Terms
Regulatory Compliance
Regulatory compliance refers to the adherence of a business or organization to laws, regulations, guidelines, and specifications relevant to its operations. This term may refer to the processes and practices...
IP Due Diligence
IP due diligence, short for intellectual property due diligence, is a critical process undertaken to evaluate and verify the ownership, status, and value of intellectual property assets within a company....
IP Enforcement
IP enforcement, or intellectual property enforcement, refers to the actions taken to protect and uphold the rights granted to owners of intellectual property (IP). This term may refer to the...
E-commerce IP Dispute
E-commerce IP disputes are legal conflicts arising from intellectual property issues in the context of online business and digital commerce. The definition of e-commerce IP disputes encompasses a wide range...
Coverage for Counterclaim
Coverage for counterclaim refers to the insurance protection provided to an insured party for the costs associated with defending against a counterclaim filed by a defendant in response to the...
Patent Invalidity
Patent invalidity is a legal concept that challenges the validity or enforceability of an issued patent. The definition of patent invalidity encompasses various grounds on which a patent can be...
Litigation Costs
Litigation costs refer to the expenses incurred during the process of legal action, including all expenditures related to bringing or defending a lawsuit. This term may refer to a wide...
Right of Publicity
The right of publicity is a legal concept that protects individuals' control over the commercial use of their name, image, likeness, or other aspects of their identity. The definition of...
Trade Secret Misappropriation
Trade secret misappropriation refers to the unauthorized acquisition, disclosure, or use of a trade secret by someone who knows or has reason to know that the trade secret was acquired...
Multi-Jurisdictional Defense
Multi-jurisdictional defense refers to the legal strategies and actions taken to defend against lawsuits or regulatory actions that span multiple legal jurisdictions. This term may refer to cases where the...
Injunction
An injunction refers to a legal order issued by a court that compels a party to do or refrain from doing specific acts. This term may refer to different types...
Pre-litigation Advisory
Pre-litigation advisory refers to the guidance and strategies provided by legal professionals to individuals or organizations before formal legal proceedings are initiated. This term may refer to the process of...
Fraudulent Transfer of IP
Fraudulent transfer of IP, or intellectual property, refers to the illegal or deceitful transfer of intellectual property assets to another party with the intent to hinder, delay, or defraud creditors...
IP Valuation
IP valuation, or intellectual property valuation, refers to the process of determining the financial value of intellectual property assets, including patents, trademarks, copyrights, and trade secrets. This term may refer...
Design Rights Infringement
Design rights infringement is a violation of the legal protection granted to the visual appearance of a product or part of a product. The definition of design rights infringement encompasses...
Trademark Infringement
Trademark infringement is a serious legal issue that arises when one party uses a trademark that is identical or confusingly similar to a trademark owned by another party without permission....
Trade Dress Infringement
Trade dress infringement is a form of intellectual property violation that occurs when a company's distinctive product or packaging design is copied or imitated by a competitor. The definition of...
Source Code Theft
Source code theft refers to the unauthorized acquisition, copying, or use of a software's source code without the permission of the rightful owner. This term may refer to various illicit...
Copyright Infringement
Copyright infringement is a serious legal issue that arises when someone uses, reproduces, distributes, or displays copyrighted material without the permission of the copyright holder. The definition of copyright infringement...
Domain Name Dispute
A domain name dispute is a conflict that arises over the registration, ownership, or use of a specific internet domain name. The definition of a domain name dispute encompasses various...
Digital Rights Management (DRM) Violation
Digital Rights Management (DRM) violation is the unauthorized circumvention, removal, or bypassing of technological measures designed to control access to and use of digital content. The definition of DRM violation...
Litigation
Litigation refers to the process of taking legal action through the courts to resolve disputes between parties. This term may refer to the various stages of a lawsuit, including the...
Patent Infringement
Patent infringement is a serious legal issue that occurs when someone makes, uses, sells, offers to sell, or imports a patented invention without permission from the patent holder. The definition...
Misappropriation of Image or Likeness
Misappropriation of image or likeness is a legal concept that involves the unauthorized use of an individual's name, image, or other identifiable characteristics for commercial or exploitative purposes. The definition...
Customs Seizure Costs
Customs seizure costs refer to the expenses incurred by businesses when goods are detained, seized, or confiscated by customs authorities during import or export. This term may refer to a...
International IP Compliance
International IP compliance refers to the adherence to intellectual property (IP) laws, regulations, and treaties across multiple countries and jurisdictions. This term may refer to the processes and strategies that...
Entertainment IP
Entertainment IP, or entertainment intellectual property, refers to the legal rights and protections granted to creators and owners of original works in the entertainment industry. This term may refer to...
False Advertising
False advertising is a deceptive business practice that can have serious legal and financial consequences for companies. The definition of false advertising encompasses any form of promotion that misrepresents the...
Pharmaceutical IP
Pharmaceutical IP, or pharmaceutical intellectual property, refers to the legal rights granted to individuals or organizations over their innovations and creations in the field of pharmaceuticals. This term may refer...
Loss of Profit
Loss of profit refers to the financial detriment a business experiences when it is unable to generate the expected revenue due to unforeseen events or circumstances. This term may refer...
License Dispute
License dispute refers to a disagreement or conflict arising from the terms, conditions, or enforcement of a licensing agreement between parties. This term may refer to issues such as royalty...
Third-Party Claim
Loss of profit refers to the financial detriment a business experiences when it is unable to generate the expected revenue due to unforeseen events or circumstances. This term may refer...
Content Ownership Disputes
Content ownership disputes are legal conflicts that arise over the rights to possess, use, or distribute specific content, such as text, images, videos, or other creative works. The definition of...
Unfair Competition
Unfair competition is a broad legal concept that encompasses various deceptive or unethical business practices that cause economic harm to competitors or consumers. The definition of unfair competition includes any...
Settlements and Damages
Settlements and damages refer to two primary methods of resolving legal disputes and compensating for harm or loss. This term may refer to the financial payments and agreements that arise...
Dontractual Liability
Contractual liability is a fundamental concept in insurance and business law that refers to the legal obligation or responsibility assumed by one party through a contract or agreement. The definition...
Breach of Confidentiality
Breach of confidentiality is a serious violation of trust and legal obligation that occurs when confidential information is disclosed or used without proper authorization. The definition of breach of confidentiality...
Database Rights Infringement
Database rights infringement is a violation of the legal protections afforded to creators or owners of databases for their investment in obtaining, verifying, or presenting database contents. The definition of...
IP Infringement
IP infringement, or intellectual property infringement, refers to the unauthorized use, reproduction, or distribution of intellectual property (IP) without the permission of the rightful owner. This term may refer to...
Software Piracy
Software piracy is the unauthorized copying, distribution, or use of software in violation of its license agreement or copyright. The definition of software piracy encompasses a wide range of activities...
Privately Held Corporation
A Privately Held Corporation is a type of business entity that is owned by private individuals or groups of private individuals, rather than by the government or the public at...
Aleatory Contract
A Aleatory Contract is a type of contract in which one or more parties assume a risk based on uncertain future events. It is a legal agreement between two or...
Trade Secrets
Trade Secrets, as a term surrounding intellectual property and business strategy, encapsulates a broad range of confidential information that a business may leverage to obtain a competitive edge. The definition...
Limit of Liability
The term Limit of Liability may refer to the maximum amount of money an insurer is willing to pay out for a particular claim. This limit is typically outlined in...
Reasonable Prospects of Success
Reasonable Prospects of Success may refer to a concept in insurance that is used to determine whether or not a claim is worth pursuing. This concept is used to determine...
Senior Executive Officer
The term Senior Executive Officer (SEO) may refer to a high-ranking executive in a company, organization, or government body who oversees the overall operations of the entity. It is a...
Third-party Retaliation
The term "Liability Insurance" may refer to a type of insurance coverage that is designed to protect an individual or business from being held legally responsible for certain losses or...
Antitrust
The term Antitrust may refer to laws and regulations that are designed to promote competitive markets, prevent practices that reduce competition, and promote economic efficiency. Antitrust is also known as...
Claims Control Under Contractual Agreement
Claims Control Under Contractual Agreement may refer to a process of controlling the claims process and costs that arise from a contractual agreement between two parties. This process is important...
Associated Company
Associated Company is a term that may refer to any two companies that are linked by a common corporate ownership. This type of association is typically seen in large corporations...
Codefendant
Codefendant is a term which may refer to two or more persons or entities who are named as defendants in the same lawsuit. In some cases, the codefendants may be...
Contract Attorney
Contract Attorney is a term used to describe a lawyer who specializes in the interpretation and drafting of contracts. A contract attorney may refer to a lawyer who helps parties...
Personal Injury
Personal Injury may refer to an injury that is inflicted on an individual’s body, mind or emotions, as opposed to an injury that is inflicted on property. Personal Injury is...
Monopolistic States
Monopolistic States may refer to states that limit competition in the insurance industry to a single insurer. This means that instead of having multiple companies offering insurance in a given...
Indemnity Bond
An Indemnity Bond is a legal agreement that is used to protect an individual or entity from any potential losses or expenses that may arise from another party’s actions or...
Third-Party Liability
Third-Party Liability may refer to a legal situation in which one party is held responsible for the damages or losses caused by another. In the insurance world, third-party liability is...
Breach of Warranty
Breach of Warranty is a legal term that may refer to an individual or organization who has failed to fulfill a warranty obligation as stated in a contract. A warranty...
Agent of Record
Agent of Record is a term used in the insurance industry to refer to an individual or entity that has been designated to service and manage the insurance policy of...
Unilateral Contract
A Unilateral Contract is a legally binding contract between two parties, where only one party is required to fulfill its obligations. In this type of contract, one party promises to...
Covered Damages
Covered Damages refers to the losses, costs or expenses that are covered by an insurance policy. It is an important term in insurance terminology and may refer to the losses...
Counterclaim
Counterclaim may refer to a legal claim that is made in response to a claim that was initially brought forward by another party. In other words, it is a defendant's...
Franchise
Franchise is a term that may refer to an exclusive right or privilege granted to an individual or organization. In the business world, a franchise is a form of business...
Tolling a Statute of Limitations
Tolling a Statute of Limitations may refer to a legal principle that allows the suspension of certain time limits for filing a lawsuit. The ‘statute of limitations’ is a legal...
Principle of Indemnification
The Principle of Indemnification is the legal concept that is used to determine the amount of compensation that an insured party may receive from an insurance provider when they suffer...
Claims Manager
The term Claims Manager may refer to a person responsible for managing the processing of insurance claims within an organization. A Claims Manager is typically responsible for overseeing the entire...
Subrogation
Subrogation is a fundamental concept in insurance law, playing a pivotal role in the claims process. The definition of 'Subrogation' involves an insurance company stepping into the shoes of the...
Contempt of Court
"Contempt of Court" is a term of significant legal importance, particularly in the context of legal proceedings and judicial authority. The definition of Contempt of Court refers to acts or...
Circumstance
In the realm of insurance, the term "Circumstance" holds a significant place and its understanding is essential for both policyholders and insurers. The definition of 'Circumstance' in insurance refers to...
Waiver of Subrogation
Waiver of Subrogation is a significant term in insurance contracts, impacting the rights and recovery options of insurers. The definition of 'Waiver of Subrogation' refers to an agreement within an...
Public Adjustor
"Public Adjuster" is a licensed individual or firm that agrees to work on behalf of a policyholder for a percentage fee to help adjust the claim with an insurance claims...
Third Party
In the context of insurance, the term "Third Party" plays a crucial role in defining the relationships and responsibilities among different entities involved in insurance agreements. The definition of 'Third...
Claim
In the field of insurance, the term "Claim" is central to the functioning and purpose of the industry. The definition of a 'Claim' refers to a formal request made by...
Dispute Resolution
Dispute Resolution is a critical concept in the insurance sector, referring to the various methods employed to resolve disagreements between parties, typically between the insurer and the insured, or among...
Loss Ratio
"Loss Ratio" is a formula to determine profitability of an underwriting business. Generally, it compares premium received and claims dollars paid out plus reserved for future payout, usually measured annually....
License and Permit Bond
A License and Permit Bond is a type of surety bond that guarantees that a business or individual will comply with the applicable laws, regulations, and/or ordinances in order to...
Legal Malpractice
Legal Malpractice, also known as professional negligence, is a term that may refer to an attorney’s failure to provide competent representation, or to provide services with a reasonable degree of...
Regulatory Proceedings
Regulatory Proceedings may refer to legal, administrative, or disciplinary proceedings conducted by a regulatory body, such as a government agency, to enforce laws, regulations, and standards for an industry or...
Contingent Bodily Injury
Contingent Bodily Injury may refer to a type of insurance coverage that provides protection for an individual or business in the event of injury that is caused by someone else....
Obfuscate Source Code
Obfuscate Source Code may refer to the process of concealing or obscuring the meaning of source code in order to prevent others from understanding the code. This can be done...
Professional Negligence Law
Professional Negligence Law may refer to a field of law that deals with the legal consequences of professional negligence or malpractice. It is a specialized area of tort law that...
Negligence in Contract Law
Within the legal sphere, the term "Negligence in Contract Law" may refer to the failure of a party to uphold a duty of care, which they implicitly or explicitly agreed...
LLC Taxes
LLC Taxes may refer to taxes that are associated with Limited Liability Companies, or LLCs. An LLC is a business structure created by state statute that provides limited liability to...
Medical Malpractice
Medical Malpractice may refer to any act or omission by a healthcare professional that deviates from accepted standards of practice in the medical community and causes harm to a patient....
Advertising Injury
Advertising Injury may refer to an area of insurance coverage that is part of most general liability policies. It covers injury to a third party arising out of a business's...
Malpractice
Malpractice is a term that may refer to negligence, or failure to provide a reasonable standard of care, in either professional or medical services. In the legal sense, malpractice is...
Errors and Omissions
"Errors and omissions" is a term commonly encountered within the context of Directors and Officers (D&O) terminology. By definition, "errors and omissions" denote the mistakes, oversights, or negligence that might...
Ex Gratia Payment
An ex gratia payment refers to a voluntary payment made by an insurance company to an insured party, even though it may not be legally obligated to do so. It...
Mineral Lease
A mineral lease refers to a legal agreement between the owner of mineral rights (the lessor) and a third party (the lessee). In the lease, the lessor grants the lessee...
Open Peril
Open peril, in the realm of commercial insurance, refers to a coverage approach that provides protection against all perils or risks except those specifically excluded in the insurance policy. It...
Discovery Rule
The discovery rule, in the realm of commercial insurance, refers to a legal principle that determines the timeframe within which an insured party must discover and report an occurrence or...
Reservation of Rights
Reservation of rights, in the realm of commercial insurance, refers to a legal notice provided by an insurance company to an insured party when there is uncertainty or potential coverage...
Nonforfeiture Values
Nonforfeiture values, in the realm of commercial insurance, refer to the benefits or values that policyholders are entitled to retain even if they choose to surrender or lapse their insurance...
Incurred But Not Reported
Incurred but not reported (IBNR) is a term used by insurance companies to describe potential claims they may pay in the future. IBNR refers to covered incidents or perils that...
Retroactive Date
Retroactive date, in insurance terminology, is the specific date mentioned in an insurance policy that marks the beginning of the coverage period for the policy. A retroactive date is often...
Permanent Partial Disability
Permanent partial disability, in the realm of commercial insurance, refers to a long-term impairment or loss of bodily function that affects an individual's ability to perform certain tasks or activities....
Rebating
Rebating, in the realm of commercial insurance, refers to the practice of offering an individual or entity a financial incentive, such as a rebate or refund, in exchange for purchasing...
Physical Impairment
Physical impairment, in the realm of commercial insurance, refers to a condition that affects an individual's physical abilities, functions, or mobility. It refers to a limitation or loss of bodily...
Exclusive Remedy
Exclusive remedy is a legal concept that limits the compensation available to an injured party to only those benefits defined in the insurance policy. It states that when an individual...
Settlement Options
Settlement options, in the realm of commercial insurance, refer to the choices available to policyholders when it comes to receiving the proceeds from an insurance claim. When a covered loss...
Means and Methods of Construction
Means and methods of construction refer to the techniques, procedures, and materials used during the construction process. In the insurance industry, means and methods of construction are important because they...
IP Litigation
IP litigation refers to legal disputes and court proceedings related to intellectual property (IP) rights, such as patents, trademarks, copyrights, and trade secrets. These disputes can arise when one party...
Notice of Claims Provision
A notice of claim provision is a crucial aspect of an insurance policy that specifies the requirements for policyholders to notify their insurer of a claim. The provision may refer...
Defamation
Defamation, in the context of commercial insurance, refers to the act of making false statements or spreading damaging information about a person or entity that harms their reputation. It is...
Examination Under Oath
Examination Under Oath (EUO) is a formal process in which an insurance company can investigate an insurance claim. During an EUO, the claimant, or anyone with knowledge of the claim,...
indemnitee
An indemnitee is a person or entity that receives indemnification (compensation for harm or loss) under an insurance policy or contract. The term refers to the party who is protected...
Intellectual Property
Intellectual property refers to a valuable and intangible asset that arises from original creations of the mind, such as inventions, artistic works, trademarks, and confidential business information. It encompasses a...
Indemnity Payments
Indemnity payments, in the realm of commercial insurance, refer to financial compensation provided by an insurance company to a policyholder or a third party as a means of restoring the...
Construction Defect
A construction defect refers to a flaw or deficiency in the design, materials, or workmanship of a building or structure. It is a term used in insurance and construction industry...
Express Authority
Express authority, within the realm of insurance, refers to a legal concept that may refer to the explicit powers and permissions granted by an insurer to an agent or representative....
Equitable Estoppel
Equitable estoppel is a legal doctrine that may refer to a principle used in insurance law and other areas of legal practice. It is a concept rooted in fairness and...
Guaranteed Replacement Cost
Guaranteed Replacement Cost, in the realm of insurance, refers to a coverage provision that may refer to a specific type of property insurance policy. It is an important concept designed...
Contract of Adhesion
A contract of adhesion, a term often encountered in insurance and legal contexts, refers to a type of agreement in which one party, typically the one with greater bargaining power,...
Loss adjustment expense
Loss adjustment expense (LAE) is a term commonly used in the insurance industry, which holds significant importance when it comes to understanding the financial aspects of managing insurance claims. The...
Protection Classes
Protection classes, an essential aspect of property insurance underwriting, pertain to the evaluation and rating of a property's risk exposure based on its location and proximity to fire protection services....
Hold Harmless Agreement
A hold harmless or indemnity agreement is a legal contract frequently employed in the insurance and business sectors. The definition of a hold harmless agreement refers to a contractual arrangement...
Indemnitor
Indemnitor is a term used in insurance and legal contexts, and may refer to a person or entity that agrees to indemnify or compensate another party for any losses, damages,...
Wrongful Act
A wrongful act, also known as a wrongful act exclusion or wrongful conduct exclusion, is commonly used in the insurance industry. It may refer to an act or omission of...
Causes of Loss
Causes of loss may refer to losses that occur when something has been damaged, destroyed, or stolen. Causes of loss generally refer to the direct physical loss or property damage...
Insurable Risk
An insurable risk may refer to the potential of any loss that an insurance policy can cover. It is a type of financial risk that is considered to be acceptable...
Third-Party Claims
Third-party claims may refer to a situation in which an individual or organization brings a legal claim against a third party who is not directly involved in the incident or...
Claims Audit
Claims audit may refer to reviewing the claims submitted by a policyholder to an insurance company to verify their accuracy and completeness. During a claims audit, the insurer will review...
Actual Loss Sustained
The actual loss sustained may refer to the total economic damage sustained due to an incident or event. It is the complete and total amount of a loss as opposed...