Vocab 1
This is an individual hired by the insured to settle a claim with the insurance company on behalf of the insured.
What is PUBLIC ADJUSTER
This is an individual who contracts with an adjusting/staffing firm as an independent contractor and handles claims.
What is INDEPENDENT ADJUSTER
This is a subset of the claims function whereby suspicious losses are investigated separately from the normal claims adjusters’ activities.
What is SPECIAL INVESTIGATION UNIT
These guarantee that an accused will appear in court.
What is BAIL BONDS
This is an individual or organization offering continuing education courses for licenses and/or pre---licensing.
What is PROVIDER
This is a legal two-party document describing the relationship between the first party (insured) and the second party (insurance company).
What is INSURANCE CONTRACT
This combines property and liability coverages of two or more policies into one premium.
What is PACKAGE POLICY
This individual investigates or adjusts losses for an insurer or self-insured entity, or any person who supervises the handling of claims.
What is ADJUSTER
This involves filing a fabricated or exaggerated claim with an insurer.
What is FRAUD
The replacement cost of like kind and quality at the time of loss, less a reasonable amount of depreciation due to age and condition.
What is ACTUAL CASH VALUE
This is a written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy.
What is ENDORSEMENT
Depreciation that is initially held back, then disbursed after proof of repairs being performed to bring property back to whole.
What is RECOVERABLE DEPRECIATION
Necessary increase in living expense resulting from a loss by a covered peril, and incurred by the insured, to continue the normal standard of living.
What is ADDITIONAL LIVING EXPENSE
The depreciation from the total Replacement Cost due to age, use, and condition. The resulting dollar amount is Actual CashValue.
What is NON-RECOVERABLE DEPRECIATION
Used as a promise to accept a bid if awarded to a company and to guarantee that a performance bond will be obtained prior to commencement of a job.
What is BID BONDS
This is the entity that has agreed to fulfill an obligation.
What is PRINCIPAL
This is required of the defendant in a lawsuit who elects to appeal a verdict.
What is APPEAL BONDS
Damages for which any insured becomes legally responsible and that the insured is legally obligated to pay.
What is LIABILITY
These are required by lenders to ensure loans against a job are paid upon completion.
What is COMPLETION BONDS
The act of taking responsibility through agreement for something that person may not be legally liable.
What is ASSUMPTION OF LIABILITY
This legal term means to pay back or make whole .
What is INDEMNIFICATION
This unbiased third party resolves disputes between the insured and insurer.
What is UMPIRE
This person voluntarily gives up possession of property.
What is BAILOR
This is required payment by a company because of a specific insured incident based on the reduction in value prior to application of a deductible.
What is LOSS
This is designed to protect the insured and/or policyholder from financial loss due to liability resulting from injuries to others and/or damage to their property.
What is LIABILITY INSURANCE