O&P Resources
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Glossary of Insurance Terms |
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Additional Insured: An individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insured’s policy provides a certain degree of protection. An endorsement is typically required to effect additional insured status. The named insured’s impetus for providing additional insured status to others may be a desire to protect the other party because of a close relationship with that party (e.g.., employees or members of an insured club) or to comply with a contractual agreement requiring the named insured to do so (e.g., customers or owners of property leased by the named insured). |
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Advertising Injury Liability:
Injury rising out of an offense committed in the course of your advertising activities, if such injury rises out of libel, slander, defamation, violation or right of privacy, unfair competition or infringement of copyright, title or slogan. |
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Aggregate :
A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually one year. Aggregate limits are commonly included in liability policies. |
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| Employee Dishonesty Coverage:
Employee dishonesty coverage protects an employer from financial loss due to the fraudulent activities of one or more employees. The coverage includes protection for loss of money, securities, and other property of the insured. |
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| Fire Legal Liability:
Coverage needed if you occupy leased or rented property for which you could be held legally liable for damage to the property due to fire or explosion. |
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| Loss Payee:
The party to whom money or insurance proceeds is to be paid in the event of loss, such as the lienholder on an automobile or the mortgagee on real property. |
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| Occurrence:
This term means an accident, including continuous or repeated exposure to conditions, which results in bodily injury or property damage neither expected nor intended from the standpoint of the insured.Premises & Operations Liability Insurance - Coverage which protects against liability losses caused by the insured´s business activities or by conditions present at the insured´s place of business. |
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| Earned Premium:
Premium for which protection has been provided. When a premium is paid in advance for a policy period, the company "earns" a portion of that premium only as time elapses during that period. |
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| Effective Date:
The date on which a policy´s coverage of risk goes into effect. |
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| Products Liability:
Coverage on products your orthotic and prosthetic company sells. |
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| Professional Liability:
Liability for any licensed professional, incidental to the sale of orthotic and prosthetic devices. |
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| General Liability:
"Slip-and-fall" type coverage (Example: An individual falls in your parking lot or inside your office and injures himself). |
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| Optional Coverage for Purchase:
Hired Auto and Non-Owned Auto. |
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| Medical Payments:
A general liability coverage in which the insurer reimburses without regard to the insured´s liability, the insured and others (as specifically provided in the policy) for medical and funeral expenses incurred by such persons as a result of bodily injury or death sustained by accident under the conditions specified in the policy. |
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