The Institutes Glossary


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A law that prohibits insurers from returning portions of premiums and producers from returning portions of commissions—that is, rebates—to persons who purchase insurance.
A disorder characterized by a pattern of socially irresponsible, truant, cruel, and often deviant behavior.
A feeling of apprehension, tension, dread, or uneasiness that may be caused by specific external threats or by internal psychological conflicts.
A mental condition characterized by symptoms of anxiety or behaviors that are performed to relieve anxiety, such as post-traumatic stress disorder, panic disorders, phobias, obsessions, compulsions, and generalized anxiety disorder.
Refers to any auto owned, rented, leased, or otherwise possessed by the insured or anyone else.
A third party’s reasonable belief that an agent has authority to act on the principal’s behalf.
A request to a higher court for a review of a case.
A judicial bond guaranteeing that a plaintiff who appeals an adverse decision to a higher court will pay all court costs of the appeal.
The losing party in a court case who appeals the case to a higher court.
An appeals court at any level of government.
The power of a court to hear appeals from another court.
The winning (nonappealing) party in a court case, against whom the losing party appeals to a higher court.
The amount of wealth that a person is able to pass on to others, free of federal estate tax, as a result of the one-time applicable credit amount (unified credit).
A CPCU student who has submitted a matriculation form that has not yet been approved.
A legal document that provides information obtained directly from an applicant requesting insurance and that an insurer can use for underwriting and claims handling purposes.
A preprinted form in which the applicant provides the insurer’s name, intended home address, corporate organizational form, and lines of business it seeks authority to write.
A set of tools and protocols built into a program that allow developers to extract data from that program.
Assigning to an injured worker’s current employer only the portion of the worker’s permanent disability that occurred while in the current employment.
A clause that limits the company’s liability to the same proportion of the total loss which that company’s coverage bears to the total coverage on the property.
A method of resolving disputes between insurers and insureds over the amount owed on a covered loss.
A policy provision that prescribes a method for resolving a disputed claim about the value of property or the amount of a property loss.
A condition that establishes a method for the insurer and the insured to resolve disputes about the insured property’s value or amount of loss.
A position in any stock, debt instrument, or partnership interest (with certain exceptions) in which there would be gain if the position were sold or otherwise terminated at its fair market value.
A conditional receipt that reflects the insurer’s intention not to be bound by the receipt until the application is approved.
Under an open cargo policy, a vessel possessing specified age, tonnage, and classification society attributes; the assured's failure to ship on an approved vessel results in an additional rate called a steamer additional.
Under an open cargo policy, a vessel possessing specified age, size, and classification society attributes.
An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding.
A reinsurance treaty clause that states that an arbitration process will be used to resolve disputes between the parties to the treaty.
A clause in an agency contract that provides a formal method for the agency and insurer to resolve disagreements arising under the contract.
A process in which the parties first present their cases to an arbitrator who decides a confidential award amount. The parties proceed to mediation. If the parties reach an agreement, the award is never revealed. If they do not reach agreement, the arbitrator’s award determines the amount.
A premium base that reflects the insured's liability exposure based on the total number of square feet of floor space at the insured's premises.
Protection that a burglar alarm system can provide by detecting entry into specific areas within a facility.
A measure of central tendency; the average, which is the sum of the values divided by the number of observations.
The seizure of a vessel, its cargo, or any freight against which a lien arises.
A pathway in a classification tree.
The deliberate setting of fire to property for a fraudulent or malicious purpose.
A team of specialists used by municipalities and provided with special equipment to vigorously investigate and detect arson-for-profit cases, which are then prosecuted; coordinates efforts with police departments and district attorneys or other prosecutors.
Hardening of the arteries.
A procedure that permits the surgeon to look directly at the injury and remove any “flaps” protruding from the meniscus with a blunt hook.
A procedure that permits the surgeon to look directly at the injury and remove any “flaps” protruding from the meniscus with a blunt hook.
An award designed to increase awareness of continuous improvement among organizations involved in risk management and insurance.
A document prepared during the formation of a corporation stating the corporation’s goals and objectives and the kind of business for which the corporation was organized.
A legal document that specifies each partner’s financial and managerial responsibilities toward one another.
A tug and barge combination that involves the use of a tug to push a barge that has been built with a notch in its stern that matches the shape of the tug's bow.
Computer processing or output that simulates human reasoning or knowledge.
The ability of machines to simulate human intelligence.
The adjusted amounts for items included in financial statements that are used for underwriting purposes.
An insurance policy written for asbestos abatement contractors that is essentially a CGL policy that includes coverage for liability arising out of asbestos.
An insurance policy written for asbestos or lead abatement contractors that is essentially a CGL policy that includes coverage for liability arising out of asbestos or lead.
The amounts for items included in financial statements.
The price at which a dealer is willing to sell a security.
Persons, other than passengers or members of the crew, who steal or attempt to steal property by violence or force.
The threat of force against another person that creates a well-founded fear of imminent harmful or offensive contact.
A portion of a vehicle that is made up of several parts but when combined, the parts form a unit.
As used in chiropractic practice, a qualitative or quantitative description of a patient’s condition based on an examination of information about a patient’s state.
A process that analyzes the ability of an insurer’s assets to meet its liabilities.
The apportioning of investments among categories of assets.
A category of hybrid funds that are required to maintain a fixed weighting (asset allocation) of stocks, bonds, and perhaps money market instruments. Thus, they may enable investors to implement an asset allocation strategy through the purchase of one mutual fund, rather than several funds or other assets.
The allocation of the investments in a portfolio to only one asset class (e.g., stocks or real estate) or even to just a few issues within an asset class.
In asset allocation, a portfolio that is not diversified among several asset classes.
The risk that an asset's value will be lower than expected.
A ratio that emphasizes the efficiency of the company's use of its assets.
A reserve account required by the National Association of Insurance Commissioners (NAIC) for the purpose of offsetting credit-related investment gains and losses.
A financial instrument collateralized by a pool of loans, leases, or other receivables.
An accounting approach that focuses on the value of assets or liabilities that exist as of the balance sheet date.
Types of property, both tangible and intangible, owned by an entity.
A plan, similar to an unsatisfied judgment fund, in which the state assigns insurers to pay benefits deemed necessary to compensate victims of uninsured accidents.
A program that makes insurance available to those who cannot obtain coverage because private insurers will not voluntarily provide it.
The individual or entity to whom property, rights, or interests have been transferred.
A fiduciary appointed by a state insolvency court to benefit the creditors forcing the insolvency.
The transfer of rights or property.
A policy provision that prohibits an insured from transferring ownership of an insurance policy to another party without the insurer's written consent.
The party to a contract who makes an assignment.
An organization of member companies that reinsure by fixed percentage the total amount of insurance appearing on policies issued by the organization.
A group captive sponsored by an association.
A group captive insurer sponsored by an association for the benefit of its members.
A state insurance department’s financial audit of an insurer on behalf of all states in a zone in which the insurer holds licenses.
Examining data to discover new and interesting relationships among attributes that can be stated as business rules.
A defense to negligence that bars a plaintiff's recovery for harm caused by the defendant's negligence if the plaintiff voluntarily incurred the risk of harm.
A defense to negligence that bars a plaintiff's recovery for harm caused by the defendant's negligence if the plaintiff voluntarily incurred the risk of harm.
A defense to negligence that bars a plaintiff’s recovery for harm caused by the defendant’s negligence if the plaintiff voluntarily incurred the risk of harm.
In ocean marine policies, the party named as the insured.
In marine policies, the party named as the insured.
Situation that ensues when one party in a transaction has access to information that is not available to other parties in the transaction.
A theory based on empirical research that indicates company managers have a preferred order for obtaining capital for financing investment and do not constantly seek to identify and move towards an optimal structure.
The theory that managers have better information about the future prospects for the firm and will take advantage of their inside knowledge when raising external capital.
A reinsurance audit that a reinsurer conducts on a primary insurer's operations after the reinsurer has made a commitment to the primary insurer.
The act of seizing property to secure a judgment.
An admiralty remedy involving the action of seizing or taking legal custody of a vessel or property.
A judicial bond guaranteeing that, if the court decides against a plaintiff who has requested attachment of the defendant’s property, the defendant will be paid any damages that result from the property attachment.
The dollar amount above which the reinsurer responds to losses.
The monetary amount above which the reinsurer responds to losses.
A patient’s family physician who has primary responsibility for the patient and the patient’s medical disposition.
A condition of carelessness or indifference that increases the frequency or severity of loss.
An officer in each state who typically heads an executive department authorized to enforce the state’s criminal laws.
A written opinion describing the attorney general’s understanding and interpretation of a specific state law or regulation, issued upon a state official’s request.
The work and communications between a client and an attorney that are not discoverable by the opposing party in an action. This is based on the rationale that clients should be able to trust and confide in legal counsel to obtain the best possible defense.
In a reciprocal insurance exchange, the contractually authorized manager of the reciprocal who administers its affairs and carries out its insurance transactions.
A dangerous object or condition so captivating to young children that it entices them onto another's property.
A doctrine treating a child as a licensee, or guest, rather than a trespasser on land containing an artificial and harmful condition that is certain to attract children.

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