GA Personal Lines Insurance Terms Definitions
The abdication of insured property into the hands of another or into the
possession of no one in particular - Answer️️ -Abandonment
A sudden unplanned and unexpected event not under the control of the
insured resulting in injury or damage that i...
The abdication of insured property into the hands of another or into the
possession of no one in particular - Answer✔️✔️-Abandonment
A sudden unplanned and unexpected event not under the control of the
insured resulting in injury or damage that is neither expected or intended -
Answer✔️✔️-Accident
The replacement cost of lost or damaged property minus depreciation -
Answer✔️✔️-Actual Cash Value
A provision in an insurance policy that provides additional amounts of
coverage for a specific loss expense at no additional premium -
Answer✔️✔️-Additional coverage
Individuals or business that are not named as insureds on the declaration
page but are protected by the policy usually in regard to a specific interest -
Answer✔️✔️-Additional Insureds
A contract which is offered on a take it or leave it basis. The insured's only
option is to either accept or reject the contract; he/she has no input
concerning its terms - Answer✔️✔️-Adhesion
An insurance company that has qualified and received a certificate of
authority from the department of insurance to transact insurance in the
state - Answer✔️✔️-Admitted Insurer
The insuring of risks that are of a poorer class (more prone to losses) than
the average risk - Answer✔️✔️-Adverse Selection
A person who acts on the behalf of the insurer to sell, negotiate, or effect
insurance contracts; also known as a producer - Answer✔️✔️-Agent
The maximum limit of coverage available under a liability policy during a
policy year regardless of the number of claims that may be made or the
number of accidents that may occur - Answer✔️✔️-Aggregate Limit
A property policy with a provision agreed upon by the insurer and insured
as to the amount of insurance that represents a fair valuation for the
property at the time the insurance is written - Answer✔️✔️-Agreed Value
A contract in which unequal amounts or values are exchanged. The
premium paid by the insured is small in relation to the amount that will be
paid by the insurer in the event of loss - Answer✔️✔️-Aleatory
An insurance company that is incorporated outside the United States -
Answer✔️✔️-Alien Insurer
The appearance of the assumption of authority based on the actions,
words, or deed of the principal or because of circumstances the principal
created - Answer✔️✔️-Apparent Authority
An assessment of property to determine either the correct amount of
insurance to be written or the amount of loss to be paid - Answer✔️✔️-
Appraisal
Method of claim settlement used when the insured and insurer cannot
agree upon the amount of the loss - Answer✔️✔️-Arbitration
The transfer of a legal right or interest in an insurance policy - Answer✔️✔️-
Assignment
An insurance company that has qualified and received a certificate of
authority from the department of insurance to transact insurance in the
state - Answer✔️✔️-Authorized Insurer
A land motor vehicle, trailer, or semi-trailer designed for use on public
roads, including attached machinery or equipment;auto does not include
mobile equipment - Answer✔️✔️-Auto
A person or entity that has possession of personal property entrusted to
him/her by the owner. - Answer✔️✔️-Bailee
The person who receives the benefits from the policy of insurance -
Answer✔️✔️-Beneficiary
A temporary contract of insurance issued by an insurer or its agent that
places insurance in effect prior to the policy being issued - Answer✔️✔️-
Binder
This type of bond covers losses caused by dishonest employees -
Answer✔️✔️-Blanket Bond
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