The Institutes Glossary


BROWSE BY LETTER:

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL | SPECIAL

Page:  1  2  (Next)
  VIEW ALL

G

A bar chart displaying the amount of time required for each activity in a project, the sequence of activities to be performed, and the current schedule status of the activities.
A level of excess insurance coverage between a primary layer and an umbrella policy.
The coverage form, filed by ISO, that covers the commercial auto and general liability exposures of auto and trailer dealers.
The endorsement for supplementing the Garage Coverage Form with premises-operations medical payments coverage of the type included in the Commercial General Liability Coverage Form.
The ownership, maintenance, or use of (1) locations for the garage business, including roads and accesses that adjoin these locations and (2) autos designated as covered autos indicated by the symbols in the declarations; also, all operations necessary or incidental to a garage business.
The coverage, included in the Garage Coverage Form, for damage to customers' autos in the named insured's care.
Coverage for damage to customers' autos left in the named insured's care while the insured is attending, servicing, repairing, parking, or storing them.
A coverage option that changes garagekeepers coverage from a legal liability basis to a direct coverage basis.
Option that modifies garagekeepers coverage to include coverage in situations when the insured is not legally liable for loss to a customer’s auto; this additional coverage applies in excess of what customers can collect under their own insurance.
Option that modifies garagekeepers coverage so that it will pay all covered losses on a primary basis, regardless of whether the insured is legally liable and regardless of whether customers can recover under their own insurance.
The coverage, included in the Garage Coverage Form, for damage to customers' autos in the named insured's care.
The seizure of property and its retention by a third party until the court decides the outcome of a legal dispute.
A type of fire suppression that uses gas extinguishing agents, typically halon, carbon dioxide, or environmentally friendly agents, to disrupt the chemical reaction in a fire.
A learner who saw the fall of the Berlin Wall, the first computer disc, and the emergence of the World Wide Web. Gen Xers are respectful of employers and electronically competent.
The invested assets of a life insurer that support interest-rate guarantees for which the insurer bears the investment risk.
An insurance producer with broad powers to represent one or more insurers in a given area and for a specific line or lines of insurance.
An agent that transacts all of a principal’s business of a particular kind or in a particular place.
In the Commercial General Liability Coverage Form, the most the insurer will pay during the policy period for the sum of the following: damages under Coverage A—Bodily Injury and Property Damage Liability, except damages that arise out of bodily injury or property damage included in the products-completed operations hazard; damages under Coverage B—Personal and Advertising Injury Liability; and medical expenses under Coverage C—Medical Payments.
The preface to the whole (homeowners) policy in which the insurer and the insured agree that the insurer’s coverage obligations are contingent upon the insured’s payment of premium and compliance with policy provisions.
A bond principal's and indemnitor's promise to pay the surety for any loss sustained from writing bonds for the principal. Alternatively referred to as a GAI or GIA.
Any costs associated with operating an organization's office.
Partial loss that must, according to maritime law, be shared by all parties to a voyage (cargo owners and vessel owner).
Expense incurred, usually by the shipowner, for the joint benefit of the vessel and cargo interests as the consequence of a general average act.
The deliberate and reasonable sacrifice of part of a vessel or cargo for the purpose of achieving safety when the voyage is imperiled.
An independent contractor who obtains the primary contract for a project and either completes all the work or subcontracts portions (or all) of the work to other independent contractors who specialize in such work.
The type of construction that includes construction for frame buildings, masonry construction, structural steel buildings, and concrete structures.
An independent contractor who obtains the primary contract for a project and either completes all the work or subcontracts portions (or all) of the work to other independent contractors who specialize in such work.
A monetary award to compensate a victim for losses, such as pain and suffering, that does not involve specific, measurable expenses.
An Occupational Safety and Health (OSH) Act requirement that employers comply with safety and health standards covering workplace conditions and operations and maintain workplaces free from recognized hazards likely to cause death or serious harm to employees.
The employer for whom an employee normally works.
A contractor that constructs locks and dams, power plants, large bridges, sewage and water treatment plants, or similar projects for public and private owners.
A business operations category that is so unusual that it is excluded from the basic classification for the purpose of rating workers compensation insurance.
Costs incurred by an insurer for policywriting expenses, policyholder-related service, loss control, premium audits, and participation with insurance advisory organizations.
A financial account for all of an entity's resources except those required to be accounted for in another fund.
A category of business operations that is common in many businesses and is, therefore, included in the scope of the basic classification in the Basic Manual for rating workers' compensation insurance.
The power of a court to hear a variety of types of cases.
An accounting record that summarizes the information from the books of original entry.
A creditor’s legal right or interest in a debtor’s property until satisfaction of any debt; in an agency, the agent’s right in a principal’s goods and papers held by the agent until all accounts between the principal and agent are settled.
An approach to accident causation that stresses that unsafe conditions, more than unsafe acts, cause workplace injuries and illnesses.
A municipal debt instrument secured by the full faith, credit, and taxing authority of the issuing state or municipality.
An expense that is necessary to run a business but bears no direct relationship to the volume of sales.
A partnership in which each partner assumes unlimited joint liability for all the partnership debts.
The version of the National Flood Insurance Program (NFIP) Standard Flood Insurance Policy that is used for insuring commercial buildings and contents.
An agreement that describes the rights and responsibilities of the parties to a reinsurance contract or treaty, accounting information needed for the risk ceded, and the use of salvage and subrogation in reinsurance recovery.
A common, standardized document that frees the first-party indemnitor in a third-party claim from all further claims arising out of the loss for which a specific sum is paid as legal consideration.
A kind of verdict that entails a complete finding and a single conclusion by a jury on all issues presented.
A deed that contains the grantor’s warranty that the title is free of all encumbrances, that the grantor has the title being transferred, and that no one else has a better title.
The ability of a model to apply itself to data outside the training data.
An anxiety disorder characterized by a variety of physical and behavioral symptoms that create unrealistic and excessive anxiety.
A statistical technique that increases the flexibility of a linear model by linking it with a nonlinear function.
A common set of accounting standards and procedures used in the preparation of financial statements to ensure consistency of presentation and reported results.
A tax on generation-skipping transfers, which generally becomes due when a gift is made to a donee who is more than one generation removed from the estate owner.
A search for the best approach and can lead to new ways of performing functions.
Contracting parties' actual assent to form a contract or their indication of intent to contract by their actions and words.
The latitude and longitude that correspond with an address.
A process of matching addresses with map positions.
Data regarding classifications of a population.
The division of markets by demographic variables combined with geographic segmentation.
An electronic device that uses global positioning systems (GPS), cellular communications, and vehicle telematics to predict driver behaviors and other factors that contribute to property and casualty losses.
The division of markets by geographic units.
The voluntary and gratuitous transfer of property without consideration.
The horizontal foundation supports for a structure's upper floors.
A global system of satellites that allows users to determine precise geographic locations.
A high-level organizational aspiration usually associated with strategy.
The linking of employees' goals with organizational goals to ensure that employees understand their role in attaining organizational goals.
An accounting assumption that a business entity will continue to operate indefinitely.
A measurement of joint motion used to establish quantitative criteria on which to base a medical rating of permanent impairment.
Consideration based on natural love or affection, or on moral duty, that is not sufficient to support a contract.
The manner of handling claims that requires an insurer to give consideration to the insured's interests that is at least equal to the consideration it gives its own interests.
A statute providing that a person will not be liable for damages as a result of rendering aid to an injured person, without compensation, at the scene of an accident.
The manner of handling claims that requires an insurer to give consideration to the insured's interests that is at least equal to the consideration it gives its own interests.
The value an organization has attained beyond the value of its tangible assets because of its favorable reputation.
The classification, other than a standard exception classification, that produces the greatest amount of payroll at an employer's location for the purpose of rating workers' compensation insurance.
A reinsurance treaty clause that specifies which law governs the treaty.
An act that can be performed only by government.
A defense to negligence that protects the federal government against lawsuits for tort without its consent.
Help to cover losses considered commercially uninsurable or not feasible to insure.
A provision that continues a life insurance policy in force for a certain number of days (usually thirty or thirty-one) after the premium due date, during which time the policyowner can pay the overdue premium without penalty.
The buyer of real property after execution of the deed.
One who conveys property to another.
An arrangement in which the bailee receives no compensation and owes a lower degree of care.
A promise not supported by valuable consideration and, therefore, not binding.
Water that comes from a dishwasher rinse cycle, a washing machine, a toilet, an aquarium, or a stagnant pool of seawater.
A large protuberance at the top of the shaft of the femur on the lateral surface.
Abrasive surface cleaning by bombardment of high-speed particles to remove unwanted material and expose a clean metal surface.
A basis of treaty application in which the treaty reimburses the primary insurer for covered losses before other pro rata reinsurance treaties apply.
An estimate of the loss payments made to date on the case plus the estimated future loss payments.
The maximum loaded weight specified by the manufacturer for a combination truck-tractor and semi-tractor or trailer for which the manufacturer designed a truck-tractor.
The total value of a person’s assets, including probate estate and property transferred by other means, such as by a beneficiary designation on a life insurance policy.
The sum of expense payments made to date on the case; plus estimated future attorney, consultant, and accountant expenses on the case; plus expenses to locate, preserve, insure, and prepare the sale of the principal's or indemnitor's assets.
A reserve amount that reflects the insurer’s best estimate of losses that have occurred but that might not be reported to the insurer for several years.
A reserve amount that reflects the insurer’s best estimate of losses that have occurred but that might not be reported to the insurer for several years.
A ratio that measures an insurer's loss exposure caused by pricing errors in its current book of business, reserve estimation errors, and reinsurance exposure; the sum of the net leverage ratio and the ceded reinsurance leverage ratio.
The amount of insurance that an insurer is willing to accept on a risk, including all reinsurance.
The percentage of sales remaining after deducting the cost of goods sold from sales, calculated by dividing gross profit by sales.
An act or omission that completely disregards the safety or rights of others and is exaggerated or aggravated in nature.
Premiums charged to policyholders.
An income statement value that represents sales or operating revenue minus the cost of goods sold.
The percentage of sales remaining after deducting the cost of goods sold from the net sales calculated by dividing gross profit by gross sales.
The pure premium divided by the sum of the expected percentage of losses and loss adjustment expenses.

Page:  1  2  (Next)
  VIEW ALL