Renters of insurance mean setting fire to one’s property deliberately or maliciously with the criminal intention of recovering insured money from the insurer. This may happen due to various reasons namely; (1) when the business is not doing well, (2) goods becoming outdated or (3) out of fashion, etc. The detention of a vessel until the purpose of the arrest has been fulfilled.
Assignment and assignee
It means the legal transfer of rights and benefits under a Renters Insurance Fire by the insured to some person(s) or Organizations, Financial Institutions, Banks, etc. Arson of insurance or persons to whom the assured legally transfers the rights or benefit of the policy.
The policy owner transfers his rights in a policy to another party by means of an assignment. After that transfer, the ceding company is no longer a party to the reinsurance agreement.
Asset Valuation Reserve (AVR)
A reserve that makes provisions for credit-related losses on a fixed income. Assets refer to all the available properties of every kind or possession of an Arson of an insurance company that might be used to pay its debts.
Assumption of Liability
There are three classifications of assets: invested assets, all other assets, and total admitted assets. Assumption of Liability Reinsurers assumes liability instantly, simultaneously, and automatically on the risk underwritten by the reinsured and ceded to obligatory treaties.
Life insurance is called assurance as an event of death covered by life policies is SURE to happen but not necessarily during the policy period. Its reinsurance is called reassurance also.
Average Adjuster
A person who officially calculates the contribution due from each beneficiary as a consequence of a General Average Act. A partial loss of the subject matter insured. Partial loss due to accident, Act of God, or stress of weather.
It is borne by the owner of the property damaged unless he had taken insurance for such risks. An agreement signed by all interested parties acknowledging their liability to pay a share of the loss under the General Average.
Aviation Insurance
This renters insurance fire covers damage to (1) aircraft (whether total or partial damage) whilst in the air or parked or stationed in the airport due to a collision between two aircraft in mid-air or on the ground or due to bad weather conditions including lightning, storm, etc. or due to any other kind of accidental damage causing (2) death and/or bodily injury to passengers, the crew on board the aircraft and (3) third party property damage or death and/or injury to the third party.
Dispute
The decision is given by an arbitrator, to whom a matter in dispute has been referred. An arbitrator states only the effect of his decision, without reasons thus differing from a judge, who usually states the grounds of his judgment.
Back Freight Payment due to the ship owner for the carriage of goods beyond the contracting port owing to circumstances beyond the control of the ship owner.
Bailee
One who has temporary possession of property belonging to another person either in return for payment or gratuitously? For example; (1) Furniture depository (2) Watch repairer (3) Garage owners (4) Laundry, etc. A Balance Sheet is a financial document that lists the values of a company’s assets, liabilities, capital, and surplus as of a specific date.
The distribution of Arson of insurance products through a bank’s branches and other distribution channels to the bank’s customers is also known as bancassurance. An illegal or fraudulent act committed by the master or crew to the prejudice of the owner or charterer.
Benefit Policy
A benefit policy is different from an indemnity policy. In the case of life and personal accident insurance, an insured may buy as many policies as. He can financially afford it. In such cases of benefit policies, the dependents of the deceased are entitled.
The compensation is up to the full value of the sum assured under each policy.
Benchmark and Beneficiary
For a specific process, a performance standard has been achieved by a recognized leader in that process. And that represents the company’s goal for its own performance of the process. Banks, financial institutions, trust funds, or any other person(s) stated in the policy documentation.
Who is legally entitled to receive compensation under the policy following the death of the insured? Below the Line of Retention In a surplus treaty underwriting there can be 100% retention of risk. Which is below the line of retention.
Bill of lading
A bill of lading is the final receipt issued by the shipping company in respect of the goods. It contains terms and conditions of carriage of goods to the port of destination along with the following information(1) Name of the consignee, (2) Port of shipment, (3) Port of discharge, (4) Description of goods, (5) Name of the ocean-going vessel, (6) Expected date of departure.
Marine Cargo Insurance
It is a document used in marine cargo insurance. It mentions the (1) nature/type of cargo, (2) name of the port at which cargo will be discharged, and (3) the number of port charges to be paid by the consignee/insured to the relevant port authority in exchange for the release of the cargo.
Bilateral Contract
A contract between two parties who both make fairly enforceable pledges when they enter into the contract. A blanket Coverage form is one under which property is insured. A single amount applies to several different pieces of property.
Marine Policy Covers
A specific amount of insurance on each property. An inland marine policy covers all property on or off a merchant’s premises. The property of others in the care, custody, or control of the policyholder.
The total volume of business transacted by renters insurance fire company during a specified period of time. Imported goods are deposited in a Government warehouse until the duty is paid.
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