API 28

  1. Certificate of Insurance
    A document that provides information about the liability and workers comp insurance for a commercial venture.
  2. Intangible Loss
    A loss of sentimental value cannot be tangibly appraised.
  3. Underlying and/or Primary
    Refer to the policies that provide first level coverage. The two terms that are interchangeable in umbrella policy
  4. Personal Injury
    Group of offenses that include bodily injury as well as other offenses specified within the policy language
  5. Interafamily Suits
    Legal actions initiated by one family member against another.
  6. Vicarious Liability
    Exists when one party is held liable for the actions of another.
  7. Primary Insurance
    Refers to the coverages provided by underlying policies.
  8. Retention Under Umbrealla
    Acts like a deductible for any loss that is not covered by an underlying policy ($250-1000)
Card Set
API 28
Chapter 8