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Commercial Liability

Definitions from Glossary

Abatement the act or process of diminishing the presence of a pollutant (e.g., asbestos or lead) in either degree or intensity.
Accident An unforeseen and unplanned event or circumstances or an unfortunate event resulting especially from carelessness or ignorance.
Accidental Means a condition precedent to recovery under some insurance policies requiring that the covered loss be the result of an accident rather than merely the accidental result of a nonaccidental event.
Adjuster one who settles insurance claims.
Aggravation worsening of a preexisting condition
Assignment a transfer of legal rights under or interest in an insurance policy to another party.
Audit survey of the financial records of a person or organization conducted annually (in most cases) to determine exposures, limits, premiums, etc.
Basic Limits the minimum limits of liability that can be purchased by an insured.
Brand Equity the consumer confidence, loyalty, and favorable reputation that a business's product or service has earned in the marketplace.
Breach of Contract the material failure to fulfill one's contractual obligations.
Cancellation termination of an insurance policy or bond, before its expiration, by either the insured or the insurer.
Casualty Insurance primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
Certificate Holder the entity that is provided a certificate of insurance as evidence of the insurance maintained by another entity.
Declarations (DEC) the front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured.
Deductible (DED) the amount the insurer will deduct from the loss before paying up to its policy limits.
Defamation any written or oral communication about a person or thing that is both untrue and unfavorable.
Defense Clause an insurance provision stating that the insurance company agrees to defend, with respect to insurance afforded by the policy, all suits against the insured.
Created by: jcmartinez,jm4
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