insurance
Terms
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- Pure Risk
- The uncertainty as to whether loss will occur; offers no chance for gain. Insurance may be provided against many types of pure risk.
- Robberry
- The unlawful taking of others' personal property by violence or threat of violence; a hold-up.
- Robbery and Safe Burglary Policy
- This provides coverage for commercial risks to protect against loss of money, securities and other property as a result of forced entry into a safe or vault.
- Property Damage
- This is liability coverage that provides protection in the event of loss of property, including loss of use, owned by someone other than the insured.
- Reinsurance
- The act of sharing or spreading a risk that is too large for one insurer by transferring part of the risk to a reinsurer. The insurance company obtaining the reinsurance is called the ceding company; the insurance company issuing the reinsurance is called the reinsurer.
- Proof of Loss
- A formal document that contains the signed and sworn statement of the insured in regard to the loss for which a claim has been filed.
- Rental Value Insurance
- This provides protection against loss of rental value when a building is made untentantable due to damage or destruction by an insured peril; the insured may be either the owner of the building or a tentant.
- Premium
- The designated amount owed by the insured to the insurance company in order to keep the contract in force.
- Risk Management
- The attempt to indemnify, measure, control, and translate pure risk and insurance problems into signifigant business language in order to protect future income and reduce long-range costs against accidental or unintended loss.. The risk manager controls risk by accepting, reducing, eliminating, or transferring it.
- Renewal
- The continuation of coverage under an insurance policy beyond its original term.
- Respondeat Superior
- A general rule in law that a principal or employee is liable for the acts of an agent or representative performed on behalf of the principal's business.
- Provisions
- The writen terms and conditions of a policy.
- Replacement Cost
- The actual cost of replacing property without a deduction for depreciation. See also actual cash value (ACV).
- Property Insurance
- This provides protection against loss to physical property or its income-producing ability.
- Schedule Rating
- A merit rating system whereby a standard risk is established for each classification and measured by the manual rate. If the risk is better than average, credit factors are applied the manual rate; if the risk does not meet the standard, debit factors are applied.
- Products Liability Insurance
- This provides protection against legal liability for bodily injury or property damage arising after goods and products have been manufactured , handled, sold, or distributed. It includes products that have left the insured's prossession and premises or, in the case of food, when it is given to a customer. See also completed operations liability insurance.
- Pro Rata Liability Clause
- A property insurance clause that makes each company insuring the same interest in a property lible according to the proportion that its interest bears to the total amount of insurance on the property.
- Representation
- A statement of material fact that is resonably accepted as substantially true.
- Producer
- A general term for an insurance sales representative.
- Proximate Clause
- The immediate clause that in a natural and continuious sequence, unbroken by any intervening efficient clause, brings about the loss and without which the loss would not have happened.
- Removal Coverage
- This provides coverage for damage that results from property removed for its own protection from premises endangered by an insured peril.
- Principal
- A person whose obligations are guaranteed under a bond (also called the obligor); the applicant for or subject of insurance; the one (usually the insurer) from whom an insurance agent derives authority.
- Reporting Forms
- This is insurance written to provide for fluctuating values of property that requires payment of an advanced premium, value reports made by the insured at specific times and the adjustment of earned premium.
- Salvage
- The damaged property recovered and sold by an insurance company to reduce its financial loss.
- Rate
- Cost of a given unit of insurance.
- Real Property
- Land and generally whatever is permanently erected or growing upon or affixed to the land; property not of a personal and moveable nature. See also personal property.
- Pro Rata Cancellation
- The termination of a policy or bond with a return of premium charged for the exact time the protection was in force equal to the ratio of the total premium to the total policy period. See also short-rate cancellation.
- Return Premium
- The amount of unused premium owed to the insured if a policy is cancelled or its face amount or rate is reduced.
- Self-Insurance
- Provided by a non-insurance company that has the financial ability to retain the risk of loss without the use of an insurance policy.
- Risk
- The uncertainty regarding loss; a term indicating the person or property insured.. See also pure risk; speclative risk.
- Release
- A discharge from further liability under an insurance policy.
- Reciprocal Exchange (Insurer)
- An association of individuals known as subscribers, managed by an attorney-in-fact, who agree to exchange insurance risks.