Also called independent contractors insurance. Insurance that covers the insured in the case of a loss stemming from contractor or subcontractor negligence.

T)See Premises and operations liability.

A form of liability insurance intended to cover places where the public often visit. This form provides coverage against liability arising from bodily injury or property damage caused by the owner’s negligence. The commercial general liability coverage form has mostly replaced this form.

Denotes the person who controls all of the benefits and privileges associated with a life insurance policy. The title of owner may belong to someone other than the insured and may be transferred by the owner’s written request.

Agreement by the Insurance Company that certain information regarding details of a Policy such as expiration will not be revealed to any other Agent or broker except the originating Agent or broker. This agreement permits the original Agent or broker to contract the client for renewal or extension of the Policy.

An agreement made with an insurer that states that some pieces of information will not be shared with any agent or broker other than the one who originated the policy. This is usually a property or liability form.
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Refers to the ability of an independent agent to place a risk with any of the companies that he or she represents. Unless that customer goes to another agent, the current agent owns the policy and the right to place it as he or she sees fit.

A provision that states that a policy may be owned by a different person than the one insured.

Originally, a chemical reaction in which oxygen combines with other substances; it now indicates any chemical reaction in which electrons are transferred. Oxidation and reduction occur simultaneously, and the substances which gains the electrons is called the oxidizing agent.