: Coverage primarily concerned with legal liability for injuries to others or damage to their property.
: A document providing formal evidence of insurance coverage, often required for business contracts. Dictionary of Insurance Terms
: A fundamental principle requiring both the insurer and the insured to act with total honesty and disclose all material facts. : Coverage primarily concerned with legal liability for
: A receipt for a premium payment that makes the policy effective from that date, provided the application is later approved. : A receipt for a premium payment that
This " Dictionary of Insurance Terms " paper provides a foundational guide to the specialized terminology used in the insurance industry, designed to assist consumers, agents, and professionals in navigating complex policy language. Core Insurance Principles
: A requirement that the person buying insurance must suffer a financial loss if the insured event occurs.