Glossary
APPRAISAL
A valuation of property made for determining its insurable value or the amount of loss sustained.
A valuation of property made for determining its insurable value or the amount of loss sustained.
ARSON
The willful and malicious burning of property.
The willful and malicious burning of property.
BROAD FORM
Any of the commercial or personal lines property forms which provides coverage on name perils bases. This form normally adds the Extended Coverage and Vandalism and Malicious Mischief coverages. This form is generally used for coverages on a Homeowners Policy.
Any of the commercial or personal lines property forms which provides coverage on name perils bases. This form normally adds the Extended Coverage and Vandalism and Malicious Mischief coverages. This form is generally used for coverages on a Homeowners Policy.
BURGLARY
An unlawful removal of property from premises involving visible forcible entry.
An unlawful removal of property from premises involving visible forcible entry.
CONSEQUENTIAL DAMAGE
A loss, which is an indirect result of an accident or fire, e.g. food spoiled through breakdown of a refrigerator.
A loss, which is an indirect result of an accident or fire, e.g. food spoiled through breakdown of a refrigerator.
DIRECT LOSS (OR DAMAGE)
A loss, which is a direct consequence of a particular peril. Fire damage to a refrigerator would be a direct loss. Spoiling of food in the refrigerator as a result of the fire damage would be an indirect loss.
A loss, which is a direct consequence of a particular peril. Fire damage to a refrigerator would be a direct loss. Spoiling of food in the refrigerator as a result of the fire damage would be an indirect loss.
IMPROVEMENTS AND BETTERMENTS
Additions or changes made by a lessee at his own cost to a building that he is occupying, which enhance its value. These become part of the realty and require special insurance consideration.
Additions or changes made by a lessee at his own cost to a building that he is occupying, which enhance its value. These become part of the realty and require special insurance consideration.
MORALE HAZARD
An attitude that increases the probability of loss from a peril. The attitude of, "It's insured; so why worry?" is an example of a morale hazard. Intended to pay off the balance due on a mortgage or meet the payments on a mortgage as they fall due upon or after the death or disabilityMORTGAGE INSURANCE POLICY - In life and health insurance, a policy the benefits from which are of the insured.
An attitude that increases the probability of loss from a peril. The attitude of, "It's insured; so why worry?" is an example of a morale hazard. Intended to pay off the balance due on a mortgage or meet the payments on a mortgage as they fall due upon or after the death or disabilityMORTGAGE INSURANCE POLICY - In life and health insurance, a policy the benefits from which are of the insured.
MORTGAGEE
The creditor to whom a mortgage is given and who lends money on the security of the value of the property mortgaged.
The creditor to whom a mortgage is given and who lends money on the security of the value of the property mortgaged.
MORTGAGOR
The debtor who receives money and in turn grants a mortgage on his property as security for a loan.
The debtor who receives money and in turn grants a mortgage on his property as security for a loan.
PERSONAL ARTICLES FLOATER
Provides all risk coverage, subject to reasonable exclusions for valuable items such as furs, jewellery, cameras, silverware, etc. formerly insured under separate contracts. The items are generally listed by description and value. This can be contrasted to the personal effects floater.
Provides all risk coverage, subject to reasonable exclusions for valuable items such as furs, jewellery, cameras, silverware, etc. formerly insured under separate contracts. The items are generally listed by description and value. This can be contrasted to the personal effects floater.
PERSONAL PROPERTY LIMITATIONS
Don't assume everything you own is adequately insured by a standard homeowner's policy. The typical homeowner's policy provides only limited coverage for many expensive items. Extra coverage can be purchased separately.
Don't assume everything you own is adequately insured by a standard homeowner's policy. The typical homeowner's policy provides only limited coverage for many expensive items. Extra coverage can be purchased separately.
PRIMARY RESIDENCE
The place where you will reside for the majority of your policy term.
The place where you will reside for the majority of your policy term.
TENANTS POLICY
A policy form, which is specifically designed for people who rent, to insure their personal belongings.
A policy form, which is specifically designed for people who rent, to insure their personal belongings.
