Best Report Examines Cyber Insurance Bests Market Segment Report: Cyber Insurance Market Sees Steady Growth but Still Awaiting a Real Growth Spurt (Excerpt) (May 18, 2018) Date: July 2018 Back to keltner channel trading strategy pdf Home. Intermediate transfer - The transferee agrees to accept the financial consequences of occurrences caused in whole or in part by its negligence. Collateral estoppel - A judgment of fact found in one case prevents a party from trying to deny that fact in another case. Garagekeepers insurance - Coverage that is part of the garage coverage form; covers a garage risk's legal liability for customers' autos in the care, custody, or control of the garage; at the insured's option and for an additional premium. Position schedule bond - Fidelity bond that covers specifically named positions in the company, rather than the individuals who hold these positions.
Insurance - Property and Casualty Program & Courses
Large deductible plan - An insurance policy with a property and casualty insurance jobs work from home per occurrence or per accident deductible of 100,000 or more. Direct writing agents - Employees of the insurance carrier who generally receive a salary, benefits, and some type of commissions or bonuses Directors and officers liability insurance (D O) - Type of errors and omissions policy written for directors. Professional liability policy - Insurance coverage issued to a professional that covers the rendering or failing to render services of a professional nature; policies are tailored to fit specific occupational needs. Underwriting - Insurance company function that involves researching and evaluating insurance applicants to decide which ones are acceptable to the company as insureds. Specific rates - Rates that are somewhat individual in nature and are based on the characteristic of the individual risk exposure. Equitable estoppel - Prevents a person from adopting a new position that contradicts a previous position created by words, silence, or actions if allowing the adoption of the new position would unfairly harm the person who relied on the. Rosalie Donlon May 03, 2019, when you're recruiting new talent, be sure not to look in the mirror and hope to find someone who looks, thinks and acts as you. Operational capability - An entity's ability to operate at or near pre-loss production or sales capacity. Peril - The cause of loss.
Vicarious liability - Liability that a person or business incurs because of the actions of others, such as family members or employees; also called imputed liability. Excess coverage - Insurance that cover losses above an attachment point, below which usually there is another insurance policy or self-insured retention. Domestic company - Insurance company doing business in the state in which it is incorporated. Common policy declarations - Form that must be included in the commercial package policy; contains information about the insured that applies to all coverages issued under the CPP. Bill of lading - Standardized contract of carriage issued by common carriers to the business for which it is shipping goods.
There are five types of hazards with which insureds and insurers must concern themselves: Physical Hazard, Moral Hazard, Morale Hazard, Legal Hazard Information Hazard. Risk retention group - Insurance company formed by several organizations to cover those organizations' liability loss exposures; risk retention groups are exempt from most state laws that govern insurance companies. Tortfeasor - The person (natural or legal) who infringes on the rights of another person. No-fault insurance - Form of automobile insurance where each insurance company pays the damages of its own insureds, regardless of who was at fault for the accident; no-fault insurance has been enacted in several states. Obligee - In bonds, the party to whom the principal makes the promise and for whose protection the bond is written. Compensatory damages - Damages that reimburse an injured party for losses that were actually sustained; see General damages and Special damages. Information hazard - Relates to the individual's use of money and/or time, and the possible loss of both. Ordinary employee - These are employees not classified as officers, executives, department managers, employees under contract or any specifically listed employee or job description./p Ordinary payroll - Payroll of ordinary employees.
Property And Casualty Insurance Glossary (Terms & Definitions)
Named peril - Named peril policies specifically list the causes of loss covered by the policy. Excess layer - A level of coverage above the primary layer. Agreed Value condition - Condition found in some property insurance policies that stipulates a certain value that will meet the coinsurance requirement; if the policy limit equals or exceeds this amount, the insured will not be assessed a coinsurance penalty; also called stated amount condition. Trip transit policy - Nonfiled commercial inland marine policy that covers a single shipment of goods. Inflation guard protection - A method of protecting against inflation by increasing the limit for covered property by a specified percentage over the policy period.
How to Obtain a Property and Casualty Insurance License
Date: October 2018 Auto Insurance Detour As technology reduces risksand eventually the number of drivers on the roadauto insurers explore new business models as they brace for an era of tighter premiums. Solicitor - Insurance professional who sells insurance property and casualty insurance jobs work from home and collects premiums but cannot issue or countersign policies. Use and file - Method of rate and form ratification used by some state insurance departments that requires insurance companies to file rates and forms within a certain period of time after they are first used. Last clear chance allows a plaintiff that is contributory negligent to recover if he is able to prove that the defendant (most at-fault party) had the last opportunity to avoid the accident. Back to the Insurance Terms and Definitions index V Vacancy - The absence of both people and property from a premises; property coverage is often restricted when there are long periods of vacancy. Breakaway walls - Non-structural walls perpendicular to the flow of water (takes the direct hit) designed to fail under certain wave force conditions. Strict liability's reach is essentially limited to: Products liability; Ultra hazardous operations; Care and keeping of animals (especially those with a propensity towards viciousness, make the owner strictly liable for any injury the animal causes and strict liability by statute. Motor carrier coverage form - Commercial auto coverage form that is an alternate to the truckers coverage form; it can be used to cover anyone who transports property by auto in a commercial enterprise.
Subrogation - Individuals or entities suffering injury and/or damage due to the negligence of another person or entity have the right property and casualty insurance jobs work from home to recover costs and expenses from the at-fault party. Flood insurance - See National Flood Insurance Program. When the right of the insured to recover is waived via a contract, lost is the insurer's right to subrogate. Such threat is intentional and unlawfully directed towards another person such that the other party as a reasonable fear that injury is likely to occur. Temporary partial disability - An injury from which the employee is expected to completely recover in some period of time with little or no long-term effects.
Theoretical probability - Probability that is based on theoretical principals rather than on actual experience. Organizations require cash to operate effectively and efficiently. Polling letter - A letter sent to all staff members who would or should have knowledge of any acts or omissions that could give rise to a claim requesting specific information about such acts or omissions. Last clear chance - A doctrine in tort law applicable in jurisdictions that subscribe to the contributory negligence doctrine. Clawback provisions - Clawback provisions allow boards of directors to demand repayment of performance-based bonuses made to CEO's and CFO's if such bonuses were paid based on fraud or misstatements in financial information. Only four monopolistic states are still in operation: North Dakota, Ohio, Washington and Wyoming. Physicians and surgeons equipment form - Filed commercial inland marine form that covers medical instruments on and off the premises and furniture and fixtures at the doctor's office against direct physical loss. Boat owners policy - See Watercraft package policy. General exclusion classifications - These are the opposite of "standard exception" classes.
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Fiduciary bond - Type of surety bond that guarantees that a fiduciary will fulfill its obligations set forth by law. Exclusive remedy doctrine - One of the precepts upon which the workers' compensation system was founded; stipulates that the only means available to employees to receive compensation from employers for injuries covered by workers' compensation laws is through the benefits mandated by those laws. Consultant - Insurance professional who, for a fee, offers advice on the benefits, advantages, and disadvantages of various insurance policies; sells advice, not insurance. Personal loss exposure - Any condition or situation that presents the possibility of a financial loss to an individual or a family by such causes as death, sickness, injury or unemployment. Owners and contractors protective liability coverage form - Commercial general liability coverage form that covers claims caused by the negligence of a contractor or subcontractor hired by the insured. Back to the Insurance Terms and Definitions index B Bailee - A person or organization that has temporary possession of someone else's personal property. Employee risks - Uncertainty regarding the availability of qualified employees, the injury or death of any employee, the unexpected loss of a key employee, strikes, and suits brought by an employee or group of employees.
Date: October 2018 Cover Story The Data Antidote Claims data proves a valuable weapon in the fight against opioid misuse. Exculpatory - An agreement altering tort and contract law. De facto employee - Employers may call a de facto employee an independent contractor when they are "in fact" an employee. Health insurance - Line of insurance that protects the insured against financial loss due to medical bills. Prejudgment interest - Interest awarded to compensate a third party for interest he might have earned if compensation had been received at the time of injury or damage, rather property and casualty insurance jobs work from home than at the time of judgment. Basement - Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (sub-grade) on all sides. Again, state rules vary, but most states require that you take continuing education courses to keep up with changes in insurance laws, ethics, technical details and consumer protection. Coverage extensions - See Additional coverages. Date: May 2019, data: Underwriting. Self-insured retention (SIR) - A dollar amount specified in an insurance policy that the insured must pay before the insurer will make any payment for a claim. Back to the Insurance Terms and Definitions index U Ultra hazardous operations - Also known as an 'inherently dangerous activity.' Within the rule of strict or absolute liability, an ultra hazardous operation is where the owner of land. Insurable interest - Any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance from loss or destruction or financial damage or impairment.
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There are two broad classifications of special flood hazard areas: 1) "A" zones, and 2) "V" zones. Back to the Insurance Terms and Definitions index N Name schedule bond - Type of fidelity bond that covers loss only from named employees. Value reporting endorsement - Endorsement used with the commercial property coverage part to provide coverage based on the actual values of property at certain locations at specific times. Fellow servant rule - Common law defense against liability that allowed employers to escape liability for injury to an employee if another employee's carelessness had contributed to the loss. Commercial crime coverage - A part of the commercial package policy that covers various crime exposures of businesses. Floater - Insurance policy that covers property wherever it is located. Three ways to combat cyber threats. Implied warranties - In ocean marine insurance, warranties that are not written into the policy, but have become a part of the policy by custom. May be the basis of reimbursement for a loss.
Inverse condemnation - A governmental action that diminishes or practicality removes all value of an individual's property without just compensation Invitee - A person invited onto a premises for some purpose involving potential benefit to the property owner. Parcel post policy - Nonfiled commercial inland marine policy that covers mail sent by parcel post. Unit property - Defined by the association's declarations or statute and is limited to and benefits none but the unit owner. This can include the "Transferee" or an insurance company. Implied contract - Implied contracts are oral or "understood" agreements or promises between parties generally created by actions or the assumed intentions of the parties or the surrounding circumstances. Back to the Insurance Terms and Definitions index Q Qui Tam - Allowed by the Federal Civil False Claims Act (31.S.C.
In New York and Missouri, for example, insurance licenses must be renewed every two years. Residual market insurance - Insurance that is not ordinarily available from private insurers and may be provided by the government; examples include flood insurance, which is provided by the federal government, and workers' compensation benefits, which may be provided by state funds. Unfunded loss reserves - Little more than an accounting mechanism to note that a loss has occurred and denote that some specific amount may be required to pay the cost of a loss (or losses). Negligent conduct - Failure to act or behave in the manner a reasonably prudent person would act in the same situation. The reinsurer shares in the losses proportional to the premiums and limits reinsured. Shear walls - A shear wall is a structural support running parallel (as nearly as possible) to the flow of the water. Reasonable person rule - Principle of law that states that each person must behave like a prudent person following those ordinary considerations that guide human affairs.
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No benefit to property and casualty insurance jobs work from home bailee condition - Condition found in some property insurance contracts that states that a bailee is not covered under an insured's policy while the bailee has possession of the insured's property. General average loss - Ocean marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property (jettison each party shares in the loss in proportion to his total interest in the property being transported. Adhesion contract - A contract where one party has more power than the other party in drafting the contract; an insurance policy is an adhesion contract-the insurer is the one with more power. Probability - The likelihood that an outcome or event will occur. A unit improvements and betterments is created by the unit owner's engagement in any activity or improvement that increases the value of the real property within an individual unit - such as updating the flooring from carpet to hardwood or other such improvements. Excess insurance - When two or more policies or coverages apply to the same loss, the one that applies only after the limits of the primary coverage have been exhausted.