Definitions
A claimant under a liability policy , so called because that party is not one of the two parties
What is Third Party ?
What is statute of limitations
An insurers notification that coverage for a claim may not apply
What is a reservation of rights
Damage to property by direct action of a peril insured against, as distinguished from contingent or indirect damage
What is Direct loss of damage
To swear, or declare
What is attest
An employee of an insurance company who directs the investigations of staff adjusters
What is a claims examiner
Resulting from a direct loss
What is indirect loss ?
Oral or written assertion of facts stated under oath
What is a sworn statement
A system for collection premiums where an insured collects the premium directly from the insured
What is direct billing ?
The loss of a right as a result of the non performance of some obligation or condition
What is a forfeiture ?
An oral or written discharge from an obligation , duty, or demand
What is release ?
Remaining value of the property after a loss
What is salvage ?
In Law a limitation of time within which legal action can be taken by a claimant
A formal statement of facts about a loss
What is a proof of loss
Common in commercial contracts , and used when the risk of a total loss, is relatively remote when compared to the risk of a partial loss.
What is coinsurance