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Commercial Insurance
Insurance that covers for-profit businesses or not for profit organizations against against the adverse financial effects of property and liability losses.
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Loss Exposure
Any condition or situation that presents a possibility of loss, reguardless of whether loss actually occurs.
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Corperation
An entity organized under state law and entitled to the same rights as a person, distinct from its owners, who are called stockholders or shareholders.
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Partnership
A for-profit business entity jointly owned by two or more persons who share ownership of profits, although not necessarily on an equal basis.
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Joint Venture
A business association formed by an express or implied agreement of two or more persons to accomplish a particular project such as construction of a building
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Limited Liability Company
A form of business entity that provides its owners the limited liability of a corporation and the tax advantages of a partnership
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Unincorporated association
A voluntary association of indivuals acting together under a common name to accomplish a lawful purpose
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Line of business
A general classification of insurance, such as commercial property, commercial general liability, commercial crime, or commercial auto.
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Monoline policy
Policy that covers only one line of business
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Package policy
Policy that covers two or more lines of business
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Commercial package policy (CCP)
Policy that covers two or more lines of business by combining ISO's commercial lines coverage.
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Commercial Policy Declarations
A required CPP companent that provides basic information about the insurer, the policy holder, and the insurance provided.
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Common Policy Conditions
A required CPP component that contains six conditions applicable to all coverage parts unless a coverage part states otherwise
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Coverage Part
A component of a CPP or a monoline policy that contains the policy provisions relating to a particular line of business such as commercial property of commercial general liability.
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Rate
The price per exposure unit for insurance coverage.
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Commercial lines manual
An ISO publication that includes rules and rating procedures for several major lines of commerrcial insurance.
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Package Modification Factors
Factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes both property and liability coverages, resulting in premium discounts for those coverage parts.
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