cancellation of a binder by insured and minimum earned premium

Most automobile policies, for example, insure a specific individual as an insured, but also insure anyone driving with that insured's consent. The fair market value of property taking into account factors that might augment or reduce the value of the property in question.Ī person other than the named insured who is protected by the terms of the policy. The items involved are not standard with all insurers but generally may include such items as agents'/brokers' commissions, field representatives' costs, premium tax and perhaps some of the relevant head office acquisition costs of operation.Ī direct, violent sudden act of nature that could not have been foreseen, or if foreseen, its effect could not have been prevented, e.g., flood, earthquake. The cost of putting business on the books. If instead he strains a muscle in reaching to paint, such a strain is an accidental result, but not accidental means. The breaking of the ladder is the cause of the injury, and is accidental means. For example, a man while painting his house falls because his ladder breaks. Accidental means requires that the cause of the injury be accidental as distinct from the result being accidental. Unintended, unexpected and unforeseeable cause of an injury.

Methods insurers and their insureds use to reduce accidents, e.g., removing a hazardous condition.

The amounts and items covered vary from policy to policy and depend to some extent on what coverage is purchased by the insured. It may pay certain or all expenses for medical and similar services and a weekly or monthly indemnity for loss of income. 2) A mishap that is not expected or designed.Ī form of insurance compensating an individual for loss as a result of an accident or illness. Used by permission of The Insurance Institute of Canada.Ī B C D E F G H I J K L M N O P Q R S T U V W X Y Z AĪ concise chronological history of title to land showing any encumbrances, e.g., mortgages, deeds or conveyances that may affect the land or interest in the land.ġ) An unusual, fortuitous, unexpected or unforeseen event or occurrence. Excerpted from the Dictionary of Insurance.

Cancellation of a binder by insured and minimum earned premium