sampraxi/business-glossary · Datasets at Hugging Face

Term stringlengths 4 179	Definition stringlengths 17 599 ⌀
Indemnitor	The party called on to respond financially. This can include the “Transferee” or an insurance company.
Indemnity	Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he occupied before the loss occurred, no better or no worse.
Indemnity agreement	An agreement that transfers the financial risk of a particular activity from one party to another party.
Independent adjuster	Claim handler who works independently instead of for a particular insurer.
Independent agent	Agent who represents many insurance companies, rather than a single company; also called a nonexclusive agent.
Independent contractor	Are generally engaged to perform operations not within the usual trade or business of the principal and such tasks are contract-specific.
Indirect loss	Loss that is the result or consequence of a direct loss; also called a consequential loss.
Individual named insured endorsement	Commercial auto endorsement that provides coverage similar to that provided under the personal auto policy to family members of the named insured while using any auto.
Inflation guard protection	A method of protecting against inflation by increasing the limit for covered property by a specified percentage over the policy period.
Information hazard	Relates to the individual’s use of money and/or time, and the possible loss of both.
Inland marine insurance	Form of insurance originally designed as an extension of ocean marine coverage to insure transportation of goods over land; today it covers a variety of portable property, in addition to goods in transit; available as personal or commercial insurance; commercial inland marine insurance can be included in the commercial package policy.
Installation policy	Nonfiled commercial inland marine policy that covers loss to machinery, equipment, building materials, and supplies in transit to or being used with or during the course of installation, testing, building, renovating, or repair.
Instrumentalities of transportation and communication	Category of the nationwide definition that includes a variety of forms closely related to transportation or communication, such as bridges, pipelines, and television towers.
Insurable business income	The amount of business income used to calculate the business income premium.
Insurable interest	Any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance from loss or destruction or financial damage or impairment.
Insurable risks	Four “primary” elements and three “necessary” elements are required for a particular risk to be considered insurable. The four primary elements are: 1) a financial loss; 2) static risk; 3) particular/individual risk; and 4) pure risk. The three necessary elements are: 1) a large number of homogeneous exposures; 2) the loss is definite in time and place; and 3) the loss is unforeseen or accidental.
Insurance	Contract or device for transferring the risk of loss from a person, business, or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums.
Insurance commissioner	Head official of a state insurance department; may also be called an Insurance Director or Insurance Superintendent.
Insurance department	State department charged with controlling insurance matters within the state.
Insurance guaranty association	State funds created by law that pay claims of insurers domiciled in that state that become insolvent; funds are generated by making assessments against other insurers operating in the state.
Insurance securitization	The process of creating a marketable insurance-linked security based on the cash flows that arise from the transfer of insurable risks.
Insurance Services Office (ISO)	Organization established for the benefit of its member insurance companies and other subscriber companies; ISO gathers statistics, provides loss costs, drafts policy forms and coverage provisions, and conducts inspections for rate-making purposes.
Insurance to value	Insurance written for an amount approximating the full value of the asset(s) insured.
Insured contract	Term used in the CGL and businessowners liability forms to describe contracts for which contractual liability coverage is available under the policy, such as leases, sidetrack agreements, and elevator maintenance agreements; also called incidental contract.
Insuring agreement	Section of an insurance policy that describes what is covered and the perils the policy insures against.
Intangible property	Property that has no physical form.
Intellectual property	Creations of the mind including inventions, writings, designs, and trade secrets.
Interchange of labor rule	Applicability of this rule varies by state; some states only allow its use in the construction, erection or stevedoring classes of business while other states permit the interchange of labor rule to apply to any type of business operation.
Interline endorsement	An endorsement that modifies two or more lines of insurance.
Intermediate transfer	The transferee agrees to accept the financial consequences of occurrences caused in whole or in part by its negligence. This includes if the transferor or another entity contributes to the loss in some way.
Intervening act	An act that is or should be reasonably foreseeable and thus does not relieve the original wrongdoer of his liability for the injury because the intervening act may be part of the chain of events leading to injury or damage.
Intervening cause	An independent action that breaks the chain of causation and sets in motion a new chain of events; when this occurs, the intervening cause becomes the proximate cause; can serve as a common law defense against liability.
Intestacy	An individual, owning property in excess of debts and expenses (a positive net worth), who dies without a legally binding will or declaration.
Inverse condemnation	A governmental action that diminishes or practicality removes all value of an individual’s property without just compensation
Invitee	A person invited onto a premises for some purpose involving potential benefit to the property owner.
Jettison	A voluntary action to rid a ship of cargo to prevent further damage or peril. Jettison is a covered peril in ocean marine policies.
Jewelers block coverage form	Filed commercial inland marine form for jewelers that covers the insured’s stock in trade and the property of others while it is on or off the premises.
Joint ownership coverage endorsement	Personal auto policy endorsement that allows the policy to be issued to two or more persons who live in the same household or two or more individuals who are related in another way besides husband and wife.
Jones Act	Federal law that allows members of ships’ crews to sue their employer/ship owner at common law for injuries caused by the employer’s/ship owner’s negligence.
Judgment rating	Method of rating that establishes premiums based on a careful evaluation of each individual risk without the use of manuals or tables.
Judicial bond	Category of surety bond that guarantees that the principal will fulfill certain obligations set forth by law-includes fiduciary bonds and court bonds.
Jurisdictional authority rule	States using this as the measure of major damage allow the authority having jurisdiction (the local government) to decide when a damaged building must be brought into compliance with the current building code.
Large deductible plan	An insurance policy with a per occurrence or per accident deductible of $100,000 or more.
Last clear chance	A doctrine in tort law applicable in jurisdictions that subscribe to the contributory negligence doctrine. Last clear chance allows a plaintiff that is contributory negligent to recover if he is able to prove that the defendant (most at-fault party) had the last opportunity to avoid the accident.
Law of large numbers	Principle that states that the more examples used to develop any statistic, the more reliable the statistic will be.
Leader location	These can include anchor stores, sports and entertainment venues and other such operations or entities that draw customers to the area or drive them to the insured location.
Legal hazard	Increased likelihood that a loss will occur because of court actions. Characterized by a jury awarding larger-than-normal amounts because they think the at-fault party has “deep pockets.”
Legal liability	Liability imposed by the courts (common law) or by statute on any person or entity responsible for the financial injury or damage suffered by another person, group, or entity.
Legal liability coverage form	Commercial property coverage form that covers the insured for liability arising out of negligent damage to the property of others while it is in the insured’s care, custody, or control.
Legal person	A legal fiction, a “person” created by statute and “born” with the filing of articles of incorporation (or organization).
Legal purpose	One of the characteristics of a legal contract; means that contracts are only enforceable if they are not obviously illegal, immoral, or against the public good.
Legal risks	Uncertainty surrounding courts, contracts, torts, and negligence.
Liability insurance	Type of insurance that protects an insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company.
Liability loss exposure	Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for an injury or damage suffered by another part.
Libel/Slander	False statements broadcast about a person as fact not opinion. These statements do not have to be made with the intent to harm or shame to allow for a tort claim; but if done with malice, the injured party can sue for general damages in addition to special damages. Libelous statements are generally written or broadcast through the media (television, radio and the Internet) while slander deals with the spoken word (it doesn’t linger and is generally directed to a known audience). Both terms can be classified as “defamation.”
Liberalization condition	Condition found in property insurance contracts that provides that if the insurer broadens coverage under a policy form or endorsement without requiring an additional premium, then all existing similar policies or endorsements will be construed to contain the broadened coverage.
License and permit bond	Type of surety bond that is sometimes required in connection with the issuance of licenses by government agencies. They guarantee that the person who posts the bond will comply with all applicable laws pertaining to their activities.
Licensee	Person on the premises with the property owner’s consent but for the sole benefit of the visitor.
Life insurance	Insurance that pays a stipulated sum to a designated beneficiary upon the death of the insured; protects the insured’s beneficiary against the financial consequences of the insured’s premature death.
Life safety	The portion of fire safety that focuses on the minimum building design, construction, operation and maintenance requirements necessary to assure occupant of a safe exit from the burning portion of the building.
Limitations	Policy language that eliminates or reduces coverage under certain circumstances or when specified conditions apply.
Limited Liability Company (LLC)	A hybrid legal entity combining the advantages (mostly tax-based) of a partnership and the liability protection offered by a corporation.
Limited transfer	The narrowest level of contractual risk transfer. The transferee only accepts the financial consequences of loss resulting from his/its sole negligence
Liquidated damages	A contractual agreement requiring one party to pay another a specified amount if certain contractual provisions are violated or are not completed.
Liquidity risk	The risk that an asset cannot be sold on short notice without incurring a loss.
Liquor liability coverage form	CGL coverage form that provides coverage for liquor liability excluded by standard CGL policies for those who are in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages.
Livestock coverage form	Farm coverage form used to provide separate coverage for livestock.
Lloyd’s Association	A voluntary association of individuals or groups of individuals who agree to share in insurance contracts; each individual or syndicate is individually responsible for the amounts of insurance they write.
Longshore and Harbor Workers’ Compensation Act coverage endorsement	Endorsement used with the Workers’ Compensation and Employers Liability policy that covers the additional benefits required by federal law for maritime workers injured while working on navigable waters or shore-site areas.
Loss	Disadvantage or deprivation resulting from an unfavorable incident.
Loss cost	Factor used in figuring insurance rates that represents how much an insurance company needs to collect to cover expected losses.
Loss exposure	A term used to describe the loss potential of a particular insured. Includes property, liability, and employee risk.
Loss frequency	The number of losses that occur within a specified period.
Loss limit	The level at which a loss occurrence is limited for the purpose of calculating a retrospectively rated premium.
Loss prevention	Taking measures to prevent the loss from happening in the first place.
Loss provisions	General term used to describe policy conditions that specify what the insured and insurer must do after a loss.
Loss ratio	Method used to determine an insurance company’s success in covering current losses out of current premium income; determined by dividing incurred losses by earned premium.
Loss reduction	Taking steps to reduce the amount of damage a loss may cause.
Loss severity	The amount of loss, typically measured in dollars, for a loss that occurred.
Loss sustained during prior insurance condition	Condition found in loss sustained version of the commercial crime forms that allows losses that occurred during a prior policy period to be covered under the current policy if certain conditions are met.
Loss sustained form	Commercial crime form that covers losses that are sustained during the policy period and discovered either during the policy period or up to one year after the policy expires.
Mail coverage form	Filed commercial inland marine form that covers property in transport by registered mail, first class mail, certified mail, or express mail.
Major damage	The amount of damage required for the jurisdictional authority to require the structure be brought into compliance with the current building code.
Majority interest	Created when the same person or group of person(s) combine to own more than 50 percent of an entity
Malpractice insurance	Term used to describe professional liability insurance issued to medical professionals or institutions.
Management	Planning, organizing, leading, and controlling people or activities towards a specific goal.
Manual rating	Method of premium determination that uses rates based on collected statistics. The rates, which apply per unit of insurance, are published in manuals; also called class rating.
Manufacturing location	A dependent property location that manufactures products for delivery to your customers under contract of sale.
Manuscript form	An insurance form that is drafted according to the terms negotiated between a specific insured (or group of insureds) and and insurer.
Market risk	Uncertainty about an investment’s future value because of potential changes in the market for that type of investment.
Market value	The amount property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss.
Material fact	A fact that would cause an insurer to decline a risk, charge a different premium, or change the provisions of the policy that was issued.
Maximum coinsurance percentage	Number of months required to accomplish the four period of restoration objectives / 12 (the number of months in a year).
Maximum possible loss	Maximum possible loss is the “worst case scenario” and the most pessimistic view
Maximum probable loss	Maximum probable loss is inversely proportional to the size of a structure and the effectiveness of any protective safeguards.
MCS-90 endorsement	Endorsement attached to the truckers coverage form to provide public liability coverage.
Merit rating	Method of determining premiums where a manual rate is modified to reflect the risk’s unique characteristics.
Messenger	As defined in crime insurance forms, an insured, partner, or employee who has care and custody of insured property outside the premises.
Miscellaneous type vehicle endorsement	Personal auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy, such as motorcycles, motor homes, golf carts, mopeds, and other recreational vehicles.
Misrepresentation	Written or verbal misstatement of a material fact involved in the contract on which the insurer relies.

Indemnitor

The party called on to respond financially. This can include the “Transferee” or an insurance company.

Indemnity

Principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he occupied before the loss occurred, no better or no worse.

Indemnity agreement

An agreement that transfers the financial risk of a particular activity from one party to another party.

Independent adjuster

Claim handler who works independently instead of for a particular insurer.

Independent agent

Agent who represents many insurance companies, rather than a single company; also called a nonexclusive agent.

Independent contractor

Are generally engaged to perform operations not within the usual trade or business of the principal and such tasks are contract-specific.

Indirect loss

Loss that is the result or consequence of a direct loss; also called a consequential loss.

Individual named insured endorsement

Commercial auto endorsement that provides coverage similar to that provided under the personal auto policy to family members of the named insured while using any auto.

Inflation guard protection

A method of protecting against inflation by increasing the limit for covered property by a specified percentage over the policy period.

Information hazard

Relates to the individual’s use of money and/or time, and the possible loss of both.

Inland marine insurance

Form of insurance originally designed as an extension of ocean marine coverage to insure transportation of goods over land; today it covers a variety of portable property, in addition to goods in transit; available as personal or commercial insurance; commercial inland marine insurance can be included in the commercial package policy.

Installation policy

Nonfiled commercial inland marine policy that covers loss to machinery, equipment, building materials, and supplies in transit to or being used with or during the course of installation, testing, building, renovating, or repair.

Instrumentalities of transportation and communication

Category of the nationwide definition that includes a variety of forms closely related to transportation or communication, such as bridges, pipelines, and television towers.

Insurable business income

The amount of business income used to calculate the business income premium.

Insurable interest

Any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance from loss or destruction or financial damage or impairment.

Insurable risks

Four “primary” elements and three “necessary” elements are required for a particular risk to be considered insurable. The four primary elements are: 1) a financial loss; 2) static risk; 3) particular/individual risk; and 4) pure risk. The three necessary elements are: 1) a large number of homogeneous exposures; 2) the loss is definite in time and place; and 3) the loss is unforeseen or accidental.

Insurance

Contract or device for transferring the risk of loss from a person, business, or organization to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums.

Insurance commissioner

Head official of a state insurance department; may also be called an Insurance Director or Insurance Superintendent.

Insurance department

State department charged with controlling insurance matters within the state.

Insurance guaranty association

State funds created by law that pay claims of insurers domiciled in that state that become insolvent; funds are generated by making assessments against other insurers operating in the state.

Insurance securitization

The process of creating a marketable insurance-linked security based on the cash flows that arise from the transfer of insurable risks.

Insurance Services Office (ISO)

Organization established for the benefit of its member insurance companies and other subscriber companies; ISO gathers statistics, provides loss costs, drafts policy forms and coverage provisions, and conducts inspections for rate-making purposes.

Insurance to value

Insurance written for an amount approximating the full value of the asset(s) insured.

Insured contract

Term used in the CGL and businessowners liability forms to describe contracts for which contractual liability coverage is available under the policy, such as leases, sidetrack agreements, and elevator maintenance agreements; also called incidental contract.

Insuring agreement

Section of an insurance policy that describes what is covered and the perils the policy insures against.

Intangible property

Property that has no physical form.

Intellectual property

Creations of the mind including inventions, writings, designs, and trade secrets.

Interchange of labor rule

Applicability of this rule varies by state; some states only allow its use in the construction, erection or stevedoring classes of business while other states permit the interchange of labor rule to apply to any type of business operation.

Interline endorsement

An endorsement that modifies two or more lines of insurance.

Intermediate transfer

The transferee agrees to accept the financial consequences of occurrences caused in whole or in part by its negligence. This includes if the transferor or another entity contributes to the loss in some way.

Intervening act

An act that is or should be reasonably foreseeable and thus does not relieve the original wrongdoer of his liability for the injury because the intervening act may be part of the chain of events leading to injury or damage.

Intervening cause

An independent action that breaks the chain of causation and sets in motion a new chain of events; when this occurs, the intervening cause becomes the proximate cause; can serve as a common law defense against liability.

Intestacy

An individual, owning property in excess of debts and expenses (a positive net worth), who dies without a legally binding will or declaration.

Inverse condemnation

A governmental action that diminishes or practicality removes all value of an individual’s property without just compensation

Invitee

A person invited onto a premises for some purpose involving potential benefit to the property owner.

Jettison

A voluntary action to rid a ship of cargo to prevent further damage or peril. Jettison is a covered peril in ocean marine policies.

Jewelers block coverage form

Filed commercial inland marine form for jewelers that covers the insured’s stock in trade and the property of others while it is on or off the premises.

Joint ownership coverage endorsement

Personal auto policy endorsement that allows the policy to be issued to two or more persons who live in the same household or two or more individuals who are related in another way besides husband and wife.

Jones Act

Federal law that allows members of ships’ crews to sue their employer/ship owner at common law for injuries caused by the employer’s/ship owner’s negligence.

Judgment rating

Method of rating that establishes premiums based on a careful evaluation of each individual risk without the use of manuals or tables.

Judicial bond

Category of surety bond that guarantees that the principal will fulfill certain obligations set forth by law-includes fiduciary bonds and court bonds.

Jurisdictional authority rule

States using this as the measure of major damage allow the authority having jurisdiction (the local government) to decide when a damaged building must be brought into compliance with the current building code.

Large deductible plan

An insurance policy with a per occurrence or per accident deductible of $100,000 or more.

Last clear chance

A doctrine in tort law applicable in jurisdictions that subscribe to the contributory negligence doctrine. Last clear chance allows a plaintiff that is contributory negligent to recover if he is able to prove that the defendant (most at-fault party) had the last opportunity to avoid the accident.

Law of large numbers

Principle that states that the more examples used to develop any statistic, the more reliable the statistic will be.

Leader location

These can include anchor stores, sports and entertainment venues and other such operations or entities that draw customers to the area or drive them to the insured location.

Legal hazard

Increased likelihood that a loss will occur because of court actions. Characterized by a jury awarding larger-than-normal amounts because they think the at-fault party has “deep pockets.”

Legal liability

Liability imposed by the courts (common law) or by statute on any person or entity responsible for the financial injury or damage suffered by another person, group, or entity.

Legal liability coverage form

Commercial property coverage form that covers the insured for liability arising out of negligent damage to the property of others while it is in the insured’s care, custody, or control.

Legal person

A legal fiction, a “person” created by statute and “born” with the filing of articles of incorporation (or organization).

Legal purpose

One of the characteristics of a legal contract; means that contracts are only enforceable if they are not obviously illegal, immoral, or against the public good.

Legal risks

Uncertainty surrounding courts, contracts, torts, and negligence.

Liability insurance

Type of insurance that protects an insured from financial loss arising out of liability claims by transferring the burden of financial loss from the insured to the insurance company.

Liability loss exposure

Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for an injury or damage suffered by another part.

Libel/Slander

False statements broadcast about a person as fact not opinion. These statements do not have to be made with the intent to harm or shame to allow for a tort claim; but if done with malice, the injured party can sue for general damages in addition to special damages. Libelous statements are generally written or broadcast through the media (television, radio and the Internet) while slander deals with the spoken word (it doesn’t linger and is generally directed to a known audience). Both terms can be classified as “defamation.”

Liberalization condition

Condition found in property insurance contracts that provides that if the insurer broadens coverage under a policy form or endorsement without requiring an additional premium, then all existing similar policies or endorsements will be construed to contain the broadened coverage.

License and permit bond

Type of surety bond that is sometimes required in connection with the issuance of licenses by government agencies. They guarantee that the person who posts the bond will comply with all applicable laws pertaining to their activities.

Licensee

Person on the premises with the property owner’s consent but for the sole benefit of the visitor.

Life insurance

Insurance that pays a stipulated sum to a designated beneficiary upon the death of the insured; protects the insured’s beneficiary against the financial consequences of the insured’s premature death.

Life safety

The portion of fire safety that focuses on the minimum building design, construction, operation and maintenance requirements necessary to assure occupant of a safe exit from the burning portion of the building.

Limitations

Policy language that eliminates or reduces coverage under certain circumstances or when specified conditions apply.

Limited Liability Company (LLC)

A hybrid legal entity combining the advantages (mostly tax-based) of a partnership and the liability protection offered by a corporation.

Limited transfer

The narrowest level of contractual risk transfer. The transferee only accepts the financial consequences of loss resulting from his/its sole negligence

Liquidated damages

A contractual agreement requiring one party to pay another a specified amount if certain contractual provisions are violated or are not completed.

Liquidity risk

The risk that an asset cannot be sold on short notice without incurring a loss.

Liquor liability coverage form

CGL coverage form that provides coverage for liquor liability excluded by standard CGL policies for those who are in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages.

Livestock coverage form

Farm coverage form used to provide separate coverage for livestock.

Lloyd’s Association

A voluntary association of individuals or groups of individuals who agree to share in insurance contracts; each individual or syndicate is individually responsible for the amounts of insurance they write.

Longshore and Harbor Workers’ Compensation Act coverage endorsement

Endorsement used with the Workers’ Compensation and Employers Liability policy that covers the additional benefits required by federal law for maritime workers injured while working on navigable waters or shore-site areas.

Loss

Disadvantage or deprivation resulting from an unfavorable incident.

Loss cost

Factor used in figuring insurance rates that represents how much an insurance company needs to collect to cover expected losses.

Loss exposure

A term used to describe the loss potential of a particular insured. Includes property, liability, and employee risk.

Loss frequency

The number of losses that occur within a specified period.

Loss limit

The level at which a loss occurrence is limited for the purpose of calculating a retrospectively rated premium.

Loss prevention

Taking measures to prevent the loss from happening in the first place.

Loss provisions

General term used to describe policy conditions that specify what the insured and insurer must do after a loss.

Loss ratio

Method used to determine an insurance company’s success in covering current losses out of current premium income; determined by dividing incurred losses by earned premium.

Loss reduction

Taking steps to reduce the amount of damage a loss may cause.

Loss severity

The amount of loss, typically measured in dollars, for a loss that occurred.

Loss sustained during prior insurance condition

Condition found in loss sustained version of the commercial crime forms that allows losses that occurred during a prior policy period to be covered under the current policy if certain conditions are met.

Loss sustained form

Commercial crime form that covers losses that are sustained during the policy period and discovered either during the policy period or up to one year after the policy expires.

Mail coverage form

Filed commercial inland marine form that covers property in transport by registered mail, first class mail, certified mail, or express mail.

Major damage

The amount of damage required for the jurisdictional authority to require the structure be brought into compliance with the current building code.

Majority interest

Created when the same person or group of person(s) combine to own more than 50 percent of an entity

Malpractice insurance

Term used to describe professional liability insurance issued to medical professionals or institutions.

Management

Planning, organizing, leading, and controlling people or activities towards a specific goal.

Manual rating

Method of premium determination that uses rates based on collected statistics. The rates, which apply per unit of insurance, are published in manuals; also called class rating.

Manufacturing location

A dependent property location that manufactures products for delivery to your customers under contract of sale.

Manuscript form

An insurance form that is drafted according to the terms negotiated between a specific insured (or group of insureds) and and insurer.

Market risk

Uncertainty about an investment’s future value because of potential changes in the market for that type of investment.

Market value

The amount property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss.

Material fact

A fact that would cause an insurer to decline a risk, charge a different premium, or change the provisions of the policy that was issued.

Maximum coinsurance percentage

Number of months required to accomplish the four period of restoration objectives / 12 (the number of months in a year).

Maximum possible loss

Maximum possible loss is the “worst case scenario” and the most pessimistic view

Maximum probable loss

Maximum probable loss is inversely proportional to the size of a structure and the effectiveness of any protective safeguards.

MCS-90 endorsement

Endorsement attached to the truckers coverage form to provide public liability coverage.

Merit rating

Method of determining premiums where a manual rate is modified to reflect the risk’s unique characteristics.

Messenger

As defined in crime insurance forms, an insured, partner, or employee who has care and custody of insured property outside the premises.

Miscellaneous type vehicle endorsement

Personal auto policy endorsement that provides coverage for vehicles that are usually excluded by the policy, such as motorcycles, motor homes, golf carts, mopeds, and other recreational vehicles.

Misrepresentation

Written or verbal misstatement of a material fact involved in the contract on which the insurer relies.