Additional Insured – An individual
or entity that is not automatically included as an insured
under the policy of another, but for whom the named insured’s
policy provides a certain degree of protection. An endorsement
is typically required to effect additional insured status.
The named insured’s impetus for providing additional
insured status to others may be a desire to protect the
other party because of a close relationship with that
party (e.g.., employees or members of an insured club)
or to comply with a contractual agreement requiring the
named insured to do so (e.g., customers or owners of
property leased by the named insured).
Advertising Injury Liability – Injury
rising out of an offense committed in the course of
your advertising
activities, if such injury rises out of libel, slander,
defamation, violation or right of privacy, unfair competition
or infringement of copyright, title or slogan.
Aggregate – A limit in an insurance policy stipulating
the most it will pay for all covered losses sustained
during a specified period of time, usually one year.
Aggregate limits are commonly included in liability
policies.
Durable Medical Equipment - Items of medical equipment
owned or rented which are placed in the home of an
insured to facilitate treatment and/or rehabilitation.
DME generally
consist of items which can withstand repeated use.
Earned Premium – Premium for which protection has
been provided. When a premium is paid in advance for
a policy period, the company “earns” a
portion of that premium only as time elapses during
that period.
Effective Date – The date on which a policy’s
coverage of risk goes into effect.
Employee Dishonesty Coverage – Employee
dishonesty coverage protects an employer from financial
loss due
to the fraudulent activities of one or more employees.
The coverage includes protection for loss of money,
securities, and other property of the insured.
Fire Legal Liability – Coverage
needed if you occupy leased or rented property for
which you could
be held
legally liable for damage to the property due to fire
or explosion.
Loss Payee -The party to whom money or insurance
proceeds is to be paid in the event of loss, such as
the lienholder
on an automobile or the mortgagee on real property.
Medical Payments - A general liability coverage in
which the insurer reimburses without regard to the
insured’s
liability, the insured and others (as specifically
provided in the policy) for medical and funeral expenses
incurred
by such persons as a result of bodily injury or death
sustained by accident under the conditions specified
in the policy.
Occurrence - This term means an accident, including
continuous or repeated exposure to conditions, which
results in
bodily injury or property damage neither expected nor
intended from the standpoint of the insured.
Premises & Operations Liability Insurance - Coverage
which protects against liability losses caused by the
insured’s business activities or by conditions
present at the insured’s place of business.
Products Liability – The liability for bodily
injury or property damage incurred by a merchant or
manufacturer
as a consequence of some defect in the product sold
or manufactured or the liability incurred by a contractor
after he has completed a job as a result of improperly
performed work. The latter described part of products
liability is called Completed Operations.
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