Definition and meaning of Collusion :

Collusion: An agreement, usually secret, between two or more persons to defraud or deprive another or others of their property or rights.

(Source: InsWeb)

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Definition and meaning of Waiver :

Waiver: (1) A rider waiving (excluding) liability for a stated cause of injury or sickness. (2) A provision or rider agreeing to waive premium payments during a period of disability of the insured. (3) The act of giving up or surrendering a right or privilege that is known to exist. In Property and Liability fields, it may be effected by an agent, adjuster, company, employee, or company official, and it can be done either orally or in writing. (G,LE)***

(Source: InsWeb)

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Definition and meaning of Waiver :

Waiver: (1) A rider waiving (excluding) liability for a stated cause of injury or sickness. (2) A provision or rider agreeing to waive premium payments during a period of disability of the insured. (3) The act of giving up or surrendering a right or privilege that is known to exist. In Property and Liability fields, it may be effected by an agent, adjuster, company, employee, or company official, and it can be done either orally or in writing. (G,LE)***

(Source: InsWeb)

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Definition and meaning of liability :

liability: Liability involves the cause of damage to someone's property and the bodily injury someone incurs as a result of the negligence of another party. Liability insurance provides coverage for either individuals or businesses.

(Source: Bank of America )

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Definition and meaning of subrogation :

subrogation: When an insurance company seeks payment from a third party who caused injury to the insured or damage to property.

(Source: Bank of America )

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Definition and meaning of windstorm insurance :

windstorm insurance: Windstorm coverage pays for losses to your property that result from a windstorm. The coverage acts like a flood or earthquake policy in that it pays for damage to the dwelling, and, in some cases, for damage to your personal property and for living expenses if your home becomes uninhabitable. If you live in a coastal area, youÕll probably need to purchase separate windstorm coverage on your house. In areas where coverage is scarce, states sometime offer market assistance programs or joint underwriting associations to help homeowners find a carrier.

(Source: Bank of America )

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Definition and meaning of title insurance :

title insurance: Title insurance protects against the various financial losses associated with having the title on your home challenged, including court costs and loss of the property. For a one-time fee, most title insurers will investigate public records to make sure that your property is free of title defects. This coverage can benefit either the homeowner or the mortgage company, so you should know which kind youÕre paying for.

(Source: Bank of America )

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Definition and meaning of Sum insured :

The maximum amount that an insurer will pay under a contract of insurance. The expression is usually used in the context of property and life insurance where (subject to the premium cost) the insured determines the amount of cover to be purchased.

(Source Lloyd's )

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Definition and meaning of Accommodation Line :

Accommodation Line: Business accepted from an agent or broker which would normally be rejected according to strict underwriting standards but which is accepted because of the overall profitability of the agent's or customer's other business. As an example, an insurer might accept coverage on property that would not normally meet its underwriting standards, if the other lines of insurance which it carries for the customer were profitable. 

(Source: InsWeb)

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Definition and meaning of All risks :

A property insurance which covers any accidental loss or damage that is not specifically excluded under the policy.

(Source Lloyd's )

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Definition and meaning of Covered Loss :

Covered Loss: Illness, injury, death, property loss, legal liability, or any other situation or loss for which an insurance company will pay benefits under a policy when such event occurs.

(Source: InsWeb)

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Definition and meaning of Assessed Value :

Assessed Value: The value of real estate or personal property as determined by a governmental unit, such as a city, for the purpose of determining taxes.

(Source: InsWeb)

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Definition and meaning of Total Loss :

Total Loss: A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.

(Source: InsWeb)

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Definition and meaning of Total Loss :

Total Loss: A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.

(Source: InsWeb)

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Definition and meaning of Salvage value :

The estimated cash amount that would be received if damaged property were to be sold.

(Source Lloyd's )

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Definition and meaning of Chattel Mortgage :

Chattel Mortgage: A type of mortgage where the collateral is personal property, rather than land or buildings.

(Source: InsWeb)

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Definition and meaning of Chattel Mortgage :

Chattel Mortgage: A type of mortgage where the collateral is personal property, rather than land or buildings.

(Source: InsWeb)

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Definition and meaning of ADJUSTER :

ADJUSTER: An individual employed by a property/casualty insurer to evaluate losses and settle policyholder claims. These adjusters differ from public adjusters, who negotiate with insurers on behalf of policyholders, and receive a portion of a claims settlement. Independent adjusters are independent contractors who adjust claims for different insurance companies.

(Source: Insurance Information Institute )

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Definition and meaning of Controlled Business :

Controlled Business: This term refers to the amount of insurance countersigned, issued or sold by a producer covering the life, property or interests of that producer, members of the producer's immediate family, or the producer's employer or employees. Many states limit the amount of controlled business that may be written, and if the premium or commissions on controlled business exceed a given percentage (usually 50%) of all business, the producer's license may be suspended, revoked, or not renewed.

(Source: InsWeb)

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Definition and meaning of Controlled Business :

Controlled Business: This term refers to the amount of insurance countersigned, issued or sold by a producer covering the life, property or interests of that producer, members of the producer's immediate family, or the producer's employer or employees. Many states limit the amount of controlled business that may be written, and if the premium or commissions on controlled business exceed a given percentage (usually 50%) of all business, the producer's license may be suspended, revoked, or not renewed.

(Source: InsWeb)

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Definition and meaning of multiline insurer :

multiline insurer: An insurer that writes financial guaranty and property/casualty insurance.

(Source: Bank of America )

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Definition and meaning of Beyond economic repair :

Where the cost of repairing the insured property, e.g. a car, exceeds the market value of that property. In such circumstances the insurer will pay the insured the market value of the insured property at the date of loss, subject to the terms of the policy (assuming the insurer is not under any obligation to provide a replacement).

(Source Lloyd's )

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