The worst loss that is likely to occur because of a single event.

The largest loss that can be expected if all goes as it should, such as smoke detectors working.

A court process under which property is distributed and the terms of wills are carried out at the owner’s death.
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MEDICAL,USA: Legal proceeding proving a will is genuine and allowing the carrying out of its provisions. Its purpose is to protect the heirs from fraud and embezzlement, ensure creditors of the deceased are paid for any outstanding debts, and oversee payment of federal, state, and local taxes by the estate.
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US: The court supervised process of validating or establishing a distribution for assets of a deceased including the payment of outstanding obligations.

The dispensation of a deceased person’s assets to his or her creditors, the state, and beneficiaries.

A bond written to protect the assets being administrated by another person, sometimes mandated by probate court.

The time after beginning date of a Policy during which sickness benefits will not be payable. The purpose of the period, usually 30 days is to eliminate sickness actually contracted before the Policy went into force. Not to be confused with “waiting” or “elimination period.”

A period during which the insured is not yet covered, though the policy is considered effective.