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Definitions (45)
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free
The fair market value of losses sustained by a plaintiff.
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Actuary
A specialist who analyzes insurance claims, risks, sets reserves, and makes other judgments based on mathematical formulations.
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adjuster
Typically, a representative of the insurance company responsible for investigating a policyholder’s claim and determining the insurance company’s monetary responsibility—or lack thereof—to a claimant. [..]
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apportionment
The division of loss and responsibility when two or more insurance companies cover the same loss.
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arbitration
A hearing by an independent party to settle a dispute between two or more parties.
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assigned risk
A risk that insurance companies are obligated to cover according to state law even if they would prefer not to.
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BREACH
A violation of a duty or a responsibility. When an insurance company does not fulfill its obligation to the insured, it has “breached” its responsibility to act in good faith.
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breach of contract
Failing to perform or fulfill any duty in a contract.
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Business interruption insurance
Provides compensation for loss of business revenue when business is interrupted as the result of property damage.
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claim
A formal demand for benefits included in an insurance policy.
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