Skip to content

  • Projects
  • Groups
  • Snippets
  • Help
    • Loading...
    • Help
    • Support
    • Submit feedback
    • Contribute to GitLab
  • Sign in / Register
C
cuulonghousing
  • Project overview
    • Project overview
    • Details
    • Activity
  • Issues 61
    • Issues 61
    • List
    • Boards
    • Labels
    • Milestones
  • Merge Requests 0
    • Merge Requests 0
  • CI / CD
    • CI / CD
    • Pipelines
    • Jobs
    • Schedules
  • Analytics
    • Analytics
    • CI / CD
    • Value Stream
  • Wiki
    • Wiki
  • Snippets
    • Snippets
  • Members
    • Members
  • Collapse sidebar
  • Activity
  • Create a new issue
  • Jobs
  • Issue Boards
  • Astrid Jolley
  • cuulonghousing
  • Issues
  • #50

Closed
Open
Opened Jun 19, 2025 by Astrid Jolley@astrid19681047
  • Report abuse
  • New issue
Report abuse New issue

Commercial Insurance Guide


Unless otherwise defined in the policy, Actual Cash Value in California implies Fair Market Value. The Fair Market Value of an item is the dollar amount that a well-informed purchaser (under no uncommon pressure) wants to pay and an educated seller (under no uncommon pressure) wants to accept.

Agent
dbx1000.com
A licensed individual or company licensed to sell and service insurance plan for an insurer.

Aggregate Limit

The optimal dollar quantity of protection in force for a residential or commercial property damage policy or liability policy. This maximum quantity can be figured on a per incident basis or as a general aggregate for the complete policy term.

Agreed Value

A technique of loss valuation where the guaranteed and the insurer list a concurred upon total up to be paid in case of loss. This valuation method is most typical in residential or commercial property insurance when guaranteeing important artwork, antiques, or classic cars. A professional appraisal is typically needed.

Arbitration Clause

A provision in an insurance policy that permits the insured and the insurance provider to each designate an arbitrator if they can not agree upon a proper claim settlement. Once the arbitrators have actually been selected, they in turn appoint an independent umpire. If the arbitrators disagree, then the umpire chooses which claims settlement to support. The decision is binding.

Betterment

A scenario that takes place in a loss when an old piece of residential or commercial property is changed by a brand brand-new product. The insured is put in a much better monetary position than they were before the loss happened, and consequentially might need to pay the difference in price for the improvement.

Binder

A short-term contract that provides short-term insurance protection up until the policy can be released or provided.

Broker

A certified individual or company who sells and services insurance coverage authorities in your place.

Broker-agent

A licensed individual who can act as an agent representing several insurance companies, and likewise as a broker handling one or more insurance providers representing your interests.

Cancellation

The termination of an in-force insurance coverage contract by either the guaranteed or the insurer before its normal expiration date.

Claim

Notice to an insurance coverage business that a loss has actually happened that might be covered under the terms of the policy.

Claim Adjuster

The person who evaluates the damage triggered by a covered loss and determines the amount to be paid under the policy terms.

Claims Made

A liability insurance coverage policy where protection applies to claims submitted during the policy period no matter when the loss took place subject to a retroactive beginning date.

Coinsurance

An insurance provision that specifies the amount of each loss that the business pays according to the amount of insurance brought, divided by the amount of insurance coverage required. This basic formula associates with a contracted portion of coverage that should be needed to avoid a coinsurance charge.

Combined Single Limit

When bodily injury liability and residential or commercial property damage liability is expressed as a single amount (limitation) of protection.

Commercial Lines

Insurance coverages for businesses, business organizations, and expert organizations, as contrasted with individual insurance coverage.

Commission

A part of the policy premium that is paid to a representative by the insurer as compensation for the representative's work.

Concurrent Causation

Occurs when two or more hazards cause a loss. When only one of these dangers is covered by the insurance policy, the court typically rules that the entire loss is covered. Many insurance provider have actually reworded their policies to clarify that just a loss credited to a covered peril is undoubtedly covered.

Conditions

The portion of an insurance coverage contract that sets forth the rights and duties of the insured and the insurance provider.

Consequential Bodily Injury

In Workers Compensation, special situations can emerge when a job-related injury causes some sort of non-work associated injury. (Please see Loss of Consortium, Dual Capacity, and 3rd party Over glossary definitions.)

Coverage

Protection that is offered under an insurance coverage.

Declarations (DEC) Page

Usually the very first page of an insurance plan which contains the complete legal name of the insurer, the policy number, efficient and expiration dates, premium payable, the quantity and kinds of protection, and the deductibles.

Deductible

The quantity of the loss that the insured is accountable to pay before gain from the insurance coverage policy are payable.

Depreciation

The actual or accounting recognition of the reduction in worth of residential or commercial property over a period of time according to a fixed schedule.

Dual Capacity

In Workers Compensation, a company might be liable 2 ways to a worker who sustains physical injury on the job as an outcome of using a service or product produced by that company. The staff member is eligible for Workers Compensation advantages and might also sue the employer because of the of the hurting item or service.

Earned Premium

The part of the policy premium paid by a guaranteed that has been allocated to the insurance business's loss experience, expenses, and revenue year to date.

Endorsement

A written arrangement that changes the terms of an insurance coverage by including or deducting coverage.

Effective Date

The starting date of an insurance plan: the date the policy enters to require.

Exclusion

A contractual provision in an insurance coverage that rejects or restricts coverage for certain hazards, individuals, residential or commercial property, or places.

Experience Modification

The modification of premium arising from using experience ranking. Experience ranking strategies show an insured's past loss experience (normally from the previous three years) and utilizes this experience to customize and figure out the prem

The termination date of protection as shown on an insurance coverage.

First Party

The policyholder (insured) in an insurance contract.

Flat Cancellation

Cancellation that occurs on the policy efficient date. No premium charge is made; nevertheless, other charges (i.e., service) might apply.

Fraud

A deliberately misleading act committed to obtain an unjust or illegal advantage. Fraud generally includes financial gain.

Frequency

The variety of times a loss occurs.

Hazard

A circumstance that increases the probability or prospective severity of a loss.

Indemnity

In a residential or commercial property and casualty contract, the goal is to bring back an insured to the very same monetary position after the loss that the guaranteed had previous to the loss. In the a lot of fundamental sense, indemnity is settlement for a loss.

Independent Adjuster

An individual or company that provides claim adjusting services to different insurers on an agreement basis.

Insurable Interest

Any interest (most typically ownership) that a person, business, or corporation has in a topic of insurance coverage such as a business, building, or car, which can be damaged and might trigger the person, company, or corporation monetary loss or other tangible deprivation. Generally, an insurable interest must be shown when a policy is provided and need to exist at the time of loss.

Insurance

A technique of shifting danger from an individual, business, or company to an insurer in exchange for the payment of premium. The insurance company dedicates to be responsible for covered losses.

Insured

The insurance policy holder(s) entitled to protection under an insurance policy.

Insurer

The insurance business who provides insurance coverage and concurs to pay for losses and supply covered benefits.

Insuring Agreement

The part of an insurance contract that explains what is covered. The guaranteeing arrangement typically mentions the dangers insured versus, the individual(s) and/or residential or commercial property covered, the residential or commercial property areas, and the period of the contract.

  • Discussion
  • Designs
Assignee
Assign to
None
Milestone
None
Assign milestone
Time tracking
None
Due date
None
0
Labels
None
Assign labels
  • View project labels
Reference: astrid19681047/cuulonghousing#50