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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...
<|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 fo...
<|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 insuranc...
<|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...
<|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 comme...
<|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 uniformi...
<|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 bot...
<|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 possessi...
<|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 ...
<|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, gen...
<|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...
<|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 ...
<|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 ...
<|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 r...
<|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 con...
<|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...
<|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 a...
<|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,...
<|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 pro...
<|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 ...
<|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’...
<|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 ...
<|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 liabi...
<|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 omi...
<|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...
<|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 ...
<|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...
<|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.