats."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Personnel loss exposure</s>
<|assistant|>
Personnel loss exposure – A condition that presents the possibility of loss caused by a person’s death, disability, retirement or resignation that deprives and organization of the person’s special skill or knowledge that the organization can’t readily replace."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Physical hazard</s>
<|assistant|>
Physical hazard – Hazard that arises from the condition, occupancy, or use of the property itself."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Physicians and surgeons equipment form</s>
<|assistant|>
Physicians and surgeons equipment form – Filed commercial inland marine form that covers medical instruments on and off the premises and furniture and fixtures at the doctor’s office against direct physical loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Policy</s>
<|assistant|>
Policy – An insurance contract."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Policy condition</s>
<|assistant|>
Policy condition – Any provision that qualifies an otherwise enforceable promise made in the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Policy jacket</s>
<|assistant|>
Policy jacket – Document used to assemble an insurance policy; contains general conditions or the declarations page, but provides no coverage in and of itself; a policy form must be attached to make it a complete policy; also called a skeleton policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Policy limit</s>
<|assistant|>
Policy limit – Maximum amount the insurance company will pay for a particular loss or for losses sustained during a period of time; also called limit of coverage, limit of insurance and limit of liability."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Policy period</s>
<|assistant|>
Policy period – The date and time specified in the declarations for when coverage begins and ends."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Policy territory</s>
<|assistant|>
Policy territory – Place where coverage under a policy applies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Polling letter</s>
<|assistant|>
Polling letter – A letter sent to all staff members who would or should have knowledge of any acts or omissions that could give rise to a claim requesting specific information about such acts or omissions."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pollution liability coverage extension endorsement</s>
<|assistant|>
Pollution liability coverage extension endorsement – Commercial general liability endorsement that provides coverage for BI and PD claims arising out of pollution losses; excludes coverage for pollution clean-up costs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pollution liability coverage form</s>
<|assistant|>
Pollution liability coverage form – CGL coverage form that provides certain pollution coverages that are excluded under the standard CGL; includes coverage for pollution clean-up costs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pollution liability-limited coverage form</s>
<|assistant|>
Pollution liability-limited coverage form – CGL coverage form that provides certain pollution coverages that are excluded under the standard CGL; does not include coverage for pollution clean-up costs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pool</s>
<|assistant|>
Pool – A group of organizations that band together to insure each other’s loss exposures."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Position schedule bond</s>
<|assistant|>
Position schedule bond – Fidelity bond that covers specifically named positions in the company, rather than the individuals who hold these positions."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Post-judgment interest</s>
<|assistant|>
Post-judgment interest – Interest accruing on a judgment after an award has been made, but before payment is made by the insurance company; usually covered as a supplementary payment in liability policies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Post-loss goals</s>
<|assistant|>
Post-loss goals – Risk management program goals that should be in place in the event of a significant loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pre-construction duties</s>
<|assistant|>
Pre-construction duties – Development and approval of the new building plans; advertising for, interviewing and selecting a general contractor; applying for and waiting on building permits; and scheduling and completing site clearance work."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pre-loss goals</s>
<|assistant|>
Pre-loss goals – Goals to be accomplished before a loss, involving social responsibility, externally imposed goals, reduction of anxiety and economy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pre-loss operational income</s>
<|assistant|>
Pre-loss operational income – The ability to generate revenues at the same level enjoyed prior to the suspension of operations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Prejudgment interest</s>
<|assistant|>
Prejudgment interest – Interest awarded to compensate a third party for interest he might have earned if compensation had been received at the time of injury or damage, rather than at the time of judgment."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Premature death</s>
<|assistant|>
Premature death – Death prior to or during the individual’s income producing or household contribution years."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Premises and operations</s>
<|assistant|>
Premises and operations – Business liability exposure arising out of the business location or the activities of the business; covered under the CGL."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Premium audit</s>
<|assistant|>
Premium audit – Survey of the insured’s financial records to gather information used to calculate the premium, such as exposures and limits."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Primary insurance</s>
<|assistant|>
Primary insurance – When two or more coverages or policies apply to the same loss, the one that pays first, up to its limit of liability or the amount of the loss, whichever is less."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Primary layer</s>
<|assistant|>
Primary layer – The first level of insurance coverage above any deductible."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Principal</s>
<|assistant|>
Principal – In bonds, the party who promises to do or not do a specific thing; in agency law, the person or company being represented."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Principal of indemnity</s>
<|assistant|>
Principal of indemnity – The principle that insurance policies should provide a benefit no greater than the loss suffered by an insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Prior approval</s>
<|assistant|>
Prior approval – Method of rate and form ratification used by some state insurance departments that requires a company to obtain official approval before using new forms or rates."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pro rata other insurance</s>
<|assistant|>
Pro rata other insurance – Method of handling insurance when more than one coverage applies to a loss; each coverage pays a portion of the loss in proportion to the relationship its limit of liability bears to the total limit of liability under all applicable insurance; also called contribution by limits."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pro rata reinsurance</s>
<|assistant|>
Pro rata reinsurance – The primary insurer cedes a predetermined percentage of the risk to the reinsurer. The reinsurer shares in the losses proportional to the premiums and limits reinsured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Probability</s>
<|assistant|>
Probability – The likelihood that an outcome or event will occur."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Probability analysis</s>
<|assistant|>
Probability analysis – A technique for forecasting events on the assumption that they are governed by an unchanging probability distribution."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Probability distribution</s>
<|assistant|>
Probability distribution – A presentation of probability estimates of a particular set of circumstances and of the probability of each possible outcome."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Producer</s>
<|assistant|>
Producer – General term used to describe someone who sells insurance, such as an agent, broker, or solicitor."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Production-related expenses</s>
<|assistant|>
Production-related expenses – Cost of goods sold (COGS); outside services resold; utility services that do not continue under contract; ordinary payroll; and special deductions for mining operations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Products and completed operations</s>
<|assistant|>
Products and completed operations – Business liability exposure arising out of defects in the company’s products or completed operations; covered by the CGL."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Products liability</s>
<|assistant|>
Products liability – Defective product design or manufacture which results in an injury makes the manufacturer strictly liable."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Professional liability</s>
<|assistant|>
Professional liability – Liability arising out of rendering or failing to render services of a professional nature."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Professional liability policy</s>
<|assistant|>
Professional liability policy – Insurance coverage issued to a professional that covers the rendering or failing to render services of a professional nature; policies are tailored to fit specific occupational needs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Proof of loss</s>
<|assistant|>
Proof of loss – Form completed by an insured after a loss that provides an official inventory of damages."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Property damage (PD)</s>
<|assistant|>
Property damage (PD) – Damage to or destruction of property, including loss of use of the property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Property insurance</s>
<|assistant|>
Property insurance – Line of insurance that includes many types of coverages designed to handle the risk that a person will suffer financial loss because something she owns is damaged or destroyed."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Property loss exposure</s>
<|assistant|>
Property loss exposure – A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage to a property in which the have a financial interest."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Property risks</s>
<|assistant|>
Property risks – Uncertainty surrounding real property, personal property, and intellectual property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Protected cell company (PCC)</s>
<|assistant|>
Protected cell company (PCC) – A corporate entity separated into cells so that each participating company owns an entire cell but only a portion of the overall company."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Protection and indemnity</s>
<|assistant|>
Protection and indemnity – Form of ocean marine liability insurance that covers a variety of types of liability, such as damage to cargo through negligence and damage to other property or another boat resulting from collision."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Protective safeguards endorsement</s>
<|assistant|>
Protective safeguards endorsement – Businessowners policy endorsement that requires the insured to maintain fire or security service on specified property as a condition of the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Proximate cause</s>
<|assistant|>
Proximate cause – An action that, in a natural and continuous sequence, produces a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Public official bonds</s>
<|assistant|>
Public official bonds – Type of surety bond furnished by principals who are elected or appointed to fill positions of trust that guarantee their faithful and honest performance in office."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Punitive damages</s>
<|assistant|>
Punitive damages – Type of damages intended to punish the defendant and make an example out of her to discourage others from behaving the same way; also called exemplary damages."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Pure risk</s>
<|assistant|>
Pure risk – A risk in which there is no chance of gain, only loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Putative employer</s>
<|assistant|>
Putative employer – The special employer rather than the direct employer. Status as the “employer of record” at such a specific time is “put” upon the individual or entity based on several factors, the most obvious is the amount of control the person/entity has over the worker."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Qui Tam</s>
<|assistant|>
Qui Tam – Allowed by the Federal Civil False Claims Act (31 U.S.C. Section 3729 et seq), a qui tam is a suit brought by a private citizen in the name of and on behalf of the United States. Such suits are usually based on charges of fraud committed by government contractors or others who use or receive governmental funds."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Quotation</s>
<|assistant|>
Quotation – A summary of coverages and premiums proposed by an agent to a prospective client."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Rate</s>
<|assistant|>
Rate – The basic charge an insurance company sets for various types of insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Real property</s>
<|assistant|>
Real property – Land and everything attached to the land including anything permanently attached to the structure attached to the land such that it cannot be removed from the structure without causing major damage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Reasonable expectations doctrine</s>
<|assistant|>
Reasonable expectations doctrine – A legal doctrine that provides for an ambiguous insurance policy clause to be interpreted in the way that an insured would reasonably expect."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Reasonable person rule</s>
<|assistant|>
Reasonable person rule – Principle of law that states that each person must behave like a prudent person following those ordinary considerations that guide human affairs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Rebating</s>
<|assistant|>
Rebating – Giving or offering some benefit other than those specified in the policy to induce a customer to buy insurance; rebating is illegal in most states."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Recipient location</s>
<|assistant|>
Recipient location – A dependent property location that buys/accepts the products, goods or services of the insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Reciprocal company</s>
<|assistant|>
Reciprocal company – An unincorporated group of members that share insurance responsibilities with other members; it is managed by an attorney-in-fact."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Redlining</s>
<|assistant|>
Redlining – Takes the concept of having an adequate spread of risk to an illegal extreme. It is literally drawing redlines around specific areas on a map and refusing to provide coverage to any person or business within the delineated areas."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Regulatory Risks</s>
<|assistant|>
Regulatory Risks – Uncertainty surrounding how individuals and organizations are governed by local, state, and federal authorities."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Reinsurance</s>
<|assistant|>
Reinsurance – Acceptance by an insurer, called a reinsurer, of all or part of the risk of loss of another insurer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Rent-a-captive</s>
<|assistant|>
Rent-a-captive – An arrangement under which an organization rents capital from a captive to which it pays premiums and receives reimbursement for its losses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Repair cost</s>
<|assistant|>
Repair cost – The cost to repair a damaged or destroyed item of property. May be the basis of reimbursement for a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Replacement cost</s>
<|assistant|>
Replacement cost – The cost to replace a damaged or destroyed item of property without deduction for depreciation; may be the basis of reimbursement for some losses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Reporting policy</s>
<|assistant|>
Reporting policy – Type of policy that does not charge a flat premium; the insured pays a deposit premium, then submits periodic reports to the insurer showing the status of the factors on which the premium is based; from these status reports, premiums are calculated and charged against the deposit."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Representation</s>
<|assistant|>
Representation – Statements on an insurance application that the applicant believes are true; a representation is not considered a matter to which the parties contract, so a policy cannot be voided on the basis of a representation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Res ipsa loquitur</s>
<|assistant|>
Res ipsa loquitur – Latin meaning: The thing speaks for itself. A concept applied in strict liability torts. The only thing necessary to prove legal liability is an injury. Only applies to certain causes of injury."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Residual market insurance</s>
<|assistant|>
Residual market insurance – Insurance that is not ordinarily available from private insurers and may be provided by the government; examples include flood insurance, which is provided by the federal government, and workers’ compensation benefits, which may be provided by state funds."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Retention</s>
<|assistant|>
Retention – A risk financing technique by which losses are retained by generating funds within the organization to pay losses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Retention limit</s>
<|assistant|>
Retention limit – In an umbrella policy, the amount the insured must pay for a loss that is not covered by an underlying policy before the umbrella will begin to cover the loss; also called the self-insured retention."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Retroactive date</s>
<|assistant|>
Retroactive date – Under the claims-made CGL form, a date stipulated in the declarations as the first date on which an event may occur and be covered by the policy if a claim is filed."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Retrospective rating</s>
<|assistant|>
Retrospective rating – Type of merit rating that bases the insured’s premium on losses incurred during the policy period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk</s>
<|assistant|>
Risk – The chance or uncertainty of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk control</s>
<|assistant|>
Risk control – Risk Control is establishing a plan to reduce the possibility of a loss occurring, or to lessen the effect if one does occur."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk financing</s>
<|assistant|>
Risk financing – Risk Financing is developing and planning for a source of financing necessary to cover the consequences of any loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk management</s>
<|assistant|>
Risk management – Planning for, organizing against, leading others in, and controlling the uncertainty surrounding an outcome arising out of the lack of knowledge regarding future events."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk management process</s>
<|assistant|>
Risk management process – A seven-step process: 1) Determine the objectives of the risk management plan; 2) Identify the risks faced by the organization; 3) Evaluate the risks. 4) Consider/analyze the alternative methods for handling each risk. 5) Select the best risk management methods from among the alternatives. 6) Implement the decision. 7) Continuously monitor the decisions and overall program."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk retention group</s>
<|assistant|>
Risk retention group – Insurance company formed by several organizations to cover those organizations’ liability loss exposures; risk retention groups are exempt from most state laws that govern insurance companies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk source -Element which alone or in combination has the intrinsic potential to give rise to risk.</s>
<|assistant|>
Risk source -Element which alone or in combination has the intrinsic potential to give rise to risk."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Risk’s irony</s>
<|assistant|>
Risk’s irony – Without risk there is no reward; and often, the higher the risk, the greater the reward."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Robbery -In crime insurance, the taking or attempted taking of property by one who has caused or threatened to cause bodily harm, or committed a witnessed, obviously unlawful act.</s>
<|assistant|>
Robbery -In crime insurance, the taking or attempted taking of property by one who has caused or threatened to cause bodily harm, or committed a witnessed, obviously unlawful act."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Rolling total</s>
<|assistant|>
Rolling total – Relates to pure extra expense coverage provided in the CP 00 50 (Extra Expense Coverage Form). The insured chooses a rolling total payout percentage, meaning that the insured has access to progressively higher percentages of the total limit during each 30 day period."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Running down clause</s>
<|assistant|>
Running down clause – Provision found in ocean marine hull policies that provides protection if the ship owner is held liable for the negligent operation of the vessel in damaging another ship."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Salvage</s>
<|assistant|>
Salvage – Damaged property that can be retrieved, reconditioned, and sold to reduce an insured loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Schedule rating</s>
<|assistant|>
Schedule rating – Type of merit rating that applies a system of debits or credits to reflect characteristics of a particular insured."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Scheduled coverage</s>
<|assistant|>
Scheduled coverage – Property that is specifically listed in the declarations and covered for a specific amount; also called specific insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Scheduled personal property endorsement</s>
<|assistant|>
Scheduled personal property endorsement – Homeowners policy endorsement that provides open peril, scheduled coverage for nine optional classes of property."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Scope of employment</s>
<|assistant|>
Scope of employment – Analyzes the motivations of the employee, the employer’s direction and control over the actions of the employee; and the employer’s foresee ability of the activities of the employee. Employee actions which ultimately lead to an accident or injury must be motivated, in whole or in part, by the ‘desire’ to further the interests of the employer. Motivation or desire can be out of fear that failure to perform will result in the loss of a job, or from a more altruistic desire to do well for the employer."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Segregation</s>
<|assistant|>
Segregation – A loss reduction method to control the amount of loss. Two types of segregation: 1) segregation by separation; and 2) segregation by duplication."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Self-contained policy</s>
<|assistant|>
Self-contained policy – A single document that contains all the agreements between the insured and the insurer and that forms a complete insurance policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Self-insurance</s>
<|assistant|>
Self-insurance – Alternative to purchasing insurance where a company or individual assumes the risk of paying for its losses and sets aside the necessary funds to pay for such losses."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Self-insured retention (SIR)</s>
<|assistant|>
Self-insured retention (SIR) – A dollar amount specified in an insurance policy that the insured must pay before the insurer will make any payment for a claim."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Separation</s>
<|assistant|>
Separation – A risk control technique that isolates loss exposures from one another to minimize the adverse effect of a single loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Service bureau</s>
<|assistant|>
Service bureau – Organization that gathers, pools, and analyzes statistics from its member insurance companies to establish loss costs used to determine insurance rates."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Severity</s>
<|assistant|>
Severity – The financial consequences of the undesired event."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Shear walls</s>
<|assistant|>
Shear walls – A shear wall is a structural support running parallel (as nearly as possible) to the flow of the water. These walls are not structurally joined at the ends allowing rushing water to flow through unimpeded."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Significant contact test</s>
<|assistant|>
Significant contact test – This test is applied when making jurisdictional decisions – which state benefits can the employee access. Significant contact tests base these jurisdictional decisions around the employee. Three primary tests/questions work to determine which states need to be scheduled as primary, 3.A. states. These questions are: 1) Where does the employee live? 2) Where does the employee primarily work? And 3) In what state was the contract of hire made? If a “preponderance of contact” evidences a state not listed as a 3.A. state, there may be a gap in protection."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Signs coverage form</s>
<|assistant|>
Signs coverage form – Filed commercial inland marine form that insures businesses against loss to neon, fluorescent, automatic, or mechanical electric signs and lights."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Single limit</s>
<|assistant|>
Single limit – One policy limit that applies to both BI and PD losses; may also be called a combined single limit."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Situs</s>
<|assistant|>
Situs – The first test before an employee can be considered a longshoreman or harbor worker. Situs requires that the employment be on, above or below navigable waters and adjoining areas."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
SLAPP</s>
<|assistant|>
SLAPP – A “Strategic Lawsuit Against Public Participation” (SLAPP) is an assault using the legal system as the weapon of choice. Individuals, corporations and governments file SLAPP suits packaged to look like civil suits alleging defamation, invasion of privacy, nuisance, malicious prosecution and other personal injury charges intended solely to embezzle the “offender’s” time and finances by means of legal wrangling and continually mounting legal costs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Solicitor</s>
<|assistant|>
Solicitor – Insurance professional who sells insurance and collects premiums but cannot issue or countersign policies."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Special damages</s>
<|assistant|>
Special damages – Type of compensatory damages that reimburse the injured party for direct and specific expenses involved in the loss, such as medical expenses and lost wages."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Special flood hazard areas (SFHA)</s>
<|assistant|>
Special flood hazard areas (SFHA) – A special flood hazard area is a specifically defined area that has a 1 percent chance of being inundated by flood waters in any given year (thus the creation of the term “100-year flood plain”). Flood waters have an equal chance of submerging these areas every year for five straight years, or not for 200 years; there is simply a 1 percent statistical possibility every year. Homes located in special flood hazard areas have a 26 percent chance of suffering flood damage over the normal 30-year life of a loan according to FEMA. There are two broad classifications of special"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Specific rates</s>
<|assistant|>
Specific rates – Rates that are somewhat individual in nature and are based on the characteristic of the individual risk exposure. Four types of specific rates: 1) Schedule rating; 2) Experience rating; 3) Retrospective rating; and 4) Judgment rating."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Specified Causes of Loss</s>
<|assistant|>
Specified Causes of Loss – One of the physical damage coverage options in the commercial auto coverage forms; provides more limited coverage than comprehensive coverage, insuring only against specified perils such as fire, flood, or explosion."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Speculative risk</s>
<|assistant|>
Speculative risk – A risk that may result in a loss or gain."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Split limits</s>
<|assistant|>
Split limits – Policy limit that provides separate limits for BI and PD."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Spoilage endorsement</s>
<|assistant|>
Spoilage endorsement – Endorsement used with the building and personal property and condominium commercial unit-owners commercial property coverage forms; it adds coverage for the insured’s perishable stock-personal property that must be maintained under controlled conditions to protect it from loss or damage."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Spread of risk</s>
<|assistant|>
Spread of risk – Principle of insurance that states that insurers should spread their insured risks over a large geographical area, rather than insuring a large number of people in a small area."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Standard & Poor</s>
<|assistant|>
Standard & Poor – Organization that rates the financial stability of insurance companies doing business in the United States."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Standard exception classifications</s>
<|assistant|>
Standard exception classifications – Some duties/activities are considered so common to most business and/or such duties may be so far outside the operational activities of the business that employees engaged in these activities are considered exceptions to the governing classification rules. Payroll for these “standard exception” classes of employees is subtracted from the governing classification and assigned to the applicable standard exception code and rated separately from the governing class."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Status</s>
<|assistant|>
Status – To be considered a longshoreman or harbor worker requires that the employment involve the loading and unloading of ships; or the maintenance, repair or dismantling of ships."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Statute of limitations</s>
<|assistant|>
Statute of limitations – Law that provides that certain types of suits must be brought within a specified time of the occurrence to be valid under the law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Stock company</s>
<|assistant|>
Stock company – An insurance company owned by its stockholders; profits are shared by the stockholders; policyholders are not entitled to share in company profits."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Strategic risks</s>
<|assistant|>
Strategic risks – Uncertainty about the entity’s ability to compete and stay viable in the market place."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Strict liability</s>
<|assistant|>
Strict liability – Also known as “absolute liability” it is imposed on the party who causes harm, regardless of intent or the need to prove negligence; simply the fact that injury or damage occurred makes the party liable. Strict liability’s reach is essentially limited to: Products liability; Ultra hazardous operations; Care and keeping of animals (especially those with a propensity towards viciousness, make the owner strictly liable for any injury the animal causes); and strict liability by statute."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Strict liability by statute</s>
<|assistant|>
Strict liability by statute – Some jurisdictions modify laws such that specific actions resulting in injury automatically make the offending party liable just because of the action."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Subjective risk</s>
<|assistant|>
Subjective risk – The perceived amount of risk based on an individual’s or organization’s opinion."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Subrogation</s>
<|assistant|>
Subrogation – Individuals or entities suffering injury and/or damage due to the negligence of another person or entity have the right to recover costs and expenses from the at-fault party. If, however, the injured party chooses to seek reimbursement from its own insurance carrier, the rights of the injured party are transferred to the insurance carrier. Subrogation rights for the insurance carrier flow from the right of its insured to recover payment. If the insured does not have the right to recover payment, neither does its insurance carrier. Contractual risk transfer provisions often limit the rights of"
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Superseding event</s>
<|assistant|>
Superseding event – An event that breaks the chain of causation or is not reasonably foreseeable, relieving the original wrongdoer of liability for any injury or damage following such an event. Also known as a supervening event."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Supplementary Payments</s>
<|assistant|>
Supplementary Payments – Provide extra coverage over and above the insured’s limit of liability; commonly included are defense costs, first aid expenses, bond premiums, and post-judgment interest."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Supply bond</s>
<|assistant|>
Supply bond – Type of surety bond that guarantees that a supplier will furnish supplies, products, or equipment at an agreed-upon time and price."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Surety</s>
<|assistant|>
Surety – In bonds, the party (often the insurance company) that agrees to be responsible for loss that may result if the principal does not keep his promise."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Surety bond</s>
<|assistant|>
Surety bond – Bond that guarantees that someone will perform faithfully whatever she agrees to do or that someone will make an agreed-upon payment to another party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Surplus</s>
<|assistant|>
Surplus – The difference between what a company owns (assets) and what it owes (liabilities)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Survival</s>
<|assistant|>
Survival – The preservation and protection, as fully as possible, of the individual’s or entity’s operational continuity, current financial resources, future financial opportunities, social contract, and public reputation."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Systemic risk</s>
<|assistant|>
Systemic risk – The potential for a major disruption in the function of an entire market or financial system."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Tangible property</s>
<|assistant|>
Tangible property – Property that has a physical form."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Temporary partial disability</s>
<|assistant|>
Temporary partial disability – An injury from which the employee is expected to completely recover in some period of time with little or no long-term effects. A broken arm is a good example if this type of injury. Employees suffering temporary partial injuries can generally return to work under ‘light-duty’ assignments until the “temporary” condition heals."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Temporary total disability</s>
<|assistant|>
Temporary total disability – A full recovery from the injury is expected, but for a period of time the employee is completely unable to work due to the injury. These types of injuries might require bed rest or hospitalization while the employee recovers."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Terrorism Risk Insurance Act of 2002</s>
<|assistant|>
Terrorism Risk Insurance Act of 2002 – Federal law designed to ensure that insurance coverage for terrorism losses under commercial lines policies will be available and affordable; it requires insurers to pay a specified amount for terrorism losses in a given calendar year; once that limit is reached, the federal government will reimburse insurers 85% of insured losses that exceed the limit."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Theatrical property coverage form</s>
<|assistant|>
Theatrical property coverage form – Filed commercial inland marine form that covers scenery, props, and costumes used by a theater group in a specific production."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Theft</s>
<|assistant|>
Theft – In crime insurance, a broad term encompassing any unlawful taking of property, including burglary and robbery."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Theoretical probability</s>
<|assistant|>
Theoretical probability – Probability that is based on theoretical principals rather than on actual experience."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Third party loss</s>
<|assistant|>
Third party loss – A liability loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Time doctrine</s>
<|assistant|>
Time doctrine – All business income losses are settled based on the coverage limit purchased. An accurate business income coverage limit calculation depends on the legitimate estimation of the worst-case period of restoration. Estimating the worst-case period of restoration necessitates understanding the time required to accomplish each of the 10 steps in the four period of restoration objectives. The key to business income is the correct estimation of time."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Time element coverage</s>
<|assistant|>
Time element coverage – Coverage for the loss of business income over a period of time that results from direct physical loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Tort</s>
<|assistant|>
Tort – A civil wrong for which monetary damages may be provided; does not include losses arising out of contracts."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Tortfeasor</s>
<|assistant|>
Tortfeasor – The person (natural or legal) who infringes on the rights of another person."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Tortuous act</s>
<|assistant|>
Tortuous act – The infringement of a right."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Towing and labor costs endorsement</s>
<|assistant|>
Towing and labor costs endorsement – Personal auto policy endorsement that covers towing and the costs of labor performed at the site the car was disabled."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Trailer interchange insurance</s>
<|assistant|>
Trailer interchange insurance – A coverage provided under the truckers and motor carrier coverage forms; covers damage to a specific trailer under the policy of the trucker who has possession of the trailer at the time of loss, provided that: the trucker is liable for the damage under a written interchange agreement, and the damage is caused by a covered peril."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Transfer</s>
<|assistant|>
Transfer – A risk financing technique by which the financial responsibility for losses and variability in cash flows is shifted to another party."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Transferee</s>
<|assistant|>
Transferee – The party accepting the risk in a contractual risk transfer agreement. This can include the general contractor and subcontractors. Other common terms include indemnitor and promisor."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Transferor</s>
<|assistant|>
Transferor – The party from who risk is being transferred in a contractual risk transfer agreement. This may include the owner, the project management firm, and/or the general contractor. Other common terms for the transferor include indemnitee and promisee."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Trespasser</s>
<|assistant|>
Trespasser – A person who is on the premises without the property owner’s express or implied permission."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Trip transit policy</s>
<|assistant|>
Trip transit policy – Nonfiled commercial inland marine policy that covers a single shipment of goods."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Truckers coverage form</s>
<|assistant|>
Truckers coverage form – Commercial auto coverage form written specifically for the trucking industry."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Trustee</s>
<|assistant|>
Trustee – Someone who has the legal title to a property but is responsible that it be used, handled and transferred solely for the benefit of the beneficiary."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Twisting</s>
<|assistant|>
Twisting – Illegal activity in which an agent convinces a prospect to cancel existing insurance and buy another policy from the agent to the detriment of the prospect."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Ultra hazardous operations</s>
<|assistant|>
Ultra hazardous operations – Also known as an ‘inherently dangerous activity.’ Within the rule of strict or absolute liability, an ultra hazardous operation is where the owner of land conducts or allows the conduct of an activity or operation which is dangerous to the neighbors in the immediate area by the activity’s very nature."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Umbrella policy</s>
<|assistant|>
Umbrella policy – Type of policy that provides broad coverage for an insured’s liability over and above liability covered by an underlying contract; may also cover losses that are excluded by the underlying policy; available as personal or commercial insurance."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Uncertainty</s>
<|assistant|>
Uncertainty – Three requirements within the definition of risk: 1) no one knows what is going to happen, 2) no one knows if what could happen, will happen; and 3) no one knows how catastrophic the outcome might be."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unconscionable</s>
<|assistant|>
Unconscionable – A contract or contract provision that is unreasonable due to the unequal bargaining strength of the parties, or the result of undue influence or unfair tactics."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Underinsured motorists coverage</s>
<|assistant|>
Underinsured motorists coverage – Auto coverage that pays the difference between the insured’s actual damages for bodily injury and the amount of liability insurance carried by the at-fault driver; may be added to the personal or commercial auto policy by endorsement."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Underwriting</s>
<|assistant|>
Underwriting – Insurance company function that involves researching and evaluating insurance applicants to decide which ones are acceptable to the company as insureds."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Underwriting expenses</s>
<|assistant|>
Underwriting expenses – One of the components used to calculate the expense ratio; includes all costs required to acquire and maintain a book of business, such as expenses for commissions, salaries, and other administrative and regulatory costs."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unfair discrimination</s>
<|assistant|>
Unfair discrimination – Applying different standards to insureds that have the same risks of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unfunded loss reserves</s>
<|assistant|>
Unfunded loss reserves – Little more than an accounting mechanism to note that a loss has occurred and denote that some specific amount may be required to pay the cost of a loss (or losses)."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unilateral contract</s>
<|assistant|>
Unilateral contract – A type of contract that is one sided; an insurance policy is one sided because only the insurance company is legally bound to perform its part of the agreement."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Uninsured motorists coverage</s>
<|assistant|>
Uninsured motorists coverage – Automobile coverage designed to provide protection for the insured if she is involved in an accident in which an uninsured motorist is at fault; uninsured motorists include those who do not carry insurance, motorists whose insurance does not meet the state’s minimum financial responsibility laws, drivers whose insurance companies are insolvent, and hit-and-run drivers who cannot be identified."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unit improvements and betterments</s>
<|assistant|>
Unit improvements and betterments – Like ‘unit property’ benefit none but the unit owner. A unit improvements and betterments is created by the unit owner’s engagement in any activity or improvement that increases the value of the real property within an individual unit – such as updating the flooring from carpet to hardwood or other such improvements."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unit property</s>
<|assistant|>
Unit property – Defined by the association’s declarations or statute and is limited to and benefits none but the unit owner. The inside of the exterior walls, interior partition walls, counter tops, cabinetry, plumbing fixtures, appliances and any other real property confined to the unit are examples."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Unoccupancy</s>
<|assistant|>
Unoccupancy – The absence of people from a premises; property coverage is often restricted if there are long periods of unoccupancy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Use and file</s>
<|assistant|>
Use and file – Method of rate and form ratification used by some state insurance departments that requires insurance companies to file rates and forms within a certain period of time after they are first used."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Utility services</s>
<|assistant|>
Utility services – Direct damage coverage endorsement – Businessowners policy endorsement that covers loss or damage to property caused by an interruption in water, communication, or power service; for coverage to apply, the property must be listed on the endorsement and the utility equipment must be damaged by a covered cause of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Utility services</s>
<|assistant|>
Utility services – Time element coverage endorsement – Businessowners policy endorsement that covers loss of business income and extra expense that occurs because of an interruption in water, communication, or power service; for coverage to apply, the property must be listed on the endorsement and the utility equipment must be damaged by a covered cause of loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Utmost good faith</s>
<|assistant|>
Utmost good faith – A characteristic of insurance contracts meaning that the insurance company must be able to rely on the honesty and cooperation of the insured, and the insured must rely on the company to fulfill its obligations."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Vacancy</s>
<|assistant|>
Vacancy – The absence of both people and property from a premises; property coverage is often restricted when there are long periods of vacancy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Valuable papers and records insurance</s>
<|assistant|>
Valuable papers and records insurance – Filed commercial inland marine form that provides coverage for valuable papers such as manuscripts, blueprints, records, and other printed documents."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Valuation</s>
<|assistant|>
Valuation – Method used by the insurance company to determine the appropriate payment for a loss."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Value reporting endorsement</s>
<|assistant|>
Value reporting endorsement – Endorsement used with the commercial property coverage part to provide coverage based on the actual values of property at certain locations at specific times."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Valued policy</s>
<|assistant|>
Valued policy – Policy written for a specified amount that lists the value of the insured property as agreed to by both the insured and the insurer; this amount is used to value losses; also called an agreed amount policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Vandalism and malicious mischief (V&MM)</s>
<|assistant|>
Vandalism and malicious mischief (V&MM) – Coverage provided in many property insurance policies that protects property against damage caused by vandals."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Vicarious liability</s>
<|assistant|>
Vicarious liability – Liability that a person or business incurs because of the actions of others, such as family members or employees; also called imputed liability."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Void</s>
<|assistant|>
Void – As if it never existed. You never had a legal policy – in essence if certain acts are committed or policy provisions ignored, the insurance policy has no legal effect and is unenforceable on the insurance carrier."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Voluntary compensation endorsement</s>
<|assistant|>
Voluntary compensation endorsement – Endorsement used with the workers’ compensation and employers liability policy that adds coverage for employees who are excluded from the state’s workers’ compensation law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Waiver</s>
<|assistant|>
Waiver – The intentional relinquishment of a known right."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Warehouse to warehouse clause</s>
<|assistant|>
Warehouse to warehouse clause – Provision found in ocean marine cargo policies that extends coverage for the cargo from its point of origination to its point of destination."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Warranty</s>
<|assistant|>
Warranty – A specific agreement between the insured and the insurer that becomes a part of the insurance policy; a breach of warranty can void the policy."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Watchperson</s>
<|assistant|>
Watchperson – As defined in crime insurance forms, someone retained specifically by the insured whose sole duty is to have care and custody of property inside the premises."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Watercraft endorsement</s>
<|assistant|>
Watercraft endorsement – Homeowners policy endorsement that provides coverage for BI or PD arising out of the use of watercraft."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Watercraft package policy</s>
<|assistant|>
Watercraft package policy – Package policy that provides property, liability, and medical payments coverage for losses arising out of the ownership, maintenance, or use of watercraft."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Workers’ Compensation and Employers Liability Policy</s>
<|assistant|>
Workers’ Compensation and Employers Liability Policy – Insurance that covers an employer’s obligations under workers’ compensation laws, which make the employer responsible for stated damages in the event of a work-related injury or illness; also covers the insured’s liability for work-related injuries under common law."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Written premium</s>
<|assistant|>
Written premium – One of the components used to calculate the expense ratio; it is the gross amount of premium income on the company’s books, which includes both earned and unearned premium."
"<|system|>
Define the term in the context of property & casualty insurance.</s>
<|user|>
Zone of danger</s>
<|assistant|>
Zone of danger – Could the person have been injured by the negligent actions of another? If so, that person is considered to be within the “zone of danger.” Most jurisdictions allow bystanders in this zone of danger to sue for negligent infliction of emotional distress even if they are not physically injured."