The Institutes Glossary


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Extends coverage for property in the care, custody, or control of an insured.
Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible.
When UIM coverage is determined by the deficiency of limits to a person’s damages.
A legal doctrine in which a parent is liable for negligently permitting a child to obtain or use a dangerous instrumentality that harms a third party.
Information recorded in a magnetic code that is used in or with a computer.
Raw data in an ordered format from which information can be derived.
An incident in which confidential or privileged information that is stored in a computer system is accessed or obtained by an unauthorized party.
A multidimensional partitioning of data into two or more categories.
A cross-functional team that oversees data governance for an organization to ensure that its data is managed effectively.
A thorough and systematic data quality process that traces data from its source to its destination to identify errors, inaccuracies, or inconsistencies.
A subset of a data warehouse.
Software application that hides sensitive information by replacing it with plausible camouflage data.
The analysis of large amounts of data to find new relationships and patterns that will assist in developing business solutions.
The process of extracting hidden patterns from data that is used in a wide range of applications for research and fraud detection.
An interdisciplinary field involving the design and use of techniques to process very large amounts of data from a variety of sources and to provide knowledge based on the data.
A group of data.
The use of a database or a collection of databases developed for an organization or an enterprise for analysis and support of management decisions.
A collection of information stored in discrete units for ease of retrieval, manipulation, combination, or other computer processing.
An organizational process to gather and analyze relevant and verifiable data and then evaluate the results to guide business strategies.
A collection of variables in a table; a structure with rows and columns for storing data.
A 1931 federal act that prohibits the federal government from funding any construction project on which wages are below the prevailing wage for the area.
A measure of the number of days it takes, on average, for a company to collect its accounts receivable.
A corporation formed in good faith and with a reasonable attempt to comply with the law, but failing to meet a minor requirement.
A corporation formed in compliance with law.
Operating a truck-tractor with a trailer that is empty.
The difference between a vessel's loaded displacement and its light displacement, representing how much weight the vessel can carry.
One who sells new or used private passenger autos, trucks, motorcycles, recreational vehicles other than mobile homes, mobile equipment, or farm implements.
The endorsement that modifies the Auto Dealers Coverage Form to cover an auto dealer for collision damage to any covered auto while being driven or transported from the point of purchase or distribution to its destination if such points are more than fifty road miles apart.
A policy that covers the inventory and other property of any of the types of dealers that qualify for inland marine coverage (such as jewelers, equipment dealers, fine arts dealers, and furriers).
The amount of life insurance proceeds paid under a life insurance policy at the death of the insured.
Provides payments to survivors (dependents) for their loss as a result of a person killed in an accident. Payment is based on specified limit for the income loss. (Surviving dependents normally have the ability to sue for other damages as well.)
A certificate that identifies the cause of death and any contributing factors leading to the death.
A U.S. statute that allows recovery for death "caused by wrongful act, neglect or default occurring on the high seas beyond a marine league from the shore of any State."
A debt instrument that is an unsecured general obligation of the issuing corporation.
An increase in the premium on a bond that presents a greater risk of loss.
A dollar value that appears on the left side of a double-entry accounting statement.
Coverage that pays for removal of debris of covered property damaged by an insured peril.
A debt obligation issued by a corporation or government unit that promises to pay interest periodically at a stated rate and/or to pay the bond principal at a specified maturity date.
A financial account used by a governmental entity for accumulating cash to retire long-term debt, principal, and interest.
A principal in bankruptcy that retains control of its assets.
A leverage ratio that shows the extent to which a company's assets are financed by debt; uses balance sheet data and is calculated by dividing total liabilities by total assets.
A leverage ratio that measures the extent to which a company is financed using borrowings rather than its own funds (owners' equity).
The deceased claimant in a death claim.
Depreciation that occurs slightly for a given time period and then increases rapidly.
A process that determines what kinds of decisions are needed, where in the organizational structure those decisions should be made, and to what extent each manager should be involved.
An insurance policy information page or pages providing specific details about the insured and the subject of the insurance.
A ruling by a court to determine whether an insurance policy provides coverage.
A legal action in which the insurer (or insured) presents a coverage question to the court and asks the court to declare the rights of the parties under the applicable insurance policy.
An insurer’s refusal to provide coverage to an applicant who has made a written request to the insurer or its producer, or a producer’s refusal to forward such a written request to an insurer.
The process by which a receiver interprets a sender's message.
A detailed dissection into manageable pieces; a breakdown into essential elements.
A portion of a covered loss that is not paid by the insurer.
A method of transferring the cost of losses that fall under the deductible of an insurance policy.
The endorsement that adds either a per claim deductible or a per occurrence deductible to the CGL coverage form.
An amount that reduces an individual's income subject to tax.
A written instrument that transfers interest in real property.
A law stating that if an insurance regulator does not approve of an insurer’s filing within a specified time, the filing is deemed approved.
State law providing that if a department of insurance does not disapprove of an insurer’s filed forms within the time the deemer provision specifies, the forms are deemed approved and can be issued by the insurers filing the forms.
Insights into data use and processing gained by combining artificial intelligence and machine learning. It is based on algorithms derived from artificial neural networks.
A false written or oral statement that harms another's reputation.
A debtor’s failure to make timely payments of interest and principal as they come due or to meet some other bond indenture provision.
An automatic judgment against a party to a lawsuit who fails to appear in court or to answer a pleading.
The party in a lawsuit against whom a complaint is filed.
A judicial bond guaranteeing that a defendant who appeals an adverse decision to a higher court will pay the entire judgment, plus court costs and interest, should the higher court sustain the initial judgment for the plaintiff.
Loss adjustment expenses relating to defending, litigating, or containing costs of a claim, which may include expenses stemming from investigations, containing medical costs, and surveillance.
Costs of adjusting a claim that can be assigned to a specific claim.
A federal statute that extends the provisions of the United States Longshore and Harbor Workers' Compensation Act (USL&HW) to the employees of government contractors outside the continental U.S.
A payment arrangement that gives law firms an opportunity to share the rewards of controlling costs and insurer loss payouts. If the defense lawyer succeeds in keeping awards as low or lower than agreed on in advance, the lawyer is rewarded the higher fee.
Any reaction that serves to protect a person against something harmful or to resolve or conceal anxieties.
A person's motion or posture suggesting suspicion, distrust, or dislike.
A doctor’s practice of ordering more diagnostic tests and performing more expensive procedures than are necessary in response to the increasing threat of medical malpractice lawsuits.
An accounting approach in which the focus is to coordinate the timing of income and expense recognition so that both occur when the triggering event that is the focus of the contract occurs.
The recognition of the cost of acquiring a new customer over the duration of an insurance contract.
An annuity with an accumulation period that usually lasts a number of years.
When a portion of the employee’s income is deferred to a retirement fund
Premium for the current policy year that is not yet due on the statutory reporting date.
Accounts that recognize expected future tax benefits or obligations that arise from temporary differences between valuations on the balance sheet being reported and those on the tax balance sheet.
A pension plan that is based on the monthly retirement benefit rather than on the contribution rate.
A retirement plan that specifies definitely determinable participant benefits payable at retirement.
A pension plan in which the contribution is a percentage of the participating employee’s earnings or a flat dollar amount.
A retirement plan in which employer and employee contributions are allocated to participants’ accounts and participant benefits are based on the account balance.
A loss must be defined by what caused it, where and when it happened, and what its value is.
A bond that remains in force for a specified period of time and expires at the end of the term. Alternatively referred to as a term bond.
A section of an insurance policy that defines terms used throughout the policy form.
A reinsurance treaty clause that defines the terms used in the treaty.
A description of a condition and its cause.
A combustion classification in which an explosion proceeds at a velocity slower than the speed of sound.
The measure of the number of connections each node has.
The percentage change in earnings per share divided by the percentage change in EBIT.
Expression of undisclosed underlying attitude.
A clause that excludes coverage for loss caused by delay, such as loss of market, spoilage, and business interruption.
An economic agent appointed to act on behalf of smaller investors in collecting information and/or investing funds on their behalf.
A text file format in which the fields are separated by a character, called the delimiter.
The separator between data fields in a delimited text file format.
A collaborative estimating strategy using expert input to reach consensus by continuously refining individual responses.
A type of sprinkler system in which all the heads remain permanently open; when activated by a detection system, a deluge valve allows water into the system.
The willingness and ability of consumers to buy a product.
A form of government by the people through elected representatives.
The common characteristics of a group of people, which can be used to identify market segments.
The division of markets by demographic variables.

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