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<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Position schedule bond</s> <|assistant|> Position schedule bond – Fidelity bond that covers specifically named positions in the company, rather than the individuals who hold these positions.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Post-judgment interest</s> <|assistant|> Post-judgment interest – Interest accruing on a judgment after an award has been made, but before payment is made by the insurance company; usually covered as a supplementary payment in liability policies.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Post-loss goals</s> <|assistant|> Post-loss goals – Risk management program goals that should be in place in the event of a significant loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pre-construction duties</s> <|assistant|> Pre-construction duties – Development and approval of the new building plans; advertising for, interviewing and selecting a general contractor; applying for and waiting on building permits; and scheduling and completing site clearance work.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pre-loss goals</s> <|assistant|> Pre-loss goals – Goals to be accomplished before a loss, involving social responsibility, externally imposed goals, reduction of anxiety and economy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pre-loss operational income</s> <|assistant|> Pre-loss operational income – The ability to generate revenues at the same level enjoyed prior to the suspension of operations.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Prejudgment interest</s> <|assistant|> 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 than at the time of judgment.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Premature death</s> <|assistant|> Premature death – Death prior to or during the individual’s income producing or household contribution years.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Premises and operations</s> <|assistant|> Premises and operations – Business liability exposure arising out of the business location or the activities of the business; covered under the CGL.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Premium audit</s> <|assistant|> Premium audit – Survey of the insured’s financial records to gather information used to calculate the premium, such as exposures and limits.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Primary insurance</s> <|assistant|> Primary insurance – When two or more coverages or policies apply to the same loss, the one that pays first, up to its limit of liability or the amount of the loss, whichever is less.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Primary layer</s> <|assistant|> Primary layer – The first level of insurance coverage above any deductible.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Principal</s> <|assistant|> Principal – In bonds, the party who promises to do or not do a specific thing; in agency law, the person or company being represented.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Principal of indemnity</s> <|assistant|> Principal of indemnity – The principle that insurance policies should provide a benefit no greater than the loss suffered by an insured.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Prior approval</s> <|assistant|> Prior approval – Method of rate and form ratification used by some state insurance departments that requires a company to obtain official approval before using new forms or rates.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pro rata other insurance</s> <|assistant|> Pro rata other insurance – Method of handling insurance when more than one coverage applies to a loss; each coverage pays a portion of the loss in proportion to the relationship its limit of liability bears to the total limit of liability under all applicable insurance; also called contribution by limits.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pro rata reinsurance</s> <|assistant|> Pro rata reinsurance – The primary insurer cedes a predetermined percentage of the risk to the reinsurer. The reinsurer shares in the losses proportional to the premiums and limits reinsured.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Probability</s> <|assistant|> Probability – The likelihood that an outcome or event will occur.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Probability analysis</s> <|assistant|> Probability analysis – A technique for forecasting events on the assumption that they are governed by an unchanging probability distribution.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Probability distribution</s> <|assistant|> Probability distribution – A presentation of probability estimates of a particular set of circumstances and of the probability of each possible outcome.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Producer</s> <|assistant|> Producer – General term used to describe someone who sells insurance, such as an agent, broker, or solicitor.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Production-related expenses</s> <|assistant|> Production-related expenses – Cost of goods sold (COGS); outside services resold; utility services that do not continue under contract; ordinary payroll; and special deductions for mining operations.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Products and completed operations</s> <|assistant|> Products and completed operations – Business liability exposure arising out of defects in the company’s products or completed operations; covered by the CGL.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Products liability</s> <|assistant|> Products liability – Defective product design or manufacture which results in an injury makes the manufacturer strictly liable.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Professional liability</s> <|assistant|> Professional liability – Liability arising out of rendering or failing to render services of a professional nature.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Professional liability policy</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Proof of loss</s> <|assistant|> Proof of loss – Form completed by an insured after a loss that provides an official inventory of damages.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Property damage (PD)</s> <|assistant|> Property damage (PD) – Damage to or destruction of property, including loss of use of the property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Property insurance</s> <|assistant|> Property insurance – Line of insurance that includes many types of coverages designed to handle the risk that a person will suffer financial loss because something she owns is damaged or destroyed.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Property loss exposure</s> <|assistant|> Property loss exposure – A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage to a property in which the have a financial interest.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Property risks</s> <|assistant|> Property risks – Uncertainty surrounding real property, personal property, and intellectual property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Protected cell company (PCC)</s> <|assistant|> Protected cell company (PCC) – A corporate entity separated into cells so that each participating company owns an entire cell but only a portion of the overall company.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Protection and indemnity</s> <|assistant|> Protection and indemnity – Form of ocean marine liability insurance that covers a variety of types of liability, such as damage to cargo through negligence and damage to other property or another boat resulting from collision.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Protective safeguards endorsement</s> <|assistant|> Protective safeguards endorsement – Businessowners policy endorsement that requires the insured to maintain fire or security service on specified property as a condition of the policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Proximate cause</s> <|assistant|> Proximate cause – An action that, in a natural and continuous sequence, produces a loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Public official bonds</s> <|assistant|> Public official bonds – Type of surety bond furnished by principals who are elected or appointed to fill positions of trust that guarantee their faithful and honest performance in office.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Punitive damages</s> <|assistant|> Punitive damages – Type of damages intended to punish the defendant and make an example out of her to discourage others from behaving the same way; also called exemplary damages.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Pure risk</s> <|assistant|> Pure risk – A risk in which there is no chance of gain, only loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Putative employer</s> <|assistant|> Putative employer – The special employer rather than the direct employer. Status as the “employer of record” at such a specific time is “put” upon the individual or entity based on several factors, the most obvious is the amount of control the person/entity has over the worker.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Qui Tam</s> <|assistant|> Qui Tam – Allowed by the Federal Civil False Claims Act (31 U.S.C. Section 3729 et seq), a qui tam is a suit brought by a private citizen in the name of and on behalf of the United States. Such suits are usually based on charges of fraud committed by government contractors or others who use or receive governmental funds.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Quotation</s> <|assistant|> Quotation – A summary of coverages and premiums proposed by an agent to a prospective client.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Rate</s> <|assistant|> Rate – The basic charge an insurance company sets for various types of insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Real property</s> <|assistant|> Real property – Land and everything attached to the land including anything permanently attached to the structure attached to the land such that it cannot be removed from the structure without causing major damage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Reasonable expectations doctrine</s> <|assistant|> Reasonable expectations doctrine – A legal doctrine that provides for an ambiguous insurance policy clause to be interpreted in the way that an insured would reasonably expect.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Reasonable person rule</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Rebating</s> <|assistant|> Rebating – Giving or offering some benefit other than those specified in the policy to induce a customer to buy insurance; rebating is illegal in most states.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Recipient location</s> <|assistant|> Recipient location – A dependent property location that buys/accepts the products, goods or services of the insured.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Reciprocal company</s> <|assistant|> Reciprocal company – An unincorporated group of members that share insurance responsibilities with other members; it is managed by an attorney-in-fact.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Redlining</s> <|assistant|> Redlining – Takes the concept of having an adequate spread of risk to an illegal extreme. It is literally drawing redlines around specific areas on a map and refusing to provide coverage to any person or business within the delineated areas.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Regulatory Risks</s> <|assistant|> Regulatory Risks – Uncertainty surrounding how individuals and organizations are governed by local, state, and federal authorities.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Reinsurance</s> <|assistant|> Reinsurance – Acceptance by an insurer, called a reinsurer, of all or part of the risk of loss of another insurer.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Rent-a-captive</s> <|assistant|> Rent-a-captive – An arrangement under which an organization rents capital from a captive to which it pays premiums and receives reimbursement for its losses.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Repair cost</s> <|assistant|> Repair cost – The cost to repair a damaged or destroyed item of property. May be the basis of reimbursement for a loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Replacement cost</s> <|assistant|> Replacement cost – The cost to replace a damaged or destroyed item of property without deduction for depreciation; may be the basis of reimbursement for some losses.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Reporting policy</s> <|assistant|> Reporting policy – Type of policy that does not charge a flat premium; the insured pays a deposit premium, then submits periodic reports to the insurer showing the status of the factors on which the premium is based; from these status reports, premiums are calculated and charged against the deposit.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Representation</s> <|assistant|> Representation – Statements on an insurance application that the applicant believes are true; a representation is not considered a matter to which the parties contract, so a policy cannot be voided on the basis of a representation.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Res ipsa loquitur</s> <|assistant|> Res ipsa loquitur – Latin meaning: The thing speaks for itself. A concept applied in strict liability torts. The only thing necessary to prove legal liability is an injury. Only applies to certain causes of injury.

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

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Retention</s> <|assistant|> Retention – A risk financing technique by which losses are retained by generating funds within the organization to pay losses.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Retention limit</s> <|assistant|> Retention limit – In an umbrella policy, the amount the insured must pay for a loss that is not covered by an underlying policy before the umbrella will begin to cover the loss; also called the self-insured retention.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Retroactive date</s> <|assistant|> Retroactive date – Under the claims-made CGL form, a date stipulated in the declarations as the first date on which an event may occur and be covered by the policy if a claim is filed.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Retrospective rating</s> <|assistant|> Retrospective rating – Type of merit rating that bases the insured’s premium on losses incurred during the policy period.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk</s> <|assistant|> Risk – The chance or uncertainty of loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk control</s> <|assistant|> Risk control – Risk Control is establishing a plan to reduce the possibility of a loss occurring, or to lessen the effect if one does occur.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk financing</s> <|assistant|> Risk financing – Risk Financing is developing and planning for a source of financing necessary to cover the consequences of any loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk management</s> <|assistant|> Risk management – Planning for, organizing against, leading others in, and controlling the uncertainty surrounding an outcome arising out of the lack of knowledge regarding future events.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk management process</s> <|assistant|> Risk management process – A seven-step process: 1) Determine the objectives of the risk management plan; 2) Identify the risks faced by the organization; 3) Evaluate the risks. 4) Consider/analyze the alternative methods for handling each risk. 5) Select the best risk management methods from among the alternatives. 6) Implement the decision. 7) Continuously monitor the decisions and overall program.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk retention group</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk source -Element which alone or in combination has the intrinsic potential to give rise to risk.</s> <|assistant|> Risk source -Element which alone or in combination has the intrinsic potential to give rise to risk.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Risk’s irony</s> <|assistant|> Risk’s irony – Without risk there is no reward; and often, the higher the risk, the greater the reward.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Robbery -In crime insurance, the taking or attempted taking of property by one who has caused or threatened to cause bodily harm, or committed a witnessed, obviously unlawful act.</s> <|assistant|> Robbery -In crime insurance, the taking or attempted taking of property by one who has caused or threatened to cause bodily harm, or committed a witnessed, obviously unlawful act.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Rolling total</s> <|assistant|> Rolling total – Relates to pure extra expense coverage provided in the CP 00 50 (Extra Expense Coverage Form). The insured chooses a rolling total payout percentage, meaning that the insured has access to progressively higher percentages of the total limit during each 30 day period.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Running down clause</s> <|assistant|> Running down clause – Provision found in ocean marine hull policies that provides protection if the ship owner is held liable for the negligent operation of the vessel in damaging another ship.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Salvage</s> <|assistant|> Salvage – Damaged property that can be retrieved, reconditioned, and sold to reduce an insured loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Schedule rating</s> <|assistant|> Schedule rating – Type of merit rating that applies a system of debits or credits to reflect characteristics of a particular insured.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Scheduled coverage</s> <|assistant|> Scheduled coverage – Property that is specifically listed in the declarations and covered for a specific amount; also called specific insurance.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Scheduled personal property endorsement</s> <|assistant|> Scheduled personal property endorsement – Homeowners policy endorsement that provides open peril, scheduled coverage for nine optional classes of property.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Scope of employment</s> <|assistant|> Scope of employment – Analyzes the motivations of the employee, the employer’s direction and control over the actions of the employee; and the employer’s foresee ability of the activities of the employee. Employee actions which ultimately lead to an accident or injury must be motivated, in whole or in part, by the ‘desire’ to further the interests of the employer. Motivation or desire can be out of fear that failure to perform will result in the loss of a job, or from a more altruistic desire to do well for the employer.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Segregation</s> <|assistant|> Segregation – A loss reduction method to control the amount of loss. Two types of segregation: 1) segregation by separation; and 2) segregation by duplication.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Self-contained policy</s> <|assistant|> Self-contained policy – A single document that contains all the agreements between the insured and the insurer and that forms a complete insurance policy.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Self-insurance</s> <|assistant|> Self-insurance – Alternative to purchasing insurance where a company or individual assumes the risk of paying for its losses and sets aside the necessary funds to pay for such losses.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Self-insured retention (SIR)</s> <|assistant|> 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.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Separation</s> <|assistant|> Separation – A risk control technique that isolates loss exposures from one another to minimize the adverse effect of a single loss.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Service bureau</s> <|assistant|> Service bureau – Organization that gathers, pools, and analyzes statistics from its member insurance companies to establish loss costs used to determine insurance rates.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Severity</s> <|assistant|> Severity – The financial consequences of the undesired event.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Shear walls</s> <|assistant|> Shear walls – A shear wall is a structural support running parallel (as nearly as possible) to the flow of the water. These walls are not structurally joined at the ends allowing rushing water to flow through unimpeded.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Significant contact test</s> <|assistant|> Significant contact test – This test is applied when making jurisdictional decisions – which state benefits can the employee access. Significant contact tests base these jurisdictional decisions around the employee. Three primary tests/questions work to determine which states need to be scheduled as primary, 3.A. states. These questions are: 1) Where does the employee live? 2) Where does the employee primarily work? And 3) In what state was the contract of hire made? If a “preponderance of contact” evidences a state not listed as a 3.A. state, there may be a gap in protection.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Signs coverage form</s> <|assistant|> Signs coverage form – Filed commercial inland marine form that insures businesses against loss to neon, fluorescent, automatic, or mechanical electric signs and lights.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Single limit</s> <|assistant|> Single limit – One policy limit that applies to both BI and PD losses; may also be called a combined single limit.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Situs</s> <|assistant|> Situs – The first test before an employee can be considered a longshoreman or harbor worker. Situs requires that the employment be on, above or below navigable waters and adjoining areas.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> SLAPP</s> <|assistant|> SLAPP – A “Strategic Lawsuit Against Public Participation” (SLAPP) is an assault using the legal system as the weapon of choice. Individuals, corporations and governments file SLAPP suits packaged to look like civil suits alleging defamation, invasion of privacy, nuisance, malicious prosecution and other personal injury charges intended solely to embezzle the “offender’s” time and finances by means of legal wrangling and continually mounting legal costs.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Solicitor</s> <|assistant|> Solicitor – Insurance professional who sells insurance and collects premiums but cannot issue or countersign policies.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Special damages</s> <|assistant|> Special damages – Type of compensatory damages that reimburse the injured party for direct and specific expenses involved in the loss, such as medical expenses and lost wages.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Special flood hazard areas (SFHA)</s> <|assistant|> Special flood hazard areas (SFHA) – A special flood hazard area is a specifically defined area that has a 1 percent chance of being inundated by flood waters in any given year (thus the creation of the term “100-year flood plain”). Flood waters have an equal chance of submerging these areas every year for five straight years, or not for 200 years; there is simply a 1 percent statistical possibility every year. Homes located in special flood hazard areas have a 26 percent chance of suffering flood damage over the normal 30-year life of a loan according to FEMA. There are two broad classifications of special

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Specific rates</s> <|assistant|> Specific rates – Rates that are somewhat individual in nature and are based on the characteristic of the individual risk exposure. Four types of specific rates: 1) Schedule rating; 2) Experience rating; 3) Retrospective rating; and 4) Judgment rating.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Specified Causes of Loss</s> <|assistant|> Specified Causes of Loss – One of the physical damage coverage options in the commercial auto coverage forms; provides more limited coverage than comprehensive coverage, insuring only against specified perils such as fire, flood, or explosion.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Speculative risk</s> <|assistant|> Speculative risk – A risk that may result in a loss or gain.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Split limits</s> <|assistant|> Split limits – Policy limit that provides separate limits for BI and PD.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Spoilage endorsement</s> <|assistant|> Spoilage endorsement – Endorsement used with the building and personal property and condominium commercial unit-owners commercial property coverage forms; it adds coverage for the insured’s perishable stock-personal property that must be maintained under controlled conditions to protect it from loss or damage.

<|system|> Define the term in the context of property & casualty insurance.</s> <|user|> Spread of risk</s> <|assistant|> Spread of risk – Principle of insurance that states that insurers should spread their insured risks over a large geographical area, rather than insuring a large number of people in a small area.