Abandonment

The right of a insured to relinquish ownership of the insured property to the underwriter in exchange for a constructive total loss payment. The underwriter is not bound to accept abandonment but in doing so, he accepts responsibility for the property and liabilities attaching thereto, in addition to paying the full sum insured.

Marine: Mainly applies to marine insurance ( See Salvage ).

Property: It is expressly prohibited in most property polices.

Medical: To discontinue medical care by a provider without proper notice after accepting a patient.

Abandonment clause

A stipulation in fire insurance policies and other property insurance which prohibits the inured from abandoning partially damaged property to the insurer in order to claim a total loss. It should be noted that abandonment is allowed in Marine Insurance, just forbidden in Property

Abstract of Title

A summary of all conveyances, such as deeds or wills, and legal proceedings, including the names of the parties, a description of the land, and the agreement arranged to demonstrate ownership continuity.