US: Coverage for a professional practitioner, such as a doctor or a lawyer, against liability claims resulting from alleged malpractice in the performance of professional services.
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UK: Describes the professional indemnity insurance issued to doctors, nurses, surgeons, hospitals and practitioners of complementary therapists. The term is also used more generally in the US as an alternative for professional indemnity.
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Liability insurance for professionals, such as Medical Practitioners, Chartered Accountants, Solicitors, Interior Decorators and such other professionals. See Also: “Professional indemnity Insurance” and “Professional indemnity, standard of care defined.”
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MEDICAL,USA: Professional liability insurance coverage for a physician against the risk of suffering financial damage because of professional negligence, misconduct, or lack of standard skills. Sometimes referred to as medical malpractice insurance, professional liability insurance (PLI) , or liability insurance .

US: A specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims. Typically, MGAs are involved with unusual lines of coverage, such as professional liability and surplus lines of insurance, in which specialized expertise is required to underwrite the policies. However, MGAs also write some personal lines business, especially in geographically isolated areas (e.g., western Oklahoma, North Dakota) where insurers do not want to set up a branch office. MGAs benefit insurers because the expertise they possess is not always available within the insurer’s home or regional offices and would be more expensive to develop on an in-house basis.
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An agent standing between an insurer and other agents. The MGA sells to retail agents, who then sell to the consumer. MGAs often are said to have the pen because they are given the authority to accept, underwrite, and price submissions received from retail agents.
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MEDICAL,USA: Independent contractor authorized to appoint personal producing general agents (PPGAs) on behalf of an insurance company and who may represent more than one company.

US: A type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process. The two branches of marine insurance are ocean marine (primarily water-based exposures) and inland marine (primarily land-based exposures).
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Coverage for goods in transit and the vehicles of transportation on waterways, land, and air.
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Insurance coverage primarily concerned with transportation exposures and property that is commonly moved around from place to place. In the United States, the field is divided between inland marine and ocean marine.
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UK: Marine Insurance Act, s. 1: a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.
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The business of effecting contracts of Insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or relation to such vessels, cargoes and freights, goods, wares, merchandise and property of whatsoever description insured for any transit by land or water, or both, whether or not including warehouse risks or similar risks in addition to or as incidental to such transit and includes any other risks customarily included among the risks insured against the marine Insurance policies. Section 3 of the Marine Insurance Act, 1963 defined Marine insurance as — “A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure.”
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MEDICAL,USA: Type of insurance coverage for protection of cargo (goods) in transit and the vessels and vehicles of transportation (i.e., ocean transit, over land, and by air). Also called ocean marine insurance .

Market-wide fluctuations in the prevailing level of insurance and reinsurance premiums. A soft market (i.e., a period of increased competition, depressed premiums, and excess capacity) is followed by a hard market—a period of rising premiums and decreased capacity. Traditionally, each period has a causative effect on the other. For example, in a hard market, insurers’ earnings are greater than during a soft market. Large earnings have the effect of increasing capacity. More capacity means more supply. When supply equals or exceeds demand, premiums go down, competition heats up, and earnings begin to shrink. Once earnings shrink to the point where the amount of capacity is reduced, the market hardens up, and the cycle starts all over again.

The price at which a item can be bought or sold at any particular time.

Insurance against damage to a vehicle itself. It includes automobile comprehensive, collision, fire and theft. Material damage and physical damage are terms that often are used inter- changeably.

US: A coverage, available in various liability insurance policies, in which their insurer agrees to reimburse the insured and others, without regard for the insured’s liability, for medical or funeral expenses incurred as the result of bodily injury or death by accident under specified conditions.
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A form of coverage, optional in Automobile and other Public Liability Policies that provides for the payment of medical and similar expenses without regard for liability.
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MEDICAL,USA: Liability insurance coverage in which the insurance company agrees to pay the insured and others, subject to a limit, for medical, surgical, hospital, and funeral expenses sustained because of bodily injury or death by accident regardless of whether the insured is liable or not. Usually this type of coverage is included in automobile and other public liability policies.

US: A life or health insurance policy intended to pay off the balance of a mortgage upon death or to meet payments on the mortgage in case of disability. Also known as “mortgage redemption insurance.”
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Life insurance that pays the balance of a mortgage if the mortgagor (insured) dies.
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To cover default in repayment of loans for housing. This scheme is expected to accelerate housing finance activity by improving liquidity of institutions financing housing and by reducing the quantum of initial down payments by the borrowers.

A commercial auto policy introduced by Insurance Services Office, Inc. (ISO), in 1993 to address the needs of the motor carrier (i.e., trucking) industry. Coverages available include auto liability, trailer interchange, and auto physical damage; other coverages are available by endorsement. The policy was developed as an alternative to the truckers policy because of the changes taking place in the industry. That is, the truckers policy is applicable only for “for-hire” motor carriers, whereas the motor carrier policy is appropriate for all types of motor carriers—for-hire, private, or a combination of both types of operations.