Legal Consumer Synonyms

Subrogation – a situation in which an insurer, on behalf of the insured, has the right to bring an action for liability against a third party who has caused damage to the insured. The insurer reserves the right to claim compensation for damage suffered by the insurer through the fault of a third party. Contingent liability – the liability of an insured person towards persons who have suffered bodily injury or property damage as a result of work performed by an independent contractor engaged by the insured to perform work that is illegal, inherently dangerous or directly supervised by the insured incontestability provision – a life insurance and annuity clause limiting the period within which the insurer has the right to terminate the contract on the basis of a Invalidate false statements in the insurance application. Product liability – insurance coverage that protects the manufacturer, distributor, seller or lessor of a product from legal liability arising from a defective condition that causes bodily injury or damage to a natural or legal person associated with the use of the product. Alien Company – an insurance company incorporated under the laws of a foreign country. The company must comply with state regulatory standards in order to legally sell insurance products in that state. Motor vehicle liability – coverage that protects against financial loss due to legal liability for motor vehicle-related injuries (bodily injury and medical payments) or damage to the property of others caused by accidents resulting from the possession, maintenance or use of a motor vehicle (including recreational vehicles such as recreational vehicles). Businesses are defined as all motor vehicle policies that include vehicles used primarily in connection with a business, business facilities, activities, employment or activities operated for profit. No error is defined by the State concerned.

Policy – a written contract confirming the legality of an insurance contract. Nglish: Consumer translation for Spanish speakers Personal Injury Civil Liability – Liability coverage for individuals who have discriminated, falsely arrested, unlawfully detained, defamed, maliciously persecuted, defamed, suffered identity theft, psychological torment or alienation of affection, or whose privacy rights have been violated. Commercial Auto Insurance – Coverage for motor vehicles owned by a commercial enterprise that protects the insured against financial loss due to legal liability for motor vehicle injuries or damage to the property of others caused by accidents resulting from the possession, maintenance, use or maintenance and control of a motor vehicle. This includes combinations of commercial cars from business cars, workshops, truckers and/or other commercial cars. Other liability – coverage that protects the insured against legal liability arising from negligence, negligence or omission resulting in property damage or bodily injury to others. Contractual liability – liability coverage of an insured person who has assumed the legal liability of another party by written or oral contract. Includes a contractual liability policy that covers all obligations and liabilities of a service contract provider under the terms of service contracts issued by the provider. Policyholder surplus – assets that exceed a company`s liabilities or net income that exceeds legally indebted funds. Medical malpractice – Insurance coverage that protects a licensed health care provider or health care facility from legal liability arising from the death or injury of a person due to the insured`s misconduct, negligence or incompetence in providing or failing to provide professional services. Indemnification, principle of – a general legal principle relating to insurance, which stipulates that the person recovered under an insurance policy must be restored to the approximate financial situation in which he or she was before the loss. The legal principle limiting damages corresponds to the harm suffered.

Recourse clause – a section of insurance policies that gives an insurer the right to take legal action against a third party liable for damage suffered by an insured for whom a claim has been paid. Investment income Accrued liabilities and deferred income – Investment income earned on the balance sheet date but not legally payable to the reporting entity until after the balance sheet date. Protection and Indemnity Insurance (P&I) – a broad form of statutory liability insurance for maritime transport. Employer Liability – Employer`s liability insurance for the employer`s legal liability for injuries to employees. This code must be used when coverage is issued as an endorsement or as part of a statutory workers` compensation policy. Warranty – Coverage that protects against manufacturing defects beyond the normal warranty period and for repairs after the failure to return a product to its original use. Warranty insurance typically protects consumers against financial loss caused by the seller`s failure to repair or compensate for defective or incomplete work, as well as the costs of parts and labor needed to restore a product`s usability. Includes, but is not limited to, coverage for all obligations and liabilities incurred by a service contract provider, mechanical breakdown insurance and service contracts entered into by insurers. Credit accident and health (group and individual) – coverage granted or offered to borrowers as part of a consumer credit transaction when the product is used to repay a debt or instalment loan in the event that the consumer is disabled as a result of an accident, including transactions with a maturity not exceeding 120 months.

Coinsurance – A clause included in most property insurance policies to encourage policyholders to purchase an appropriate amount of insurance. If the insured does not comply with the amount specified in the clause (usually at least 80%), the insured person participates in a higher share of the damage. In health insurance, a percentage of any damage borne by the insured. Living Benefits endorsement – an endorsement linked to a life insurance policy that provides long-term care to the terminally ill. Commercial Multiple Risks – A policy that includes two or more insurance coverages that protect a business against various property and liability risks. Often includes fire insurance, related lines, various other coverages (e.g., different conditions) and liability coverage. These coverages would be included in other annual billing lines if purchased individually. As part of this type of insurance, include property and casualty policies (with the exception of farm, home and auto insurance policies) that include coverage for non-automobile liability insurance. Insurance risk securitization – a method for insurance companies to access capital and hedge risks by converting policies into securities that can be sold in financial markets. Endorsement – a change or addition to a policy that adjusts coverage and takes precedence over the general contract. Credit – Credit default – Coverage purchased by manufacturers, distributors, educational institutions or other suppliers of goods and services that extend credit, to compensate for loss or damage resulting from non-payment of debts owed to them for goods or services provided in the ordinary course of business. Fair value – fair value or the price that could be derived from the current sale of an asset.

Lives covered – The total number of insured lives, including dependents, under individual policies and group certificates. Approved assets – the insurer`s assets that can be valued and included on the balance sheet to determine the financial viability of the business. Forfeiture – Cancellation of a policy due to non-payment of the required renewal premium. Expense Ratio – The percentage of premiums used to create and maintain policies. Calculated by deducting related expenses from losses incurred and dividing by premiums written. Loan-backed securities – Intermediate certificates, secured mortgage bonds (CMOs) and other securitised loans not included in structured securities where the payment of interest and/or principal is directly proportional to the interest and/or principal received by the issuer of the mortgage pool or other underlying securities. Employee Retirement Income Security Act of 1974 (ERISA) – a federal statute that regulates standards for private pension plans, including vesting requirements, funding arrangements and plan design. All risks – also known as open danger, this type of policy covers a wide range of losses. The policy covers risks that are not expressly excluded in the insurance contract. Asset – likely future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. An asset has three main characteristics: it has a likely future benefit, which includes the ability to contribute, individually or in combination with other assets, directly or indirectly, to future net inflows; A particular entity may gain the advantage and control the access of others to it; and The transaction or other event giving rise to the right or control of the benefit by the Company has already occurred. Fire liability – covering liability for property damage resulting from separate negligent acts and/or omissions on the part of the insured that allow a fire to spread to cause bodily injury or property damage to others.

An example is a tenant who, while occupying another party`s property, causes fire damage to the property through negligence.