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<|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.