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Accident And Health Insurance:
Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses and catastrophic care, with limits.
Accidental Death And Dismemberment (AD&D) Benefit*:
A supplementary life insurance policy benefit that provides for an amount of money in addition to the policy’s basic death benefit. This additional amount is payable if the insured dies as the result of an accident or if the insured loses any two limbs or the sight in both eyes as the result of an accident.
Accidental Death Benefit (ADB):
A supplementary life insurance policy benefit that provides a death benefit in addition to the policy’s basic death benefit if the insured’s death occurs as the result of an accident.
Action:
a lawsuit.
Actual Cash Value:
a method for placing value on property as of the time of its loss or damage: Replacement cost less depreciation.
Additional Insured:
a person or corporation, other than the Named Insured on the policy, who is protected against loss by the terms of the policy (i.e. funding source, landlord).
Admitted Company:
An insurance company licensed and authorized to do business in a particular state.
Advertising Injury:
claim arising out of slander, libel, copyright infringement, or misappropriation of advertising ideas. Coverage is provided as part of coverage B of the Commercial General Liability policy.
Aggregate Limit:
the total amount that the insurance company will pay for all claims covered by the policy.
Agreed Value:
the insured and the insurer agree on the value at the time the policy is written. The coinsurance clause is suspended.
Care, Custody or Control:
an expression common to liability insurance contracts. It refers to an exclusion in the policy eliminating coverage for damage to property of others that is in the insured’s care, custody, or control.
Co Insurance Clause:
property insurance provision that imposes a penalty on an insured’s loss recovery if the limit of insurance purchased is not at least equal to a specific percentage of the value of the insured property.
Commercial General Liability:
“Slip and Fall” type claims are the most common occurrence covered by a Commercial General Liability policy. Additional coverages included under the Commercial General Liability policy include Products and Completed Operations and Personal Injury coverage. General Liability policies will not include coverage for damage to property under your Care, Custody or Control.
Computer Fraud:
loss due to the use of a computer to fraudulently cause the transfer of property from the insured to a person or premises outside of the insured.
Directors & Officers Liability (D&O):
D&O coverage is designed to cover the intentional decisions made by the Board of Directors of an organization. In an employment-related case, the board affirmatively adopts personnel policies which are intentionally carried out by management. These are intentional actions that may result in some type of damage other than bodily Injury (i.e. an employee is terminated and alleges age discrimination). Most other types of insurance policies will not provide coverage for intentional actions.
Employee Benefits Liability:
protects the insured against claims by employees or former employees resulting from negligent acts or omissions in the administration of the insured’s employee benefits program.
Employee Dishonesty:
loss due to embezzlement of money, securities or other property by an employee acting alone or with others (fidelity bond).
Errors and omissions coverage (E&O):
a type of professional liability insurance protecting the insured against claims alleging bodily injury or property damage caused by the professional or technical incompetence of the insured. There is no standard policy form.
Fiduciary Liability Insurance:
this insurance covers claims arising from a breach of the responsibilities or duties imposed on a benefit plan administrator; or a negligent act, error or omission of the administrator.
First Named Insured:
an insurance policy may have more than one party named as insured. The First Named insured is responsible for paying premiums, initiates cancellations or can amend the policy.
Hold Harmless Agreement:
a contractual assumption by one party of the liability exposure of another. Lease agreements, for example commonly require the tenant to hold the landlord harmless for bodily injury or property damage experienced by others on the premises.
Independent Contractor:
one who contracts to do a piece of work by his own methods and judgment and without the control of his employer, except as to the results.
Inside the Premises:
loss due to robbery, theft or disappearance of money of securities within a covered premises.
Non Admitted Carrier:
an insurance company that does business in a jurisdiction in which it is not admitted to transact business. The policy holders are not protected by the State’s Guaranty Fund in the event that the insurance company becomes insolvent.
Non Owned Automobile Liability:
the purpose of this coverage is to insure the organization in the event it is held liable for the actions of their employee or volunteers while they are using their own vehicle on behalf of their employer. This coverage does not protect the employees or volunteers who carry their own automobile insurance.
Professional Liability:
a form of errors and omissions insurance. Provides coverage for alleged professional misconduct or lack of skill in the performance of a professional act. There is no standard policy form and must therefore be reviewed to make sure that your operations and professional staff /volunteers are covered.
Workers Compensation:
coverage that conforms to the workers compensation laws of the states in which it is written. Workers Compensation coverage is mandated for most employers and is designed to cover the cost of injury and loss of time as a result of an employee related injury.
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