Insurance Terminology

3. The exercising of a policyholder's right under a policy to be paid by his or her insurance company for certain financial losses suffered.
5. Unlawful removal of property from premises involving visible forcible entry.
6. Deliberate misrepresentation or misstatement.
8. The intentional relinquishment of a known right.
9. An event that happens by chance and is not expected in the normal course of events, which results in harm to people, damage to property or equipment, or a loss of process or productivity.
10. Reduction in value of property through use, ageing, deterioration and obsolescence.
13. To fail to do what a reasonable and prudent person would do (or to do what such a person would not do); this can result in property damage, injury or death.
15. Appraisal estimation of the value of an item.
16. The wrongful taking of the property of another. It is a broad term and includes larceny, pilfering, hold up, robbery and pick pocketing.
17. The person who initiates a lawsuit. Also called a claimant.
18. Condition which engenders or increases the chances of a loss.

1. The fraudulent use of money or property that has been entrusted to one's care.
2. An amendment to an insurance policy. It is used to add or remove coverage.
4. Once a company has paid a loss for which someone other than the policyholder is responsible, it may have the right to recover this loss from the guilty party.
7. An employee of an insurance company who looks at an insurance application and decides whether or not the insurance company can or should provide the applicant with insurance, based on the risk that person presents.
11. To compensate the insured person for a loss, in whole or in part, by payment, repair, or replacement.
12. An event that results in an insured loss.
14. This implies a standard of honesty greater than that usually required in most ordinary commercial contracts. (2wds)
19. The willful and malicious burning of property.