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A B
C D E F G H
I J K L M N
O P Q R S T
U V W X Y Z
Accident
An unplanned event, unexpected and undesigned, which occurs suddenly
and at definite place.
Act of God
An event arising out of natural causes with no human intervention which
could not have been prevented by reasonable care or foresight. Example
flood, earthquake
Actual Cash Value
The actual or current value at the time of the loss. This may be the
cost of replacing the article with a similar model and in similar condition.
It may however involve the price of the article plus any appreciation
since its purchase and less depreciation
Adjuster
A representative of the insurer who seeks to determine the extent of
the firm's liability for loss when a claim is submitted.
Appraisal
An evaluation of property made to ascertain either the appropriate amount
of insurance to be written or the amount of loss to be paid.
Authorization
The granting of authority i.e. to proceed
with repairs
Betterment
Where the results of repairs or replacement as a result of the loss
results in receiving something better than had previous to the loss
the difference is known as betterment.
Claim
A demand made by the Insured, or the Insured's beneficiary, for payment
of benefits provided by the contract.
Claimant
The person making demand for the payment of benefits.
Collision
Reporting Center
In some cities i.e. Toronto it is a requirement to visit a collision
reporting centre rather than call the police if the damages are minor
and the vehicles are driveable. The reporting centres are staffed by
police officers. All particulars are recorded by both drivers and photos
taken of the vehicles. The occurrence report is then retained on file.
Computer Assisted
Appraisal
Computer software utilized by many auto body shops and property contractors
to complete damage estimates.
Constructive
Total Loss
A partial loss but where the damage is so extensive that repairs would
cost as much or more than the property is worth or the limit of insurance.
Coverage
The scope of the protection provided under the contract of insurance.
Deductible
The portion of an insured loss to be borne by the insured before he
is entitled to recovery from the insurer.
Deductible
clause
A contract provision that sets forth the deductible.
Depreciation
The decrease in the value of any type of tangible property over a period
of time resulting from use, wear and tear, or obsolescence.
Disability
A condition that curtails to some degree a person's ability to carry
on his normal pursuits. A disability may be partial or total, and temporary
or permanent.
Downtime
The period of time between damage and repair where an economic loss
occurs.
Estimate
Estimated cost of damage repair
Highway
Traffic Act
Laws governing the obligations of the Provincial Government and users
of the road
Hit and Run
Collision between a motor vehicle and another motor vehicle, object
or pedestrian, where the driver of the vehicle leaves the scene of the
accident without identifying himself/herself
Hold up
The taking of money or property from another by putting the victim in
fear of personal violence
Indemnity
A contract expressed or implied to repay in the event of a loss
Indemnify
To restore the victim of a loss to the same position as before the loss
occcurred
Independent
Adjuster
An adjuster who works as an independent contractor, hiring himself out
to insurance companies or other organizations for the investigation
and settlement of claims.
Insurable
Interest
A direct monetary interest in the insured property sufficient to result
in monetary loss should the property be damaged or destroyed.
Insurance
to value
Insurance written in an amount approximating the value of the property
insured
Insured
The party to an insurance arrangement whom the insurer agrees to indemnify
for losses, provide benefits for, or render services to.
Insurer
The party to an insurance arrangement who undertakes to indemnify for
losses, provide pecuniary benefits, or render services.
Lessee
One to whom a lease is granted
Lessor
One who grants a lease
Liability
A responsibility of one person to another enforceable in law.
Lien
A word that indicates an incumberance on property, either for discharge
of a duty or the payment of a debt. When a lien exists, the conditions
attaching to the issue of an insurance contract, require that it be
disclosed to the Company.
Loss of Use
Insurance protection against loss due to the inability to use property
because of its damage or destruction.
Loss Payable
clause
Clause inserted in an insurance policy to specifically identify interested
parties i.e Insured and other interests such as mortgagees trustees
etc.
Market
Value
The value of an asset based on a current market value
Material fact
Something affecting a contract of insurance significant enough to change
the agreement between the Company and the Policyholder
Misrepresentation
An incorrect statement made about a material fact. If the statement
is made deliberately with intent to deceive the contract could become
null and void
Mitigate
To make less severe. i.e. steps to eliminate further damage after a
loss occurs
Mortgagee
The person who has loaned his money to another and taken the security
of the property in exchange.
Mysterious
Disappearance
This disappearance of property in an unexplained manner
Negligence
Failure to use the degree of care expected from a reasonable and prudent
person
Notice of
Loss
Written notice of the loss to the Insurance Company as outlined in the
conditions of the Insurance policy
Preinspection
Legal requirement in Ontario arising out of Bill 59 for inspection of
certain qualifying vehicles when being added to an existing policy or
submitted as new business
Partial loss
A loss covered by an insurance policy which does not completely destroy
or render worthless the insured property.
Payee
The person receiving money
Peril
The cause of a possible loss..
Policy
The written statement of a contract effecting insurance, or certificates
thereof, by whatever name called, and including all clauses, riders,
endorsements and papers attached thereto and made part thereof.
Policy period
The period during which the policy contract affords protection.
Premises
The particular location of a property or a portion thereof as designated
in a policy.
Prior Damage
Pre-existing damage that occurred prior to the loss in question
Proof of Loss
A statement made to the insurance company under oath setting out the
basis of the insured's claim under the insurance policy.
Proscription
Outside of the time period in which a legal action can be commenced
Proximate
cause
The immediate and effective cause of the loss; not necessarily the last
event before the occurrence which in a chain of circumstances leads
naturally and directly in the ordinary cause of events to the loss
Public Adjuster
An insurance adjuster who represents an Insured on a fee basis in claim
settlement.
Replacement
Cost
The cash value representing what it would cost to replace the particular
article which is the subject of the insurance.
Robbery
The taking of anothers' property by force or threat of personal violence
Salvage
The value of property after fire or other peril which value is used
to reduce the total loss
Schedule
of loss
Notice completed by Insured documenting loss or damage to contents,
personal property and stock.
Subrogation
The right of the Insurance Company after payment of a loss to recover
from the responsible party
Suit
A legal proceeding by one person against another
Tear
Down
Dismantle certain parts of a car in order to determine if there is hidden
damage.
Total Loss
Cost of damage repair exceeds the value of the property
Waive
To forego. In case of insurance deductible to refrain from insisting
upon application under specific conditions.
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