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15 Cards in this Set

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  • Back
Abandonment
Relinquishment or surrender to the insurance company of all rights and interests in insured property.
Acceptance
Agreeing to the offer of another so that a legal contract is formed and the parties to the contract are bound.
Accident
An event or occurance that happens by chance and, therefore, is unforeseen and unintended.
Account Current
Statement, generally provided monthly, by the insurance company to the insurance agent, listing the agent's policies written, effective endorsements, policy cancellations, and earned commissions.
Account Receivable
Debt owed to a business enterprise, arising out of the normal course of business dealings and not supported by negotiable paper.
Account Receivable Insurance
Coverage for financial loss that the insured suffers by not being able to collect bills that are due because a fire or other insured peril destroys the insured's original records of accounts receivable.
Acquisition Cost
he portion of an insurance policy's premium that represents costs to the insurance company for putting the policy in force.
Act of God
Accident or event resulting from natural causes, without any human intervention, that resonable foresight or care could not have prevented, such as flood, lightning, earthquake, or storms.
Actions
When used in an insurance policy, this refers to legal actions or proceedings in court. Actions under the policy for claims against the insurance company ordinarily are restricted by terms of the policy.
Actual Cash Value
Limit paid by the insurance company, under certain property insurance contracts, for damage or destruction of insured property.
Actuary
Professional person trained in mathematics, statistics, and accounting methods as well as the spund principles of insurance.
Additional Insured
Individual, other than the one identified as the named insured on the Declarations page, who also is protected under the terms of the contract, e.g., the spuse of the insured.
Additional Interest
Contractual interest of an individual or business firm protected against losss by terms of a policy issured to another.
Additional Living Expenses Insurance
Optional insurance converage to pay for extra necessary living costs incurred during the time it takes to repair or replace insured property that has been damaged or destroyed by an insured peril.
Adjusted Net Worth
Worth of an insurance company, consisting of capital and surplus, plus an estimated value for the business on the company's books.