A type of short-term disability income contract that reimburses the insured person for specified, fixed monthly expenses, normal and customary in the operation and conduct of his/her business or office.

A stand-alone policy that covers the named insured’s liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor’s work for the insured. The contractor purchases the policy to provide coverage for vicarious liability the client (project owner) incurs as a result of the contractor’s acts or omissions on the project. The OCP policy also responds to liability arising out of the insured’s own acts or omissions in connection with its general supervision of the contractor’s operations.
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A stand-alone policy that covers the named insured&#8217s liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor&#8217s work for the insured. The contractor purchases the policy to provide coverage for vicarious liability the client (project owner) incurs as a result of the contractor&#8217s acts or omissions on the project. The OCP policy also responds to liability arising out of the insured&#8217s own acts or omissions in connection with its general supervision of the contractor&#8217s operations.

US: A combination policy providing several different coverages. Usually refers to a policy providing both general liability insurance and property insurance. Premium discounts are usually allowed to reflect cost efficiencies.
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UK: a policy covering several different types of insurance.
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An insurance policy that includes more than two different kinds of coverage; for example, personal and commercial.
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Any combination of insuring agreements that combines property and casualty coverages. Homeowners, businessowners, and garage policies are examples.
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UK: Combines different insurances in one document for one insured. Example: Shopkeepers’ policy covers property, business interruption, money, liability covers, etc.
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Insurance Policy covering different types of exposures, which could be written under separate policies, such as a combination of property and liability coverage.

US: Losses and allocated loss adjustment expenses (ALAE) paid to claimants during a financial reporting period.
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The amount paid out in losses during a particular time frame.
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The losses paid as of the valuation date for claims covered by a policy or group of policies attributable to a specific coverage period provided by the policy or policies. (02) Claim amounts paid during a specific calendar year (or period).
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The losses that have been paid for a claim.

US: A form of coverage designed to meet the needs for insurance on property of a moveable nature. The coverage usually protects against all physical loss, subject to special exclusions and conditions. Examples of property covered include jewelry, furs, silverware, and fine arts.
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Before the advent of packaged forms and broad coverages, households commonly had fire insurance on dwelling and personal property with the possible addition of extended coverage. The personal articles floater is an inland marine form that was used by the affluent for scheduling open perils coverage for various articles and classes of valuable personal property. A homeowners endorsement accomplishes the same thing today and the personal articles floater is no longer widely written.
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Originally an inland marine policy. It can be sold as a separate policy or attached to an existing property insurance policy such as a householders policy. The personal article floater is used for listing items to be covered such as furs and jewellery with an amount shown for each item. This is usually an all risk form.

US: First-party no-fault coverage in which an insurer pays, within the specified limits, the wage loss, medical, hospital and funeral expenses of the insured.
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MEDICAL,USA,REFERENCE: See: no-fault insurance.
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The section of an auto policy in a no-fault state that responds to the injuries of the insured such as physical injury or loss of income of the insured regardless of fault.

US: All tangible property not classified as real property.
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Any property of an insured other than real property. Householders Package or Comprehensive policies protect the personal property of family members and commercial forms are used to protect many types of business personal property of an insured.
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Term used in insurance to distinguish chattels from real property.

A person appointed through the will of a deceased or by a court to settle the estate of one who dies.
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See: legal personal representativE.

That period for which an insurance policy provides coverage.

The difference between an insurer’s admitted assets and liabilities—that is, its net worth. This figure is used in determining the insurer’s financial strength and capacity to write new business.