Law protecting accident victims against irresponsible motorists by requiring owners and operators of automobiles to carry certain amounts of liability insurance in order to license the vehicle and drive legally within the state.

US: Deliberate failure of an applicant for insurance to reveal a material fact to the insurer.
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Failure by the insured to reveal certain facts he knows that are not such common information that the Insurer should also know them. Except in ocean marine Insurance an Insurer must prove intent and materiality to deny a claim based on concealment. Concealment is material if the facts concealed would have caused the Insurer either not to write the Insurance or to write it under substantially different terms.
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UK: The wilful failure to disclose a material fact before the insurance contract is concluded. It is a breach of utmost good faith rendering the contract void ab initio and entitling the insurer to sue for damages for deceit. If fraud is proved the insured is not entitled to a return of premium.

US: (1) A tort doctrine that imposes joint liability on two or more parties if their negligence combines to produce the same loss. (2) In property insurance, this term refers to a situation where there is a mixture of covered and uncovered perils acting together (either in sequence or simultaneously) to produce the same property damage. In the early 1980s, lower courts in California misapplied tort concepts to the interpretation of first-party property policies and held that, in “concurrent causation” claims, the property insurer is liable so long as one of the causes is covered by the policy. As a result, these courts refused to enforce flood or earthquake exclusions if there was an unexcluded factor contributing to the loss, such as zoning decisions or the negligence of a contractor. In response, insurers added so-called anti-concurrent causation (ACC) language to standard homeowners, commercial property, and other first-party property policy forms to combat this line of thinking. (3) In liability insurance, this term is occasionally used to refer to a situation where there are two or more causes of action asserted in the complaint against the insured, any one of which would be sufficient by itself to hold the insured liable, but some of the causes of action are covered and some are not. In that situation, the liability insurer must defend the entire complaint.
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A legal doctrine in property insurance that makes the insurer liable for damage when property is damaged by two causes, one of which is excluded and the other covered.
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A loss brought about by at least two events. In recent years, concurrent causation has been controversial as one event may be covered but the other not covered.
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US: Legal doctrine that states when a property loss is due to two causes, one that is excluded and one that is covered, the policy provides coverage.
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When two perils contribute concurrently to a property loss, one excluded and the other not, the effect of the exclusion tends to be voided in a policy covering on an open perils basis. A concurrent causation exclusion is found in current forms.

A person or organization appointed by a court of law to manage an insurer that is financially impaired or in danger of insolvency.
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A person selected by the court or other legal authority to direct and manage an insurance company found to be in danger of failure.

The term contingent insurance refers to a policy that is contingent on the absence of other insurance. For example, the 1973 commercial general liability (CGL) policy stated that it provided “primary insurance, except when stated to apply in excess of or contingent upon the absence of other insurance.… When both this insurance and other insurance apply to the loss on the same basis, whether primary, excess, or contingent, the company shall not be liable [for more than a proportionate share].” (Emphasis added.) In 1986, the phrase “upon the absence of other insurance” was taken out. No change in coverage was intended, however. In modern terms, contingent insurance refers to a policy that has an escape-type other insurance provision saying that it does not apply if there is another policy providing coverage.
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The term contingent insurance refers to a policy that is contingent on the absence of other insurance. For example, the 1973 commercial general liability (CGL) policy stated that it provided &#8220primary insurance, except when stated to apply in excess of or contingent upon the absence of other insurance.… When both this insurance and other insurance apply to the loss on the same basis, whether primary, excess, or contingent, the company shall not be liable [for more than a proportionate share].&#8221 (Emphasis added.) In 1986, the phrase &#8220upon the absence of other insurance&#8221 was taken out. No change in coverage was intended, however. In modern terms, contingent insurance refers to a policy that has an escape-type other insurance provision saying that it does not apply if there is another policy providing coverage.

US: Coverage for losses to a third party for which the insured is vicariously liable. Contingent liability can be assumed—for example, for losses arising from product or service failure, where the insurer has assumed liability by providing a performance warranty.
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MEDICAL,USA: Legal responsibility of individuals, corporations, or partnerships, for injuries or accidents caused by persons (other than employees) for whose actions or omissions the individuals, corporations, or partnerships are responsible.
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US: Liability arising out of work done by independent contractors for a firm. A firm may be liable for the work done by an independent contractor if the activity is illegal, the situation does not permit delegation of authority, or the work is inherently dangerous.
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Liability imposed on a business entity (individual, partnership, or corporation) for acts of a third party for which the business entity is responsible.
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Liability imposed upon one party because of accidents caused by persons (other than employees) for whose acts the first party is responsible through the operations of applicable laws.
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UK: Liability that arises in a secondary way as in the case of vicarious liability. See CONTINGENT LIABILITY COVER.

A centralized insurance program under which one party procures insurance on behalf of all (or most) parties performing work on a construction project or on a specific site. Commonly referred to as “wrap-ups,” CIPs are most commonly used on single projects, but other uses include contract maintenance on a large plant or facility or on an ongoing basis for multiple construction projects. Typically, the coverages provided under a CIP include builders risk (for construction wrap-ups), commercial general liability (CGL), workers compensation, and umbrella liability. CIPs offer a number of benefits, including greater control of the scope of coverage, potentially lower project insurance costs, and reduced litigation. CIPs can be purchased by the owner (OCIP) or contractor (CCIP) or a combination of participating parties.
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A centralized insurance program under which one party procures insurance on behalf of all (or most) parties performing work on a construction project or on a specific site. Commonly referred to as &#8220wrap-ups,&#8221 CIPs are most commonly used on single projects, but other uses include contract maintenance on a large plant or facility or on an ongoing basis for multiple construction projects. Typically, the coverages provided under a CIP include builders risk (for construction wrap-ups), commercial general liability (CGL), workers compensation, and umbrella liability. CIPs offer a number of benefits, including greater control of the scope of coverage, potentially lower project insurance costs, and reduced litigation. CIPs can be purchased by the owner (OCIP) or contractor (CCIP) or a combination of participating parties.

A person covered by a pension plan is one who has fulfilled the eligibility requirements in the plan, for whom benefits have accrued, or are accruing, or who is receiving benefits under the plan.

US: A guarantee to manufacturers, wholesalers, and service organizations that they will be paid for goods shipped or services rendered. Applies to that part of working capital which is represented by accounts receivable.
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Also known as “trade credit insurance” and “business credit insurance,” this coverage pays an agreed percentage of an invoice or receivable that is not paid because of protracted default, insolvency, or bankruptcy of the debtor. The coverage is written by only a few companies that specialize in credit insurance and is not available to individuals.
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US: Coverage against insolvency of a customer, which provides protection against payment default on loan, interest, or scheduled payments. Also known as “bad debts” insurance.
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Credit Insurance provides protection against loss resulting from default on the part of debtors. Insurance on a debtor in favour of a creditor to pay off the balance due on a loan in the event of death or disability of the debtor. Liability Insurance for abnormal loss from bad debts. With a view to standardizing the features of Credit Insurance products in India IRDA issued Guidelines on Trade Credit Insurance policies which are effective from 13th December, 2010. These guidelines specify that a policyholder should necessarily be a supplier of goods and services and his coverage under the policy should be towards loss incurred due to non-receipt of trade receivables. The credit cover can only be issued on whole turnover basis covering all buyers.
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MEDICAL,USA: Insurance coverage that will pay off an outstanding loan if the policyholder dies or makes loan payments if the policyholder becomes disabled.
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Optional coverage that pays off the balance of an outstanding loan in the event the insured becomes disabled, unemployed, or dies. Exact coverage depends on the particular policy. Variations include credit life (pays if the insured dies), credit health or disability (pays if the insured gets sick or becomes disabled) and credit unemployment insurance (pays if the insured involuntarily loses his job). Usually offered with credit cards, auto loans, and mortgages.
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UK: This covers businesses against losses due to ‘insolvency’ or ‘protracted default’ (failure to pay within 90 days of due date) of customers to whom credit has been granted. It is effectively bad debts insurance. Policies usually cover between 75 per cent and 90 per cent of the risk. The main policies: ‘whole turnover (UK)’, ‘whole turnover (export)’ ‘specific account(s)’, ‘catastrophe’, i.e. cover that is triggered once an aggregate bad debts figure has been exceeded. See EXPORT CREDIT INSURANCE; OVERSEAS INVESTMENT INSURANCE.

Customer service representatives support the work of insurance agents with a variety of tasks that must be done within a company or agency to deliver services to and handle requests from clients.