Actually this is a conditional binding receipt. In life and health insurance, binders are not issued, but if premium settlement is made with the application, what is often erroneously referred to as a “binder” is issued. In lines other than life and health, a binder is an acknowledgement (usually from the agent) that insurance applied for is in force whether or not premium settlement has yet been made or the policy issued. Such a clause in a contract of carriage, issued in accordance with the Carriage of Goods by Sea Act, is void at law.Ĭontract of carriage and receipt for goods, issued by carrier.
PRINCIPAL DEFINITION INSURANCE MANUAL
The manual rate, from which are taken discounts or to which are added charges to compensate for the individual circumstances of the risk.Ī clause by which the bailee of goods claims the benefit of any insurance policy effected by the cargo owner on the goods in care of the bailee. These forms generally provide the most limited coverage, which is surpassed by “Broad Forms” and “Special Forms.” a franchise or deductible is to be applied to claims).Ī person or concern having possession of property committed in trust from the owner.Ī policy providing for loss or or damages to property of bailee’s customers, payable either to bailees for their account or direct to customers.Īny of the commercial or personal insurance property forms which provide basic coverages. This can be particular average or general average (see below).Ī clause in a marine insurance policy, whereby partial losses are subject to special conditions (e.g. This is also known as contractual liability.Ī commercial automobile policy covering five or more automobiles.Ī marine partial loss. Liability which would not rest upon a person except that he has accepted responsibility by contract expressed or implied. The passing of beneficial rights from one party to another.Ī risk which underwriters do not care to insure, but because of state law or otherwise, the insured must be protected and the insurance is therefore handled through the state and assigned to companies. Insurance against loss or damage to property arising from any fortuitous cause, except such as may be specifically excluded.Ī survey of property made for determining its insurable value or the amount of loss sustained. Selection against the insurance company the tendency of more poor risks to buy and maintain insurance than good risks. (4) a ship is posted “missing” at Lloyd’s, in which case both the ship and its cargo are deemed to be an actual total loss.Ī person or firm or corporation other than the named insured on a policy or mortgage company named in a mortgagee clause, who is protected against loss by the terms of the policy or mortgage company named in the mortgage clause.Īn individual representing the insurance company and acting for the company in working on agreements as to the amount of a loss and the liability of the company in same.
(3) cargo changes in character so that it is no longer the thing that was insured or (2) the Assured is irretrievably deprived of the insured property or (1) the insured property is completely destroyed or The sum of money required to pay for damages or lost property, computed on the basis of replacement value less its depreciation by obsolescence or general wear. Giving up the proprietary rights in insured property to the Underwriter in exchange for payment of a constructive total loss.Ī fortuitous event, unforeseen and unintended.Ī form of health insurance against loss by bodily injury.Īn inland marine (also burglary) policy written to protect the insured from financial loss due to his inability to collect amounts owed him because of the destruction of his records.Ī flood, an earthquake or other accident or event that is without any human intervention and that could not have been prevented by reasonable care or foresight but is the result of natural causes.
0 kommentar(er)
