Datasets:

sampraxi

/

specific-terms

like 0

<|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.