A system made up of general agents selling life insurance.

(i) In liability Insurance, an Agent who solicits business from the public and earns a commission from those Insurers the gent represents. (ii) In property Insurance, an individual having an exclusive territory and supervising an Insurer’s independent Agent’s in that territory. A general Agent does not sell Insurance Directly to the general public. (iii) In health Insurance, an individual appointed by an Insurer to conduct business in a given territory on a commission basis (perhaps also receiving additional expense allowances).

A person selected by the insurer to run its business in a specified area. These agents must seek out their own clients and are paid on a commission basis.

A group affiliated with the National Association of Life Underwriters, made up of agents and managers.

A Commercial General Liability limit that applies to all damages paid for bodily injury, property damage, personal injury, advertising injury and medical expenses, except damages included in the products completed operations hazard.

A limit imposed on commercial general liability. This limit can apply to several different types of damages, including those awarded for personal injury, property damage, and bodily injury.

A loss that arises from the reasonable sacrifice at a time of peril of any part of a ship or its cargo for the purpose of preserving the ship and the remainder of its cargo together with any expenditure made for the same purpose. An example of a general average loss would include jettisoning cargo to keep a ship afloat and an example of general average expenditure would include towing a stricken vessel into port. An average adjuster calculates the value of each saved interest to each interested party which is then obliged to contribute towards the general average loss or expenditure proportionately. Subject to the terms of the policy, insurance will generally only apply if the loss was incurred to avoid or in connection with the avoidance of an insured peril.
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A principle of maritime law according to which the owners of ship and cargo share in a loss incurred voluntarily to save the whole in an emergency. For example, cargo may be jettisoned in order to save the ship and remaining cargo during a storm. All participants share in the loss for the good of the whole. See also Average and Particular average.
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A term usually used in marine insurance to describe a partial loss that was sustained in order to avoid irreparable damage to the entire undertaking.
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A voluntary sacrifice by the master of a ship of all or part of an interest in a marine venture for the purpose of saving the remainder of the venture. Damage and expenses purposely incurred for the common safety of the vessel, freight and cargo interests. General averages are paid by the several interests in the proportion of their respective values exposed to the common danger including the interest of the party whose property or interest is intentionally sacrificed. For example, if it is necessary to jettison cargo to save a ship, the owners of the ship and the rest of the cargo that is saved will share in the loss of the goods that were intentionally sacrificed.