A.d. Banker Property And Casualty

Front 1

Accedent

Back 1

A sudden, unforeseen, unintended, and unplanned event

Front 2

Occurence

Back 2

An event that results in a loss. It includes an accident, but is a broader definition because it includes continuous or repeated exposure to harmful conditions that results in property damage.

Front 3

Cancellation

Back 3

The termination of an insurance policy before its expiration date. either the insured or the insurer may cancel the policy

Front 4

Pro rata Cancellation

Back 4

The cancellation of a policy for which a refund is made of the unearned premium calculated in proportion to the time the polic was in force. When the insurer cancels the policy, the unearned premiup is refunded to the insured on a pro rata basis

Front 5

Short Rate Cancellation

Back 5

The cancellation of a policy for which the premium refund is calculated according to a short rate table whereby the insurer retains a portion of the unearned premium. When the insured requests cancellation of the policy, the unearned premium is refunded to the insured on a short rate basis.

Front 6

Nonrenewal

Back 6

The termination of an insurance policy after its expiration date by the insurer.

Front 7

Peril

Back 7

A cause of a potential loss.

Front 8

Proximate Cause

Back 8

The cause that sets other causes in motion wen multiple causes combine to produce loss or damage. The cause without which a given result would have not occured.

Front 9

Hostile Fire

Back 9

A fire that produces a visible spark, flame, or glow and leaves the area in which it was intended to be kept.

Front 10

Inherent Vice

Back 10

A condition or defect that exists withing property itself that causes the property to spoil, break, become defective, or destroy itself. Insurance policies typically exclude inherent vice

Front 11

Binder

Back 11

A document that temporarily provides insurance coverage until a policy is issued. The binder specifies the perils covered, the amount of coverage, the effective date of the coverage, and the name of the insurer providing the coverage. The binder does not state the premium amount.