Personal Liability Insurance

Personal Liability Insurance

Personal Liability Insurance protects the insured’s personal and his family member’s legal liability to a third party in terms of bodily injury and or death. For example, A pet dog biting a third person, Throwing banana skin carelessly on the road by a family member resulting in injury to a third party.

Individual Insurance

Personal lines class of business deals with individual insurance requirements Individual motor/vehicle Insurance, Personal Accident Insurance, Personal Insurance, Pleasurecraft insurance, etc.

Permanent Partial Disability (PPD)

This arises when a person suffers injury resulting in permanent loss of say for example; loss of index finger, thumb, toe, etc. limiting his/her activities to some degree.

Permanent Total Disability arises when a person suffers injury resulting in loss of limbs. For example;(1) Loss of two hands, (2) Loss of two legs, (3) Loss of one hand and one leg, (4) Loss of one or both eyes. Rendering the person unable to perform or discharge his/her normal activities or duties completely.

Sickness Occur

It can also occur due to sickness or disease namely; Suffering total paralysis due to a heart attack. Perils also known as risks have the potential to cause damage and or destruction to property, death, and or bodily injury.

Fire Insurance

For example; (1) In fire insurance the peril of (a) Fire, (b) Earthquake, (c) Flood, (d) Storm, (e) Explosion, etc. (2) In Workmen’s Compensation insurance the perils of (a) Bodily injury, (6) Death, etc. (3) In marine cargo insurance the perils of (a) Sinking of the vessel, (b) Collision between two vessels, (c) Fire and explosion on board the vessel.

Paid Up Insurance

Insurance on which all required premiums have been paid frequently refers to the reduced paid-up Insurance. A bond that guarantees the faithful performance of a contract. Perils of the sea are those perils or risks. Which may occur during the course of the sea voyage or journey. The term physical hazard is used to describe hazards that are inherent in risk.

Nature Construction

For example in case of fire risk Nature of construction of the building. Poor or inadequate fire prevention or detection system, and the Nature of goods stored in the warehouse. In case of theft risk Inadequate security system, Poor construction of the premises, Premises located in an isolated area, etc.

The theft of part or all of the contents from a shipping package or carton. Where the package carton itself is delivered at the destination. The committing of felonious acts robbery, assaults, and murders on the high seas.

Policy Holder

The name is generally used to mean the written contract of insurance. One who owns an insurance policy? A mortgagee is often issued a copy of an insurance policy or certificate of insurance at the request of the insured, but it is not a policyholder.

Policy Contract

The period during which the policy contract affords protection, e.g. six months, nine month’s or one year, etc. A specified amount of money that an insurance company agrees to pay when a specified loss occurs. The period of coverage provided by an insurance policy.

Pollution Liability Insurance It is a special type of liability class of business. It provides legal protection to third parties arising out of pollution. The insured’s business activities or due to their negligence etc.

Policy Loan

The amount a policyholder can borrow at a specified rate of interest from the issuing company using the insurance policy’s value as collateral. If the policyholder dies with the debt partially or fully unpaid, the Personal Liability Insurance Company deducts the amount borrowed plus accumulated interest from the amount payable to beneficiaries.

Reinsurers Particular

An organization of insurers or reinsurers through which particular types of risks are underwritten with premiums, losses, and expenses shared in agreed ratios. The policy Schedule forms part of the policy which describes/ states relevant information namely the Name and address of the insured, Description of property, Sum insured, etc.

Permission to land crew and cargo after the vessel has satisfied the port doctor as to the state of health on board. The amount of money charged to a policyholder for an insurance policy.

Premium Notice

A statement sent by the insurance company informing the insured that the premium on a policy is due. A policy loan for paying premiums. Property/Casualty Insurance includes; Automobile insurance, Home Owners and Personal Liability Insurance. The person who applies for an insurance policy.

The proposal form is a document that is drafted. The insurer will seek answers to the main material aspects of the risk. The form is not required by law but it is a convenient method of extracting information from the proposer.

Proportional Reinsurance

A form of reinsurance in which the amount ceded is defined. The point risk is transferred, not at the point of claim.

The amount of risk may vary with time by formula. A note promising to pay a certain person a stated sum of money on a specified date. A physical condition that existed prior to the issuance of a life or health insurance policy. The building, other structures, and land where the insurance protection is applicable. It is usually described and defined in the property and casualty policy.

Annually Premiums

The premium payable more frequently Very often, premiums are not paid annually. Some other frequency; for instance, every quarter or every month. This is for the convenience of the policyholder. Likewise, we may want to value annuity benefits payable more frequently than annually.

Proof of Loss

When an insured suffers a loss under an insurance policy. He/she is required by the Insurer to provide proof evidence of loss. For example, if there is a fire in the premises Civil Defence/Fire Brigade Certificate or in case of theft Police Report etc Professional Indemnity Insurance.

Legal Liability

This insurance is designed to protect the legal liability of various professionals namely(1) Physicians (2) Architect Engineers’ and (3) Solicitors etc. arising out of professional negligence, error, and/or omission, etc. during the course of their duties.

Tort Law

A section of tort law determines who may sue and who may be sued for damages when a defective product injures someone. Under this personal Liability Insurance, the injured party can hold the manufacturer, supplier, or distributor liable for bodily injury/or death caused by the use and/ or consumption of goods, etc.

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