Also called actual cash value Policy. Shows no fixed amount of Insurance on the face of the contract but pays the actual cash value of the claim or loss on the property.

Incapable of being assigned: Policy benefits or right that cannot be assigned to a third party.

A policy free of any condition of average.

A condition that exists when two or more policies covering the same property are written subject to different provisions.

Sickness which prevents the insured from working but does not confine to his home.

In business interruption insurance or under the additional living expense coverage of a homeowner’s policy, these are expenses of the business or the home that do not continue following a loss.

The failure of a whole cargo or a whole package to arrive at its destination, con contrast with short delivery.

One which may require medical care, but does not result in loss of working time or income. An injury that does not cause total or partial disability.

A provision in some health insurance policies specifying that benefit will not be paid for amounts reimbursed by others. In group health insurance this is usually called coordination of benefits.

A risk that cannot be measured actuarially or in which the chance of loss is so high that insurance cannot be written against it.