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.

US: (1) A group of insurers or reinsurers through which particular types of risks (often of a substandard nature) are underwritten, with premiums, losses, and expenses shared in agreed ratios. (2) A group of organizations that form a shared risk pool. Pooling is an attractive alternative for insureds that are not large enough to legally or feasibly self-insure but that desire more control over their loss exposures as well as an opportunity to reduce their cost of risk, compared to a program written by a commercial insurer.
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UK: A combination of insurers in a specific class of insurance in which they agree to share the premiums and losses. Pooling is used for exceptionally heavy risks, e.g. atomic energy risks.
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UK: a group of insurers through which particular risks are insured, normally by each insurer assuming an agreed proportion of the risk, premiums, losses and expenses being shared in the same proportion (see also reinsurance pool).
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REINSURANCE: A pool is a form of Reinsurance arrangement between member companies by which one or more classes of business is pooled and then retrocede to members in an agreed proportion or volume of business ceded. In certain cases, business may be ceded to non-members of the pool. Such pools may be privately arranged between member companies or may be a national pool initiated by government or regional pools of member countries. As per IRDA’s General Insurance-Reinsurance Regulations, 2000 “pool” means any joint underwriting operation of insurance or reinsurance in which the participants assume a pre-determined and fixed interest in all business written.
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An organization in which insurers cover certain types of risks as a group and share premiums, expenses, and losses. Pools are often used to underwrite larger risks.
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An Organization of Insurer or Reinsurers through which particular types of Insurance are written with the premiums ‘losses and expenses shared in agreed proportions among these Insurers. A pool is often appropriate for insuring large values, such as commercial aircraft, or for insuring exposures unwelcome in the voluntary market. See Also: “Residual market.”
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MEDICAL,USA: Group of insurance companies that combine some assets to provide an amount of insurance that is greater than that which can be provided by an individual company.
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REINSURANCE,REFERENCE See: Association, Syndicate.
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MEDICAL,USA,REFERENCE See: pooling and risk pool.

US: (1) In a property insurance policy, the location where coverage applies. Usually described in the policy with a legal address. (2) Building or land occupied or owned by an insured.
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Generally, a piece of land with a building or buildings upon it.
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The particular location of property or a portion thereof as designated in a policy.