A form of partnership that consists of one or more general partners, who actively engage in the business, and one of more special partners, who are not liable for the debts of the partnership beyond their initial financial contribution. Commercial insurance policies usually differentiate in the Who Is Insured section among corporations, partnerships, and other business models. Therefore, the type of model being insured is important.
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A partnership of at least two people who manage a business together to earn a profit. One or more of the partners is considered the limited partner because he or she does not operate the business on a daily basis, but still has an investment in the business and a vote in the way it is managed. This partner has limited liability.
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An association of two or more persons who operate and manage a business for profit; at least one the partners does not work in the business but does have some management voice and financial investment. The limited partner has limited liability.

Insurance that covers the insured’s whole life. Premiums are only paid for the amount of years specified.

A policy that permits the insured to pay the entire premium quicker than the traditional model.

Contracts which cover only certain specified diseases or accidents.

Policies that only pay in the event of certain occurrences as specified in the contract. In health insurance, this term can be used to refer to a contract with low limits and limited forms.

Commercial form providing pollution liability coverage on a “claims made” basis, but not providing any coverage for clean-up costs.

A commercial form that offers pollution liability coverage if a claim is made, but does not offer coverage of clean-up expenses.