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An estimating method based on the number of labor hours and the amount of material for each repair item.
Employees involved in several classifications but not the overall job.
A formal study of job openings in a local community based on local employment listings, newspaper ads, and direct employer contacts.
An association formed to negotiate with employers on behalf of a collective bargaining unit regarding wages, benefits, and working conditions.
The legal term for waiting too long to assert a legal right.
Diversifying the bond and CD portions (fixed income) of an investment portfolio by staggering the maturity dates of instruments in the portfolio, to protect the portfolio from interest rate risk.
A consequence of change at the end of an economic cycle.
Bony plates that arise from the pedicles in the small of the back.
The removal of a portion of the bony process of the vertebral bodies.
A secured interest in real property based on a stipulation that the seller will not transfer title to the property until payment of a certain percentage of the price.
Life insurers measure the number of lapsed policies during the year by the number of in-force policies to evaluate persistency assumptions.
One limitation of a power of appointment, also known as a “5 and 5 power;” the Internal Revenue Code (IRC) provides that a lapse of a general power of appointment is only considered a release of the power to the extent that it exceeds the larger of $5,000 or 5 percent of the total property value from which the power could have been exercised.
A rating plan whereby the insured assumes a substantial per accident or per occurrence deductible, generally ranging from $100,000 up to $1 million.
An insurance policy with a per occurrence or per accident deductible of $100,000 or more.
A formal written document that informs senior management of claims that exceed a specified reserve amount and therefore have the potential for high loss payments.
A primary insurer's ability to provide a large amount of insurance under a single policy.
An insurer's ability to provide larger amounts of insurance for property loss exposures, or higher limits of liability for liability loss exposures, than it is otherwise willing to provide.
An examination to detect disk herniation. The patient lies on the back with legs fully extended, and the examiner raises a straight leg until the patient complains of pain or tightness in the back or back of the leg. Pain in the normal range of motion can indicate lumbar nerve root compression, resulting from disk herniation. Alternatively referred to as the straight-raised leg (SRL) test.
An endorsement that excludes specific accidents, products, work, or locations that present unacceptable loss exposures.
A defense to negligence that holds the party who has the last clear chance to avoid harm and fails to do so solely responsible for the harm.
Features that customers did not know existed or were unaware of wanting.
A fault or flaw in property that is not discoverable by reasonable inspection.
A property owner’s right to have land supported by the land adjacent to it.
A lattice of narrow strips of wood or corrugated metal strips for the purpose of supporting tiles and plastering.
A mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) also increases.
An action in court initiated by one party to recover whatever that party feels is owed from the allegedly responsible party.
Two or more property policies arranged in levels of coverage; the policies in the second or higher levels provide coverage only when the loss exceeds the coverage afforded by the lower-level policies.
Successive levels (or layers) of coverage using an excess of loss strategy in which each layer is in excess of the lower limits provided by another insurer, resulting in a structured program of high limits of coverage.
A provision that suspends certain coverages on recreational vehicles and watercraft for a specified period during seasons when they are in storage.
A return of hull policy premium for each period of thirty consecutive days that the insured vessel is laid up in port.
A provision in a boatowners policy stating that the insured boat will be placed in a safe berth or ashore for storage between certain dates specified in the policy.
A shipment that is loaded in a container at the shipper's premises and delivered to a consolidation point at the port of departure where other shippers' goods are stowed in the container.
The reinsurer that negotiates the treaty terms and that generally assumes a significant share of the treaty's liability.
A customer who currently has needs that are likely to become more widespread in the future.
A large business that attracts customers who then visit smaller businesses in the area.
A function of continuous improvement with the aim of improving systems.
Predictor of change at the beginning of an economic cycle.
A question that seeks or suggests a particular answer.
A terminal node of a classification tree that is used to classify an instance based on its attributes.
A container under the ground, often a gasoline tank placed at a gas station, that leaked while the business was in operation or that was abandoned with the pollutant in the tank that developed a leak. Leaks from such tanks tend to permeate many levels of soil and rock.
Software used to create and maintain an online learning environment. Allows for course creation, administration, tracking, and multimedia sharing.
A targeted statement about expected learner performance.
Those organizations in which people, individually and collectively, continually improve their capacity to produce results and to expand their patterns of thinking.
A set of characteristics that affect the way an individual learner observes and participates in the learning environment.
Workers provided by a business, whose primary job is to provide such workers, to another business.
The right to occupy or use real or personal property for a period of time.
A commercial property coverage form for insuring a tenant’s financial losses resulting from the cancellation of the tenant’s lease because of damage to the premises by a covered cause of loss.
A law requiring owners to keep animals in a fenced area or on a leash at all times.
Typically an outdated computer system that continues to meet users’ needs and is still in use even though newer technology is available that can meet those needs more efficiently.
An element of negligence that exists when parties are in such a relationship that the law imposes on one party the responsibility for the exercise of care toward the other party.
An obligation imposed by law for the preservation of the legally protected rights of others.
A condition of the legal environment that increases loss frequency or severity.
The legally enforceable obligation of a person or an organization to pay a sum of money (called damages) to another person or organization.
A commercial property coverage form that provides legal liability coverage on buildings or personal property of others in the insured’s care, custody, or control.
The right to invade another’s interests to promote or protect one’s own, greater interests.
The court of law's solution for a dispute that awards damages to a wronged party.
An unjustified invasion of a legal right, for which the law provides a legal remedy.
Law enacted by a legislative body.
A type of substantive administrative agency rule that comes from a statutory delegation of authority and that has the same force as a law enacted by Congress or a legislature.
A bond that guarantees completion of the project if the principal fails to perform, in accordance with the plans and specifications, in the given time limit and free of liens. Alternatively referred to as a mortgagors completion bond.
A project in which investment dollars are paid in one period and income is received in subsequent periods.
The commercial crime endorsement that covers securities and property other than money or securities while kept in a safe deposit box on the premises of a bank or other depository.
A legal instrument that a court issues to appoint an administrator.
A formal contract drawn between the surety and the producer that outlines the producer’s authority to execute various classes of bonds up to certain limits and requires the producer to indemnify the surety if a loss results from any violation.
An instrument under which the issuer (ordinarily a bank) agrees, as requested by a customer, to honor a draft or another demand for payment made by a third party.
A written guarantee by an insurer that it will satisfy a judgment resulting from the arrest of a vessel.
A legal instrument that a court issues to approve the appointment of an executor.
A term life insurance policy in which the death benefit remains unchanged throughout the life of the policy.
The practice of using borrowed money to invest.
A financial ratio that indicates the relationship between the amount of funds supplied by creditors and the funds supplied by the owners of the company.
Financial obligations, or debts, owed by a company to another entity, usually the policyholder in the case of an insurer.
A legal responsibility for the consequences of an act or omission.
The most the insurer will pay for all bodily injury, property damage, and medical expenses arising out of one occurrence, plus all personal and advertising injury sustained by any one person or organization.
Coverage that protects the insured from damages owed because of legal liability to another party. For auto policies, it protects insureds against liability arising out of the ownership or operation of automobiles.
Insurance that covers losses resulting from the insured's liability to others.
Any loss that a person or an organization sustains as a result of a claim or suit against that person or organization by someone seeking damages or some other remedy permitted by law.
Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party.
The risk that demand deposit account holders of a financial institution will demand that cash be repaid immediately.
A defamatory statement expressed in writing.
A written or printed untrue statement that damages a person’s reputation.
A policy condition providing that if a policy form is broadened at no additional premium, the broadened coverage automatically applies to all existing policies of the same type.
A collection of coding procedures that are important in linking documents written in different programming languages.
The permission to use real property for a particular purpose.
Surety bonds that provide payment to the obligee (the state, city, or other public entity) for loss or damage resulting from violations of the duties and obligations imposed on the licensee or permit holder.
An insurer to which a state insurance department has granted a license to do business within that state.
A licensed medical professional who specializes in hospital-based patient care.
A person who has permission to enter onto another's property for his or her own purposes.
A sensor similar to radar that uses infrared light to detect nearby objects.
A creditor’s legal right or interest in another’s property, usually lasting until satisfaction of the specific debt or duty that the lien secures.
A contract that promises benefits for the life of the annuitant or for a guaranteed period, whichever is longer.
The cumulative review and assessment of the environmental effect a product or substance has at different stages of its existence.
An interest in which a person, called a life tenant, is entitled to possession of real property and to all income the land produces for the duration of that person’s or someone else’s life; the interest terminates on the death of the life tenant (or of the other person during whose life the life tenant possesses the property) and does not pass to his or her estate.
A person entitled to exclusive possession of real property and to all income the land produces for the duration of that person’s or someone else’s life; terminates on the death of the life tenant and does not pass to his or her estate.
The probable length of time an individual can expect to live.
Method by which a person may transfer the economic risk of death to an insurer.
Method by which a person may transfer the economic risk of death to an insurance company.
A form of property interest that entitles the holder to the income from or the use of all or a portion of the property for his or her lifetime.
The portion of fire safety that focuses on the minimum building design, construction, operation, and maintenance requirements necessary to assure occupants of a safe exit from the burning portion of the building.
A person entitled to exclusive possession of real property and to all income the land produces for the duration of that person’s or someone else’s life; terminates on the death of the life tenant and does not pass to his or her estate.
One of the two main sectors of the insurance industry, encompassing numerous types of insurance that cover the financial consequences of death, injury, or sickness.

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