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Terms

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Material Fact
Information required to make an insurance underwriting decision; statement concerning an action or entity of such importance that disclosure of it would alter undrwriting decision or loss settlement.
Moral Hazzard
The effect(s) personal reputation, character, associates, personal living habits, financial responsibility, criminal history, and environments have on the risk to be insured.
Larceny
The unlawful removal of personal property with the intent to deprive the rightful owner of it.
Law of Large Numbers
A statistical principle which states that the larger the number of observations, the more accurate and reliable a prediction will be.
Liberalization Clause
A clause in a policy providing that if, during the policy period, the insurance company adopts a change in the contract or there is a change in law that extends or broadens coverage, the insured will recieve the benefits of this change in the same manner as if the endorcement had been made without paying an increased premium until renewal.
Legal Purpose
The concept that the purpose of a contract must be legal, moral, and in the public good. See also contract.
Medical Malpractice Insurance
A professional liability form specifically designed for doctors, nurses, medical assistants, hospitals, or clinics.
Multi_peril Policy
An insurance policy that provides coverage for several different causes of loss.
Mobile Agricultural Equipment Floater
This provides blanket or scheduled open perils coverage for ranch and farm owners on farm machinary and equipment.
National Flood Insurance Program (NFIP)
A federal program established through the Housing and Urban Development (HUD) Act of 1968 to make flood insurance available to individuals and businesses in those flood-proned communtities that adopt certain land-use and flood-loss control measures.
Motor Truck Cargo Insurance
This provides coverage (1) against direct loss or damage to an insured trucker's goods while they are in transit on the insured's own truck and (2) against the legal liability of individuals or business engaged in transporting the property of others for hire.
Nationwide Marine Definition
A guideline for classifying marine, inland marine or transportation insurance; includes imports, exports, domestic shipments, bridges, tunnels, and other means or transportation and communication and personal property and commercial property floter risks.
Misrepresentation
A false statement of material fact known at the time the statement was made.
National Association of Insurance Commisioners (NAIC)
An association of state insurance commissioners active in the analysis of insurance regulations and in the formation and reccomendation of uniform and model regulation and legislation.
Multi-Lines
An insurance company, insurace agency or insurace agent in the business of selling and servicing more than one type of insurance, most often property and casualty insurance and life insurance.
Lloy'ds of London
An association of syndictes who share similar interests that insures specialized risks. Each syndicate is made up of individual investors who become financially responsible for any incurred loss. Each person is responsible for only the share of the risk that he or she assumes.
Morale Hazzard
The effect(s) indifference concerning loss has on the risk to be insured.
Mutual Company
An insurance company that is owned by its policyholders and managed by a board of directors.
Market Value
The amount a willing seller will accept for his or her property from a willing buyer. See also actual cash value.
Liability
The condition of being bound by law or contract to do something that may be enforced in the courts; obligation, usually financial; probable cost of meeting an obligation.
Lapse
The termnation of a policy terminated because of the nonpayment of premiums.
Named Insured
The person specifically designated by name as the insured in a policy. See also insured.
Mortgage Clause
A provision in or attached to fire policies covering mortgaged property that defines the mortgagee's rights and priviledges under the policy.
Mini-Tail
The extended reporting period , usually 60 days, that allows the insured to report any possible claim to an insurer after the expiration of a claims made contract. See also claims-made.
Loss
The basis of a claim for indemnity under the provisions of an insurance policy. A loss is measured in terms of the reduced value of the property , the amount of medical and other related expenses or the amount of the claim made against an insured.
Named Peril Policy
A policy that specifies the perils insured against. See also open perils.
Money and Securities Broad Form Policy
This provides broad open perils coverage of commercial risk associated with money and securities both on and off premises.
Limit of Liability
The maximum amoujnt an insurance company is willing to insure under a give n form or contract on any particular risk; the maximum amoount payable for a given loss, occurance, or aggregate limit.
Malpractice
An occurance of professional misconduct, negligence or lack of ordinary skill when performing a professional act that makes a person liable for damages.
Neglect
The failure to use all reasonable means to save and preserve property before, during, and after a loss whenever property is threatend.
Livestock Floater
A form that provides blanket or scheduled coverage on a named perils basis for certain types of livestock.
Malpractice Insurance
A form of professional liability insurance that pays for losses or for defense of suits malpractice. See also error and ommissions insurance.
Name Schedule Bond
A fidelity bond that covers only the employees named on the bond.

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