insurance - In case of an individual or corporation contracted for insurance contracts to compensate (or protect) property loss or damage, or in case of policy of liability, protect him against a request from a third party.
Named insurance - Individuals, companies or corporations specifically specified as policies insured (s) that are not specified, but are distinguished from others protected under certain circumstances. For example, the general application of this latter principle is based on the definition of "insured person" in the automobile liability policy where the scope of application is expanded also to other drivers who use the car with permission of the insured is there. Other parties can also receive protection of insurance contracts by naming them "additional insured persons" of insurance contracts.
Additional insurance - Individuals or organizations that are not automatically included as insured under another insurance contract but insured insurance provides certain protection. Usually, you need an endorsement to achieve additional insurance status. The specific insured's motives to provide another insured's condition to others is due to the close relationship with the insured (eg, the insured's club's employees or members of the insured) (For example, a customer or owner leased by a designated insured person) who wants to protect the other party.
Property insurance - Sharing one insurance contract or risk between two or more insurance companies. This usually requires that each insurer directly pay the insured the share of each loss. A joint insurance policy can also be applied to insurance contracts that insured carries insurance amounts equal to a certain percentage of the total value of the insured property, taking into account the reduction rate. An example is when you are guaranteed to carry insurance up to 80% or 90% of the value of your building or content. Otherwise, the company will only charge in proportion to the amount of remuneration you owe.
Use the following formula to determine the amount that can be collected for partial loss:
Damages x Loss
Insurance amount = payment
It must be executed
Example A Mr. Right has 80% covenant insurance contract provision, and there are the following situations.
Building value of $ 100,000
Carrying $ 80,000 insurance
Building loss of $ 10,000
By applying equations that determine partial payment payment, you can collect the following amounts:
$ 80,000 x $ 10,000 = $ 10,000
$ 80,000
Since Mr. Right had the insurance amount stated in the co-insurance contract clause, Mr. Right collects all of the loss.
Example B Mr. Wrong has 80% co-insurance terms and the following situation:
Building value of $ 100,000
Carrying $ 70,000 insurance
Building loss of $ 10,000
By applying equations that determine partial payment payment, you can collect the following amounts:
$ 70,000 x $ 10,000 = $ 8,750
$ 80,000
Mr. Wrong's $ 10,000 loss is above the company's liability limit under the terms of the insurance contract. Therefore, Mr. Wrong will be a self-insurance company for loss balance, $ 1,250.
premium - Amount paid by the insured to the insurance company to join the insurance.
Exemption - The first dollar amount of the loss the insured will incur before the insurer pays the benefit. Same as SIR (Self-Insured Retention). The insurer 's liability begins when the deduction is exhausted.
Efforts for self-development - Works just like a deduction, but the insured is responsible for all the legal fees incurred in connection with the amount of SIR.
Policy restrictions - Maximum amount the insurance company will pay to the insured under the insurance contract.
First party insurance - Insurance applicable to the insured's own property or person's coverage. Traditionally, we cover the damage of insurance money from the reasons covered by insurance contracts. That is the scope of real estate insurance. An example of first-party insurance is BUILDERS RISK INSURANCE which is insurance against losses against rigs and ships under construction. It is targeted only to insurers and rig owners and / or contractors who are interested in rigs.
Third party insurance - Liability insurance covering insurers' negligence against insurance claims from third parties (ie third parties of insurance contracts, not insured or insurance companies). An example of this insurance is the shipping repair trader's liability (SRLL). Protect shipyards, contractors who repair or remodel ship of customers in other places or offshore. While the property of the customer is under the "care, storage and management" of the insured, the insured also covers. For other coverage subjects such as slip and fall, a policy on commercial general responsibility is necessary.
Insurance claims - Anything that is covered by the insurance policy or that is involved in the legal relationship with that insured person that triggers a specific event that causes the monetary loss to the insured. Examples of interests of the insured - ownership of the property or ownership of interest. For example, a shipyard building a rig or a ship. (See BUILDERS RISK above)
Damages Compensation Insurance - Insurance coverage that the insured protects against third-party claims against property or personal injury. These losses usually arise as a result of the insured's negligence. In marine construction, this policy is referred to MGL's maritime general responsibility policy. In non-marine situations, this policy is called CGL's Commercial General Liability Act. Insurance contracts can be broadly divided into two categories.
- First party insurance covers the property of the person who purchases the insurance contract. For example, the policy of homeowners to promote the payment of fire damage to homeowners' homes is the policy of the First Party. Responsibility insurance, sometimes referred to as third party insurance, is responsible for insurance policyholders for others. For example, a homeowner may be responsible if someone falls on the property of the owner of the house. A policy like these examples might have both first and third coverage.
- Responsibility insurance offers two separate benefits. First of all, insurance will be applied for damage incurred by a third party. Sometimes this is called providing "compensation" of loss. Secondly, most liability policies are obliged to observe. The obligation to defend requires the insurance company to pay legal fees for defending lawyers, expert witnesses, and third party claims. These costs can be substantial and should not be ignored when faced with responsibility claims.
- It provides excessive compensation for "underlying" liability insurance you will incur.
- It provides coverage for all other debt exposures, with the exception of excluded exposures in particular. It is subject to a large deduction of about $ 10,000 to $ 25,000.
- This will be automatically replaced under policy reduced or depleted by loss.
Serious fault - If you carelessly disregard the safety or life of others, you seem to have violated most of the other people's safety right. It is more than mere negligence, but it is not a deliberate misconduct. If the fact hearing examiner (the judge or the jury) finds a serious negligence, it may receive punitive damages in excess of general and special damages in certain jurisdictions.
Creepy - A deliberate act of ignoring the possibility of causing serious injury, or recklessly ignoring the outcome of such conduct.
Product responsibility - Responsibility in the event that the product was manufactured negligently and sent to the convicted stream. Responsibility due to the fact that the manufacturer can not properly manufacture, test or warn the manufactured item.
Manufacturing defect - Even if all possible care is taken, the product deviates from the intended design.
Design defect - The product is not reasonably safe if the use of a reasonable alternative design reduces or avoids the foreseeable risk posed by the product and the use of alternative design fails.
Incorrect instruction or inadequate warning - The foreseeable risks offered by the product may be mitigated or avoided by reasonable instructions or warnings and the omission of such products makes the product reasonably insecure.
Professional Risk Insurance - Losses or expenses legally mandated by guaranteed experts as experts (physicians, lawyers, architects, engineers, etc.) as professional negligence, mistakes in rendering, or failure due to failure Responsible insurance insurance company to provide expert service. It is the same as medical malpractice insurance.
Occupational responsibility has expanded over many years to include occupations where special knowledge, skills, close customer relationships are top priority. Since business trends continue to expand from manufacturing-based economies to service-oriented economies, occupations are increasingly considered professionals. Together with the religious nature of our society, service enterprises and staff are exposed to violence against medical malpractice more than ever.
Errors and mistakes - It is the same as medical malpractice or occupational liability insurance.
HOLD HARMLESS AGREEMENT - Contractual agreement that asserts responsibility inherent in the situation by one party relieving the other party. For example, the concession's lease right stipulates that the borrower must possess "harmless" due to liability for accidents due to concessions.
Compensation for damages - Restoring all or part of the victim of damage by payment, repair or exchange.
Damages contract - Contract clause specifying who should be held responsible in the event of an obligation. Often, the responsibility of one party to fraud is transferred to the other party.
security - An agreement between the purchaser and the seller of the goods or services detailing the conditions under which the seller will repair or solve the problem without paying the buyer.
Warranty can be expressed or implied. Explicit warranties are warranted by the seller of the item which represents one of the conditions incidental to the sale, for example "This item is guaranteed for one year manufacturing defects".
Ann Implied warranty It is normal in the common law jurisdiction and is attached to the sale of goods through the operation of laws made for manufacturers. These guarantees are not usually written. A generally accepted warranty is the guarantee of conformity in use (in the case where the seller knows that the seller has purchased a specific purpose for which the item is claimed for a specific warranty, the warranty of merchantability They fit the general purpose being sold).
damage - Financial beliefs resulting from injuries to goods and people.
Indirect damage - Unlike direct damage or damage, it is an indirect loss or damage due to the risk of a disaster such as a fire or storm. In the case of losses incurred when the storm is at risk of being covered, if the trees are blown away to cut electricity to power the freezer and food in the freezer is damaged, the loss covered . Business interruption insurance will extend the inevitable loss or damage compensation range for items such as extra cost, rental value, profit and fee.
Compensation for damages - Is the payment agreed by the parties to the contract by filling out the part where the contract was not fulfilled? In some cases, the liquidated damages may be confiscation of deposits or contract money. Or unclaimed damages will be a percentage of the value of the contract based on the percentage of unfinished work. In many cases where liquefaction is considered, court lawsuits may be necessary, but liquidated damages are often paid instead of litigation. If the actual monetary loss is uncertain, liquidated damages are sometimes paid rather than fines. Payment of liquidated damages releases the parties to the wickedness of the contract of obligation to execute the remainder of the contract.
Savage - When an insurer who "stands in the place" is normally found in property policy (first person) when the insurance company pays damage to the insuredor or damages the property of the insured, the insurer is insured Standing in the person's shoes, there is a possibility that someone will bear the loss. For example, a defective part is sold to the manufacturer so that it is used for the product, and the product is damaged due to the defective part. Insurance companies paying damage to the manufacturer of the product may sue manufacturers of defective components.
There are several sub principles in subrogation transfer.
- Insurers can not substitute the insured person for the insured until paying the insured and eliminating the loss.
- The insurer can transfer the subrogation on behalf of the act that the insured himself bought himself.
- The insured person shall not harm the subrogation authority of the insurer. Therefore, an insured person can not infringe or abandon the right of conduct to third parties if there is a possibility of impairing the recovery right of the insurance company.
- Subrogation to insurer. Just as an insured can not benefit from losses, insurers can not benefit from subrogation rights. The insurer has only the right to recover the exact amount paid as damages. If they recover more, the balance should be given to the insured.
- The subrogation assignment gives the insurer the right of relief.
