Popular - Personal

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

Act of God - An accident or event that is the result of natural causes, without any human intervention or agency, that could not have been prevented by reasonable oversight or care, such as floods, earthquakes, or storms.
Adjuster - is any person who, for compensation as an independent contractor or as an employee of an independent contractor, or for fee or commission, or salary, investigates and negotiates settlement of claims arising under insurance contracts, solely on behalf of either the insurer or the insured. ( Art. 9.050, Puerto Rico Insurance Code)-
Agent - is any person who, for compensation as an independent contractor or as an employee of an independent contractor, or for fee or commission, or salary, investigates and negotiates settlement of claims arising under insurance contracts, solely on behalf of either the insurer or the insured. (Art. 9.050, Puerto Rico Insurance Code)

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Broker -Is an individual, firm or corporation who for compensation as an independent contractor, in any manner solicits, negotiates, or procures insurance or the renewal or continuance thereof, on behalf of insured or prospective insured other than himself, and not on behalf of an insurer or agent. ( Art. 9.020, Puerto Rico Insurance Code)
Building Codes - Regulating the construction of buildings within a municipality by ordinance or law.

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Cancellation - The termination of an insurance policy or bond before its expiration by either the insured or the company.
Coverage - The guarantee against specific losses provided under the terms of a policy of insurance. Coverage is frequently used interchangeably with the word "protection".
Coverage Forms - Part of the insurance policy that contains all the specifications of the protection provided by the coverage.
Cash Surrender Value - The amount available in cash upon surrender of the policy before it comes payable by maturity or occurrence of the circumstance against which it is insured.

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Declarations - Portion of some insurance policies that contains information identifying the insured, the general nature of the coverage, and the basis on which the premium is computed.

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Effective Date - The date on which an insurance policy goes into effect and from which time protection is furnished.
Endorsement - Special circumstances frequently require that a policy be altered. Such alternations are effected by attaching to the policy a form bearing the terms necessary to make the change. A provision added to the policy, usually by being written in to the printed page. It may also be in the form of a rider. No endorsement is valid unless signed by an executive of the company and attached to and a part of the policy.
Exclusions - Specific conditions or circumstances listed in the policy for which the policy will not provide benefit payments.

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Fair Market Value - A legal term variously interpreted by the courts but in general connoting a price obtainable in the market, which is fair in view of the conditions currently existing.
Forms - A descriptive form attached to a policy setting forth the nature of the property covered, the location, and other pertinent data. It may grant certain privileges or impose certain obligations on the insured.

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General Agent - is a person appointed by or under contract with an insurer as an independent contractor or on commission, in whole or in part, with power or duty generally to supervise the underwriting and policy service operations of the insurer, to appoint agents for the insurer, and to perform such other functions as are vested in general agents by the custom of the kind or kinds of insurance transacted or type of insurer represented ( Art. 3.340, Puerto Rico Insurance Code).
Grievances - A specific situation that introduces or increases the probability of a loss or influence in the magnitude of the loss.

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Inspection Report - Filed by an investigator employed by the insurance company or credit agency, giving general information about the health, habits, finances, and reputation of the applicant.
Insurable Interest - Relationship in which a loss or destruction of life and property would cause a pecuniary loss. An interest in the life of an individual or in property by which there will be a financial loss if the insured dies or in the case of property if it is lost, damaged, or destroyed.
Insurance -Is a contract whereby one undertakes to indemnify another, or to pay or provide a specified or ascertainable benefit upon determinable contingencies therein foreseen. The term insurance includes reinsurance. (Art. 1.020, Puerto Rico Insurance Code).
Insurance Agreements - When two or more individuals reach an understanding about their rights and responsibilities.
Insurance Commissioner - Individual, or in some states, individuals who enforce their own states' insurance codes.
Insurance Company - An organization chartered under state or provincial laws to act as an insurer.
Insurance Services Office (ISO) - Organization that provides advisory rating, actuarial, statistical and other services related to property and casualty insurance (except workers' compensation). Supported by insurers.
Insured - The insured with whom the insurance contract is made and who is specifically named as such.
Insurer - The party to the insurance contract who promises to pay losses or render services.

Liquid assets - Financial instruments o belongings that can be easily converted to cash.
Loss - the basis for a claim for indemnity or damages under the terms of an insurance policy.

Non-insurable risk - A risk for which no insurance can be written. The chance of loss is very high or cannot be accurately measured.

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Personal property - This is defined to mean the right or interest that a person may have in things personal, movable, or separable from the realty.
Peril - Cause of possible loss.
Policy - The printed document issued to the insured by the company stating the terms of the insurance contract. A written contract of insurance between an insurance company and the policyholder.
Premium - The payment or one of the regular periodical payments a policyholder is required to make for an insurance policy. The amount of money that the policyholder agrees to pay to the insurance company for the insurance policy.
Premium earned - The amount that has been "earned" by the virtue of the fact that time has passed without claim.
Premium, minimum - The lowest consideration for which an insurer will insure a risk for a specified period.
Premium, stipulated - Amount of premium stipulated in the issuance of the policy or endorsement.
Property insurance - Insurance providing financial protection against the loss of, or damage to, real/personal property caused by specified perils.

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Rate - The cost of insurance per unit; used as the basis to determine the amount of the premium.
Ratings - The evaluation by insurance companies, based on four basic principal factors: operational stability, operational performance, ability to handle claims/pays and financial strength and solvency.
Real estate - Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and the inherent rights thereof.
Risky activities - Work or pleasure activities that increase the probability of premature death.
Risk - Uncertainty as to the outcome of an event when two or more possibilities exist.

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Solicitor - Is an individual appointed and authorized by an agent or broker to solicit applications for insurance as a representative of such agent or broke. (Art. 9.030, Puerto Rico Insurance Code)

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Termination Date - The date on which insurance policy ceases to be in effect.
Term Life Insurance - Life insurance that provides for payments of the face value only if an individual dies within a specified time.
Terms - Provision in an insurance policy that, along with the insuring agreements, defines the respective rights and duties of the insurer and the insured in carrying out the terms of the policy.

Underwriter - The individual whose duty it is to determine the acceptability of the insurance risks. A person whose duty it is to select risks for insurance and to determine in what amounts and on what terms the insurance company will accept the risks. Also, an insurer.
Universal Life Insurance - A life insurance policy in which premiums (less expense charges) are credited to a policy account from which periodic charges for life insurance coverage are deducted and to which interest is credited. Usually, the policyholder can vary the amount and timing of premium payments and change the amount of insurance.

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Variable Life Insurance - Insurance in which the amount may fluctuate during the term of the policy. The variable may be some index such as the Consumer Price Index or an index of securities.

Whole Life Insurance - A plan of insurance for the whole of life, payable at death. It includes straight life on which premiums are payable until death, or limited payment life on which premiums are payable for a specified number of years.