Legal

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 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 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 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...

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 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 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 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...

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 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 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 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 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...

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...

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" is a right to recover from another responsible party, once the party seeking to obtain subrogation pays out on a claim above and beyond it's proportionate share of responsibility....

"Contempt of Court" is a finding by a judge overseeing a case that a party or their attorney, or a witness engaged in conduct or language that the Court finds...

"Punitive Damages" is money awarded to a prevailing party that goes beyond economic damages. It is used to punish a party's mis-behavior and to "make an example" of extremely unreasonable...

A circumstance is a situation or event has occurred that may lead to a future insurance claim. In some cases, policyholders elect to notify their insurance company when they become...

A waiver of subrogation is an agreement by an insurer that they will not seek reimbursement from another party after it has already paid out a loss.

"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...

A person or organization other than the two primarily involved in a situation. In the context of insurance, typically third party would refer to any party other than the insured...

A claim is a formal request made by a policyholder to their insurance company for compensation or coverage for a loss or damage that is covered by the terms and...

"Dispute Resolution" means a procedure or forum for resolving legal disputes, which can include a lawsuit, arbitration or similar, sometimes governed by contract. "Alternative" dispute resolution refers to efforts to...

"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....

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, 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 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 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 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 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...

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 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 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 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 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" 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...

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...

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, 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...

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, 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, 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 (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, 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, 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, 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, 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 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, 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 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 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...

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, 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 (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,...

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 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, 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...

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, 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 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, 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...

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 (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, 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....

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 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,...

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 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...

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 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 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...

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...