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<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mobile agricultural machinery and equipment coverage form</s> <|assistant|> Mobile agricultural machinery and equipment coverage form – Farm coverage form that provides separate coverage for a farmer’s mobile agricultural machinery and equipment.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mobile equipment endorsement</s> <|assistant|> Mobile equipment endorsement – Commercial auto endorsement that makes mobile equipment considered a covered auto for coverage purposes.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mobile home insurance</s> <|assistant|> Mobile home insurance – Coverage that protects both a mobile home structure and its contents; some companies have mobile home package policies that provide property and liability insurance for owners of mobile homes. In addition, there is a mobile homeowners endorsement that can be attached to an HO-2 or HO-3 to modify coverage for mobile homeowners.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Modular policy</s> <|assistant|> Modular policy – An insurance policy that consists of several different documents, non of which by itself forms a complete policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Monoline company</s> <|assistant|> Monoline company – Insurance company that writes a single line of insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Monoline policy</s> <|assistant|> Monoline policy – Insurance policy that provides one type of insurance coverage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Monopolistic state fund</s> <|assistant|> Monopolistic state fund – Method of providing workers’ compensation coverage used in some states; employers must purchase workers’ compensation insurance from a state fund; private insurance companies are not allowed to compete.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Monopolistic states</s> <|assistant|> Monopolistic states – Employers can purchase a workers’ compensation policy only from the state. Only four monopolistic states are still in operation: North Dakota, Ohio, Washington and Wyoming.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Moral hazard</s> <|assistant|> Moral hazard – Hazard created by an individual who would be willing to create a loss situation on purpose just to collect from the insurance company.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Morale hazard</s> <|assistant|> Morale hazard – Hazard created by an individual’s tendency to contribute to a loss through his own irresponsible actions or carelessness.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mortgage condition</s> <|assistant|> Mortgage condition – Condition found in property insurance policies that specifies the rights and duties of the mortgagee under the policy; also called the loss payable condition.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mortgagee rights</s> <|assistant|> Mortgagee rights – Rights granted to a mortgagee under a property contract issued to a mortgagor by virtue of the mortgagee’s financial interest in the property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Motor Carrier Act of 1980</s> <|assistant|> Motor Carrier Act of 1980 – Federal regulation that requires truckers and other commercial carriers to certify they are able to meet financial obligations if they become liable for injury or damage arising from their trucking operations.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Motor carrier coverage form</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Motor truck cargo policy</s> <|assistant|> Motor truck cargo policy – Nonfiled commercial inland marine policy that protects a carrier against its liability for damage to domestic shipments in its custody.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Multiline company</s> <|assistant|> Multiline company – Insurance company that writes more than one line of insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mutual company</s> <|assistant|> Mutual company – Insurance company owned by its policyholders; the policyholders share in profits made by the company through dividends or reductions in future premiums.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Mysterious disappearance</s> <|assistant|> Mysterious disappearance – Vanishing of property with no explanation.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Name schedule bond</s> <|assistant|> Name schedule bond – Type of fidelity bond that covers loss only from named employees.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Named insured</s> <|assistant|> Named insured – Person, business, or other entity named in the declarations to whom the policy is issued.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Named nonowner coverage endorsement</s> <|assistant|> Named nonowner coverage endorsement – Personal auto policy endorsement that provides coverage for the use of nonowned autos to individuals who do not own a car.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Named peril</s> <|assistant|> Named peril – Named peril policies specifically list the causes of loss covered by the policy. If the cause is not listed, there is no coverage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Named peril policy</s> <|assistant|> Named peril policy – Insurance policy that insures only against perils specifically listed in the policy; also called specified peril policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> National Association of Insurance Commissioners (NAIC)</s> <|assistant|> National Association of Insurance Commissioners (NAIC) – Organization made up of individual state insurance commissioners whose purpose is to promote uniformity in regulation by drafting model laws and regulations.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> National flood insurance program</s> <|assistant|> National flood insurance program – Program run by the federal government that makes flood insurance available to eligible communities at subsidized rates; includes coverage for both buildings and personal property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Nationwide definition</s> <|assistant|> Nationwide definition – Document that categorizes and classifies risks that are eligible for ocean or inland marine insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Natural perils</s> <|assistant|> Natural perils – Fire, lightning, flood, wind, etc.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Natural person</s> <|assistant|> Natural person – A flesh and blood human being.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Negligence</s> <|assistant|> Negligence – The lack of reasonable care that is required to protect others from the unreasonable chance of harm.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Negligence per se</s> <|assistant|> Negligence per se – A breach of duty because the law says it is.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Negligent conduct</s> <|assistant|> Negligent conduct – Failure to act or behave in the manner a reasonably prudent person would act in the same situation.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Net income loss exposure</s> <|assistant|> Net income loss exposure – A condition that presents the possibility of loss caused by a reduction in net income.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> No benefit to bailee condition</s> <|assistant|> No benefit to 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> No-fault insurance</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-admitted insurer</s> <|assistant|> Non-admitted insurer – Company that is not authorized to do business in a particular state; also called an unauthorized insurer.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-concurrency</s> <|assistant|> Non-concurrency – Situation that exists when the same property is covered by more than one policy, but the policies are not identical as to the extent of coverage provided.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-delegable duty</s> <|assistant|> Non-delegable duty – A requirement placed on one individual or entity by reason of relationship which cannot be passed to a third party.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-filed form</s> <|assistant|> Non-filed form – Type of commercial inland marine form that is not standardized and cannot be included in the commercial inland marine coverage part of the commercial package policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-renewal</s> <|assistant|> Non-renewal – Decision made by an insured or insurance company to not continue coverage for another policy period after the current policy period expires.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-reporting policy</s> <|assistant|> Non-reporting policy – Type of insurance policy for which a flat premium is charged every time the policy is renewed.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Non-special flood hazard Area</s> <|assistant|> Non-special flood hazard Area – Non-special flood hazard areas are historically delineated with “B,” “C” or “X.” These are considered areas of moderate or minimal flooding hazard, generally only expected to flood in times of severe storms and weather conditions or when drainage problems exist.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Normal bad debt</s> <|assistant|> Normal bad debt – The amount of bad debt usual and customary to a particular business.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Objective risk</s> <|assistant|> Objective risk – The measurable variation in uncertain outcomes based on facts and data.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Obligee</s> <|assistant|> Obligee – In bonds, the party to whom the principal makes the promise and for whose protection the bond is written.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Occupational</s> <|assistant|> Occupational – An injury arising out of and in the course and scope of employment.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Occupational disease</s> <|assistant|> Occupational disease – Illness directly attributable to work conditions and exposures; such injury or illness must arise out of and in the course and scope of employment.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Occurrence</s> <|assistant|> Occurrence – A loss that occurs at a specific time and place or over a period of time.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Occurrence form</s> <|assistant|> Occurrence form – Commercial general liability coverage form that covers bodily injury or property damage that occurs during the policy period, regardless of when the claim is made.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Ocean marine insurance</s> <|assistant|> Ocean marine insurance – Insurance designed to provide broad coverage for cargo and ships in transit over sea; includes cargo insurance, hull insurance, freight insurance, and protection and indemnity insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Offer and acceptance</s> <|assistant|> Offer and acceptance – One of the elements of a legal contract; means that a contract must involve two parties: one who makes an offer and another who accepts the offer; also called agreement.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Open competition</s> <|assistant|> Open competition – Method of rate and form regulation used by some state insurance departments that allows insurance companies to compete openly with the forms and rates they select, subject only to requirements of adequacy and nondiscrimination.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Open peril policy</s> <|assistant|> Open peril policy – Insurance policy that protects the insured from losses caused by any peril that is not specifically excluded by the policy; also called all risk and special coverage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Operational capability</s> <|assistant|> Operational capability – An entity’s ability to operate at or near pre-loss production or sales capacity.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Operational continuity</s> <|assistant|> Operational continuity – The ability of the business to continue to operate and produce some amount of goods or services following a loss-induced business suspension.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Operational risks</s> <|assistant|> Operational risks – Uncertainty surrounding the ability to produce or provide the goods or services promised; the ability to satisfy the customer; and the continuation of a good reputation.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Optional limits transportation expenses coverage endorsement</s> <|assistant|> Optional limits transportation expenses coverage endorsement – Personal auto policy endorsement that allows the insured to select the daily and maximum limits of coverage provided for transportation and loss of use expenses.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Ordinance or law coverage endorsement</s> <|assistant|> Ordinance or law coverage endorsement – Endorsement used with the commercial property coverage part to provide coverage for demolition costs and increased construction costs required or regulated by law or ordinance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Ordinary employee</s> <|assistant|> Ordinary employee – These are employees not classified as officers, executives, department managers, employees under contract or any specifically listed employee or job description./p>

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Ordinary payroll</s> <|assistant|> Ordinary payroll – Payroll of ordinary employees.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Other insurance condition</s> <|assistant|> Other insurance condition – Policy condition that sets out how any other insurance that applies to the same loss will affect reimbursement under the policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Outboard motor and boat insurance</s> <|assistant|> Outboard motor and boat insurance – Insurance against physical damage to boats; usually provided by inland marine forms.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Owners and contractors protective liability coverage form</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Package policy</s> <|assistant|> Package policy – Policy that includes more than one type of insurance coverage; also called a multiline policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pair or set condition</s> <|assistant|> Pair or set condition – Loss settlement condition found in property insurance contracts that states that when part of a set is damaged or destroyed, the insured will not be reimbursed for the value of the entire set; various methods are used to determine the amount of reimbursement.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Parcel post policy</s> <|assistant|> Parcel post policy – Nonfiled commercial inland marine policy that covers mail sent by parcel post.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Particular average loss</s> <|assistant|> Particular average loss – In ocean marine insurance, any partial loss that does not arise from a general sacrifice of property (jettison).

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Payment bond</s> <|assistant|> Payment bond – Type of surety bond that guarantees bills for labor and materials will be paid to the contractor as they are due; also called labor and materials bond.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Peak season endorsement</s> <|assistant|> Peak season endorsement – Endorsement attached to the commercial property coverage part to provide increased coverage during particular seasons of the year when the insured’s inventory is at higher levels than usual.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Performance bond</s> <|assistant|> Performance bond – Type of surety bond that guarantees that jobs will be completed by the contractor according to the contract specifications.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Peril</s> <|assistant|> Peril – The cause of loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Perils of the sea</s> <|assistant|> Perils of the sea – Perils to which property in transit by water is exposed; includes unusual action of wind or waves, stranding, lightning, collision, and sinking.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Permitted incidental occupancies endorsement</s> <|assistant|> Permitted incidental occupancies endorsement – Homeowners policy endorsement that covers the insured’s business activities conducted on the residence premises.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal articles form</s> <|assistant|> Personal articles form – Personal inland marine form that provides scheduled coverage for nine optional classes of personal property: jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections, and coin collections.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal auto policy</s> <|assistant|> Personal auto policy – Auto policy that provides property and liability coverage for both owned and nonowned autos used, maintained, or operated by the insured and her family members.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal contract</s> <|assistant|> Personal contract – One of the characteristics of an insurance contract; means that an insurance contract insures a person, not property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal effects form</s> <|assistant|> Personal effects form – Personal inland marine form that covers an insured’s personal belongings, such as baggage, while traveling.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal injury</s> <|assistant|> Personal injury – Injury other than bodily injury arising out of such things as libel, slander, false arrest, wrongful entry, violation of privacy, and malicious prosecution.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal injury endorsement</s> <|assistant|> Personal injury endorsement – Homeowners policy endorsement that modifies the definition of bodily injury to include personal injury.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal liability and medical payments to others endorsement</s> <|assistant|> Personal liability and medical payments to others endorsement – Endorsement to the dwelling policy that provides liability coverage similar to that provided by Section II of the homeowners policy; may also be purchased as a separate policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal lines</s> <|assistant|> Personal lines – Insurance coverages that protect individuals and their families.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal loss exposure</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal property</s> <|assistant|> Personal property – All tangible or intangible property that is not real property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal property floater risks</s> <|assistant|> Personal property floater risks – Category of the nationwide definition that includes risks eligible for personal inland marine insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal property form</s> <|assistant|> Personal property form – Personal inland marine form that provides open peril coverage for personal property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal property replacement cost endorsement</s> <|assistant|> Personal property replacement cost endorsement – Homeowners policy endorsement that adds replacement cost coverage for personal property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personal yacht insurance</s> <|assistant|> Personal yacht insurance – Type of personal watercraft policy written for large pleasure boats.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Personnel loss exposure</s> <|assistant|> Personnel loss exposure – A condition that presents the possibility of loss caused by a person’s death, disability, retirement or resignation that deprives and organization of the person’s special skill or knowledge that the organization can’t readily replace.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Physical hazard</s> <|assistant|> Physical hazard – Hazard that arises from the condition, occupancy, or use of the property itself.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Physicians and surgeons equipment form</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Policy</s> <|assistant|> Policy – An insurance contract.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Policy condition</s> <|assistant|> Policy condition – Any provision that qualifies an otherwise enforceable promise made in the policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Policy jacket</s> <|assistant|> Policy jacket – Document used to assemble an insurance policy; contains general conditions or the declarations page, but provides no coverage in and of itself; a policy form must be attached to make it a complete policy; also called a skeleton policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Policy limit</s> <|assistant|> Policy limit – Maximum amount the insurance company will pay for a particular loss or for losses sustained during a period of time; also called limit of coverage, limit of insurance and limit of liability.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Policy period</s> <|assistant|> Policy period – The date and time specified in the declarations for when coverage begins and ends.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Policy territory</s> <|assistant|> Policy territory – Place where coverage under a policy applies.

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

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pollution liability coverage extension endorsement</s> <|assistant|> Pollution liability coverage extension endorsement – Commercial general liability endorsement that provides coverage for BI and PD claims arising out of pollution losses; excludes coverage for pollution clean-up costs.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pollution liability coverage form</s> <|assistant|> Pollution liability coverage form – CGL coverage form that provides certain pollution coverages that are excluded under the standard CGL; includes coverage for pollution clean-up costs.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pollution liability-limited coverage form</s> <|assistant|> Pollution liability-limited coverage form – CGL coverage form that provides certain pollution coverages that are excluded under the standard CGL; does not include coverage for pollution clean-up costs.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pool</s> <|assistant|> Pool – A group of organizations that band together to insure each other’s loss exposures.