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<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Indemnitor</s> <|assistant|> Indemnitor – The party called on to respond financially. This can include the “Transferee” or an insurance company.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Indemnity</s> <|assistant|> Indemnity – Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he occupied before the loss occurred, no better or no worse.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Indemnity agreement</s> <|assistant|> Indemnity agreement – An agreement that transfers the financial risk of a particular activity from one party to another party.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Independent adjuster</s> <|assistant|> Independent adjuster – Claim handler who works independently instead of for a particular insurer.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Independent agent</s> <|assistant|> Independent agent – Agent who represents many insurance companies, rather than a single company; also called a nonexclusive agent.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Independent contractor</s> <|assistant|> Independent contractor – Are generally engaged to perform operations not within the usual trade or business of the principal and such tasks are contract-specific.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Indirect loss</s> <|assistant|> Indirect loss – Loss that is the result or consequence of a direct loss; also called a consequential loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Individual named insured endorsement</s> <|assistant|> Individual named insured endorsement – Commercial auto endorsement that provides coverage similar to that provided under the personal auto policy to family members of the named insured while using any auto.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Inflation guard protection</s> <|assistant|> Inflation guard protection – A method of protecting against inflation by increasing the limit for covered property by a specified percentage over the policy period.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Information hazard</s> <|assistant|> Information hazard – Relates to the individual’s use of money and/or time, and the possible loss of both.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Inland marine insurance</s> <|assistant|> Inland marine insurance – Form of insurance originally designed as an extension of ocean marine coverage to insure transportation of goods over land; today it covers a variety of portable property, in addition to goods in transit; available as personal or commercial insurance; commercial inland marine insurance can be included in the commercial package policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Installation policy</s> <|assistant|> Installation policy – Nonfiled commercial inland marine policy that covers loss to machinery, equipment, building materials, and supplies in transit to or being used with or during the course of installation, testing, building, renovating, or repair.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Instrumentalities of transportation and communication</s> <|assistant|> Instrumentalities of transportation and communication – Category of the nationwide definition that includes a variety of forms closely related to transportation or communication, such as bridges, pipelines, and television towers.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurable business income</s> <|assistant|> Insurable business income – The amount of business income used to calculate the business income premium.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurable interest</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurable risks</s> <|assistant|> Insurable risks – Four “primary” elements and three “necessary” elements are required for a particular risk to be considered insurable. The four primary elements are: 1) a financial loss; 2) static risk; 3) particular/individual risk; and 4) pure risk. The three necessary elements are: 1) a large number of homogeneous exposures; 2) the loss is definite in time and place; and 3) the loss is unforeseen or accidental.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance</s> <|assistant|> Insurance – Contract or device for transferring the risk of loss from a person, business, or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance commissioner</s> <|assistant|> Insurance commissioner – Head official of a state insurance department; may also be called an Insurance Director or Insurance Superintendent.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance department</s> <|assistant|> Insurance department – State department charged with controlling insurance matters within the state.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance guaranty association</s> <|assistant|> Insurance guaranty association – State funds created by law that pay claims of insurers domiciled in that state that become insolvent; funds are generated by making assessments against other insurers operating in the state.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance securitization</s> <|assistant|> Insurance securitization – The process of creating a marketable insurance-linked security based on the cash flows that arise from the transfer of insurable risks.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance Services Office (ISO)</s> <|assistant|> Insurance Services Office (ISO) – Organization established for the benefit of its member insurance companies and other subscriber companies; ISO gathers statistics, provides loss costs, drafts policy forms and coverage provisions, and conducts inspections for rate-making purposes.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insurance to value</s> <|assistant|> Insurance to value – Insurance written for an amount approximating the full value of the asset(s) insured.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insured contract</s> <|assistant|> Insured contract – Term used in the CGL and businessowners liability forms to describe contracts for which contractual liability coverage is available under the policy, such as leases, sidetrack agreements, and elevator maintenance agreements; also called incidental contract.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Insuring agreement</s> <|assistant|> Insuring agreement – Section of an insurance policy that describes what is covered and the perils the policy insures against.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Intangible property</s> <|assistant|> Intangible property – Property that has no physical form.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Intellectual property</s> <|assistant|> Intellectual property – Creations of the mind including inventions, writings, designs, and trade secrets.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Interchange of labor rule</s> <|assistant|> Interchange of labor rule – Applicability of this rule varies by state; some states only allow its use in the construction, erection or stevedoring classes of business while other states permit the interchange of labor rule to apply to any type of business operation.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Interline endorsement</s> <|assistant|> Interline endorsement – An endorsement that modifies two or more lines of insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Intermediate transfer</s> <|assistant|> Intermediate transfer – The transferee agrees to accept the financial consequences of occurrences caused in whole or in part by its negligence. This includes if the transferor or another entity contributes to the loss in some way.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Intervening act</s> <|assistant|> Intervening act – An act that is or should be reasonably foreseeable and thus does not relieve the original wrongdoer of his liability for the injury because the intervening act may be part of the chain of events leading to injury or damage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Intervening cause</s> <|assistant|> Intervening cause – An independent action that breaks the chain of causation and sets in motion a new chain of events; when this occurs, the intervening cause becomes the proximate cause; can serve as a common law defense against liability.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Intestacy</s> <|assistant|> Intestacy – An individual, owning property in excess of debts and expenses (a positive net worth), who dies without a legally binding will or declaration.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Inverse condemnation</s> <|assistant|> Inverse condemnation – A governmental action that diminishes or practicality removes all value of an individual’s property without just compensation

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Invitee</s> <|assistant|> Invitee – A person invited onto a premises for some purpose involving potential benefit to the property owner.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Jettison</s> <|assistant|> Jettison – A voluntary action to rid a ship of cargo to prevent further damage or peril. Jettison is a covered peril in ocean marine policies.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Jewelers block coverage form</s> <|assistant|> Jewelers block coverage form – Filed commercial inland marine form for jewelers that covers the insured’s stock in trade and the property of others while it is on or off the premises.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Joint ownership coverage endorsement</s> <|assistant|> Joint ownership coverage endorsement – Personal auto policy endorsement that allows the policy to be issued to two or more persons who live in the same household or two or more individuals who are related in another way besides husband and wife.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Jones Act</s> <|assistant|> Jones Act – Federal law that allows members of ships’ crews to sue their employer/ship owner at common law for injuries caused by the employer’s/ship owner’s negligence.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Judgment rating</s> <|assistant|> Judgment rating – Method of rating that establishes premiums based on a careful evaluation of each individual risk without the use of manuals or tables.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Judicial bond</s> <|assistant|> Judicial bond – Category of surety bond that guarantees that the principal will fulfill certain obligations set forth by law-includes fiduciary bonds and court bonds.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Jurisdictional authority rule</s> <|assistant|> Jurisdictional authority rule – States using this as the measure of major damage allow the authority having jurisdiction (the local government) to decide when a damaged building must be brought into compliance with the current building code.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Large deductible plan</s> <|assistant|> Large deductible plan – An insurance policy with a per occurrence or per accident deductible of $100,000 or more.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Last clear chance</s> <|assistant|> Last clear chance – A doctrine in tort law applicable in jurisdictions that subscribe to the contributory negligence doctrine. 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Law of large numbers</s> <|assistant|> Law of large numbers – Principle that states that the more examples used to develop any statistic, the more reliable the statistic will be.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Leader location</s> <|assistant|> Leader location – These can include anchor stores, sports and entertainment venues and other such operations or entities that draw customers to the area or drive them to the insured location.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Legal hazard</s> <|assistant|> Legal hazard – Increased likelihood that a loss will occur because of court actions. Characterized by a jury awarding larger-than-normal amounts because they think the at-fault party has “deep pockets.”

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Legal liability</s> <|assistant|> Legal liability – Liability imposed by the courts (common law) or by statute on any person or entity responsible for the financial injury or damage suffered by another person, group, or entity.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Legal liability coverage form</s> <|assistant|> Legal liability coverage form – Commercial property coverage form that covers the insured for liability arising out of negligent damage to the property of others while it is in the insured’s care, custody, or control.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Legal person</s> <|assistant|> Legal person – A legal fiction, a “person” created by statute and “born” with the filing of articles of incorporation (or organization).

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Legal purpose</s> <|assistant|> Legal purpose – One of the characteristics of a legal contract; means that contracts are only enforceable if they are not obviously illegal, immoral, or against the public good.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Legal risks</s> <|assistant|> Legal risks – Uncertainty surrounding courts, contracts, torts, and negligence.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Liability insurance</s> <|assistant|> Liability insurance – Type of insurance that protects an insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Liability loss exposure</s> <|assistant|> Liability loss exposure – Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for an injury or damage suffered by another part.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Libel/Slander</s> <|assistant|> Libel/Slander – False statements broadcast about a person as fact not opinion. These statements do not have to be made with the intent to harm or shame to allow for a tort claim; but if done with malice, the injured party can sue for general damages in addition to special damages. Libelous statements are generally written or broadcast through the media (television, radio and the Internet) while slander deals with the spoken word (it doesn’t linger and is generally directed to a known audience). Both terms can be classified as “defamation.”

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Liberalization condition</s> <|assistant|> Liberalization condition – Condition found in property insurance contracts that provides that if the insurer broadens coverage under a policy form or endorsement without requiring an additional premium, then all existing similar policies or endorsements will be construed to contain the broadened coverage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> License and permit bond</s> <|assistant|> License and permit bond – Type of surety bond that is sometimes required in connection with the issuance of licenses by government agencies. They guarantee that the person who posts the bond will comply with all applicable laws pertaining to their activities.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Licensee</s> <|assistant|> Licensee – Person on the premises with the property owner’s consent but for the sole benefit of the visitor.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Life insurance</s> <|assistant|> Life insurance – Insurance that pays a stipulated sum to a designated beneficiary upon the death of the insured; protects the insured’s beneficiary against the financial consequences of the insured’s premature death.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Life safety</s> <|assistant|> Life safety – The portion of fire safety that focuses on the minimum building design, construction, operation and maintenance requirements necessary to assure occupant of a safe exit from the burning portion of the building.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Limitations</s> <|assistant|> Limitations – Policy language that eliminates or reduces coverage under certain circumstances or when specified conditions apply.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Limited Liability Company (LLC)</s> <|assistant|> Limited Liability Company (LLC) – A hybrid legal entity combining the advantages (mostly tax-based) of a partnership and the liability protection offered by a corporation.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Limited transfer</s> <|assistant|> Limited transfer – The narrowest level of contractual risk transfer. The transferee only accepts the financial consequences of loss resulting from his/its sole negligence

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Liquidated damages</s> <|assistant|> Liquidated damages – A contractual agreement requiring one party to pay another a specified amount if certain contractual provisions are violated or are not completed.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Liquidity risk</s> <|assistant|> Liquidity risk – The risk that an asset cannot be sold on short notice without incurring a loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Liquor liability coverage form</s> <|assistant|> Liquor liability coverage form – CGL coverage form that provides coverage for liquor liability excluded by standard CGL policies for those who are in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Livestock coverage form</s> <|assistant|> Livestock coverage form – Farm coverage form used to provide separate coverage for livestock.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Lloyd’s Association</s> <|assistant|> Lloyd’s Association – A voluntary association of individuals or groups of individuals who agree to share in insurance contracts; each individual or syndicate is individually responsible for the amounts of insurance they write.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Longshore and Harbor Workers’ Compensation Act coverage endorsement</s> <|assistant|> Longshore and Harbor Workers’ Compensation Act coverage endorsement – Endorsement used with the Workers’ Compensation and Employers Liability policy that covers the additional benefits required by federal law for maritime workers injured while working on navigable waters or shore-site areas.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss</s> <|assistant|> Loss – Disadvantage or deprivation resulting from an unfavorable incident.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss cost</s> <|assistant|> Loss cost – Factor used in figuring insurance rates that represents how much an insurance company needs to collect to cover expected losses.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss exposure</s> <|assistant|> Loss exposure – A term used to describe the loss potential of a particular insured. Includes property, liability, and employee risk.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss frequency</s> <|assistant|> Loss frequency – The number of losses that occur within a specified period.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss limit</s> <|assistant|> Loss limit – The level at which a loss occurrence is limited for the purpose of calculating a retrospectively rated premium.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss prevention</s> <|assistant|> Loss prevention – Taking measures to prevent the loss from happening in the first place.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss provisions</s> <|assistant|> Loss provisions – General term used to describe policy conditions that specify what the insured and insurer must do after a loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss ratio</s> <|assistant|> Loss ratio – Method used to determine an insurance company’s success in covering current losses out of current premium income; determined by dividing incurred losses by earned premium.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss reduction</s> <|assistant|> Loss reduction – Taking steps to reduce the amount of damage a loss may cause.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss severity</s> <|assistant|> Loss severity – The amount of loss, typically measured in dollars, for a loss that occurred.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss sustained during prior insurance condition</s> <|assistant|> Loss sustained during prior insurance condition – Condition found in loss sustained version of the commercial crime forms that allows losses that occurred during a prior policy period to be covered under the current policy if certain conditions are met.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Loss sustained form</s> <|assistant|> Loss sustained form – Commercial crime form that covers losses that are sustained during the policy period and discovered either during the policy period or up to one year after the policy expires.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mail coverage form</s> <|assistant|> Mail coverage form – Filed commercial inland marine form that covers property in transport by registered mail, first class mail, certified mail, or express mail.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Major damage</s> <|assistant|> Major damage – The amount of damage required for the jurisdictional authority to require the structure be brought into compliance with the current building code.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Majority interest</s> <|assistant|> Majority interest – Created when the same person or group of person(s) combine to own more than 50 percent of an entity

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Malpractice insurance</s> <|assistant|> Malpractice insurance – Term used to describe professional liability insurance issued to medical professionals or institutions.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Management</s> <|assistant|> Management – Planning, organizing, leading, and controlling people or activities towards a specific goal.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Manual rating</s> <|assistant|> Manual rating – Method of premium determination that uses rates based on collected statistics. The rates, which apply per unit of insurance, are published in manuals; also called class rating.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Manufacturing location</s> <|assistant|> Manufacturing location – A dependent property location that manufactures products for delivery to your customers under contract of sale.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Manuscript form</s> <|assistant|> Manuscript form – An insurance form that is drafted according to the terms negotiated between a specific insured (or group of insureds) and and insurer.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Market risk</s> <|assistant|> Market risk – Uncertainty about an investment’s future value because of potential changes in the market for that type of investment.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Market value</s> <|assistant|> Market value – The amount property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Material fact</s> <|assistant|> Material fact – A fact that would cause an insurer to decline a risk, charge a different premium, or change the provisions of the policy that was issued.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Maximum coinsurance percentage</s> <|assistant|> Maximum coinsurance percentage – Number of months required to accomplish the four period of restoration objectives / 12 (the number of months in a year).

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Maximum possible loss</s> <|assistant|> Maximum possible loss – Maximum possible loss is the “worst case scenario” and the most pessimistic view – the entire building and everything inside could be destroyed.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Maximum probable loss</s> <|assistant|> Maximum probable loss – Maximum probable loss is inversely proportional to the size of a structure and the effectiveness of any protective safeguards.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> MCS-90 endorsement</s> <|assistant|> MCS-90 endorsement – Endorsement attached to the truckers coverage form to provide public liability coverage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Merit rating</s> <|assistant|> Merit rating – Method of determining premiums where a manual rate is modified to reflect the risk’s unique characteristics.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Messenger</s> <|assistant|> Messenger – As defined in crime insurance forms, an insured, partner, or employee who has care and custody of insured property outside the premises.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Miscellaneous type vehicle endorsement</s> <|assistant|> Miscellaneous type vehicle endorsement – Personal auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy, such as motorcycles, motor homes, golf carts, mopeds, and other recreational vehicles.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Misrepresentation</s> <|assistant|> Misrepresentation – Written or verbal misstatement of a material fact involved in the contract on which the insurer relies.