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Cashing-in

Occurs where the holder of a unit-linked policy takes the cash value of his units on the maturity date. The cash value in any given year is affected by both the market trends and by investment management decisions. The holder may be allowed to defer his ‘cash-in’ for a period without having to pay more premiums.

Castellain v. Preston (1883)

The leading case on indemnity. Defendant contracted to sell property but, before completion, the property sustained fire damage (£330), which the defendant recovered from his insurer. On completion, the defendant received the full purchase price from the purchaser despite not having repaired the damage. The insurer recovered the £330 payment as the defendant, having received the full price, had suffered no loss and the fire policy was one of indemnity.

Casualty

A loss incurred due to an accident.
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UK: A term describing a loss, particularly used in the insurance of marine hulls. See CASUALTY BOOK; CASUALTY INSURANCE.
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Loss or liability arising from an accident or mishap, excluding certain losses or liabilities which, by law or custom, are considered as falling exclusively within the scope of the protection provided by Fire or marine Insurance. Casualty includes, but is not limited to, losses or liability covered by Employers Liability, Workmen’s Compensation, Public Liability, Automobile Liability, Plate Glass, Burglary and Theft Insurance.
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Refers to a loss, particularly the loss of a ship.

Casualty coverage

the type of iNSURANCE concerned with legal liability for losses caused by bodily injury to others or physical damage to property of others. can be found in commercial liability policies, commercial auto policies, homeowner, dwelling and tenants policies, and umbrella policies.

Casualty insurance

UK: A US term most associated with general liability but also embraces such diverse forms as plate glass, crime, boiler and machinery, surety bonds and aviation insurance. The term distinguishes these forms of insurance from those written in the US property insurance sector.
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Generic term for Insurance that is primarily concerned with (a) legal liability for injury to persons or damage to property of others or (b) U.S. term for non-life insurance other than fire, marine or surety business. (c) property damage caused by a casualty, such as a boiler explosion. Refer: “Casualty.”
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US: Insurance concerned with the insider’s legal liability for injuries to others or damage to other persons’ property; also encompasses such forms of insurance as plate glass, burglary, robbery and workers’ compensation.
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Insurance that is primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
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MEDICAL,USA: Type of insurance that covers loss or liability caused by an accident that includes injury to persons or damage to the property of others. It includes automobile liability insurance, aviation insurance, burglary and theft insurance, employees’ liability insurance, bonding or forgery insurance, personal liability insurance, plate glass insurance, power plant insurance, public liability insurance, and workers’ compensation. Also referred to as property/casualty insurance.