A list of individual items or groups of items that are covered under one policy or a listing of specific benefits, charges, Credits, assets or other defined items.
Those rights of the insured which, under the terms of the policy, automatically transfer to the insurer upon settlement of a loss. Salvage applies to any proceeds from the repaired, recovered, or scrapped property. Subrogation refers to the proceeds of negotiations or legal actions against negligent third parties and may apply to either property or … Read more Salvage and Subrogation
Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly-damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associated with recovering … Read more Salvage
A form of insurance that covers a policyholder’s belongings against Perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or … Read more Renters Insurance
A November 1988 California ballot initiative that called for a statewide auto insurance rate rollback and for rates to be based more on driving records and less on geographical location. The initiative changed many aspects of the state’s insurance system and was the subject of lawsuits for more than a decade.
Industry business cycle with recurrent periods of hard and soft market conditions. In the 1950s and 1960s, cycles were regular with three year periods each of hard and soft market conditions in almost all lines of Property/Casualty Insurance. Since then they have been less regular and less frequent.
Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property. Property/Casualty Insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. The other sector is life/health. Outside the United States, Property/Casualty Insurance is referred to as nonlife or general insurance.
Covers professionals for negligence and errors or omissions that injure their clients.