Insurance Terms

Front 1

Vacancy

Back 1

the building is void of contents and people. The building is simply not being used. Perils (freezing,vandalism,malicious mischief) are limited when a building is vacant

Front 2

Unoccupancy

Back 2

The premises are void of people. In most cases this will not affect the coverage provided by the policy

Front 3

Liberalization

Back 3

Clause in property/casualty insurance contracts which states that if policy or endorsement forms are broadened and no additional premium is required, then all existing similar policies or endorsements will be construed to include the broadened coverage

Front 4

Accident

Back 4

Sudden and unforeseen event resulting in a financial loss

Front 5

Occurrence

Back 5

Sudden and unforeseen event resulting in a financial loss. May be a continuous or repeated exposure to an event that results in a financial loss

Front 6

Appraisal Clause

Back 6

dispute involves a property claim, both parties select an appraiser to determine the value of the loss. If no agreement can be made, an umpire will make the decision and share the cost of the umpire.

Front 7

Certificates of Insurance

Back 7

Contains a general summary of the coverage. Evidence of auto insurance be carried at all times.

Front 8

Ambiguity

Back 8

Language that is vague and creates doubt in the policy provision will usually be resolved by the courts in favor of the insured