AINS 103 - Exploring Commercial
Insurance
All tangible or intangible property that is not real property.
Business personal property
Stock, furniture, fixtures, equipment and machinery, tenant's improvements and
betterments, and other personal property owned by the insured.
Fixture
Any personal property affixed to real property in such a way as to become part of the
real property.
Money
Currency, coins, bank notes, and sometimes traveler's checks, credit card slips, and
money orders held for sale to the public.
Securities
Written instruments representing either money or other property, such as stocks and
bonds.
Peril
The cause of a loss.
Business income insurance
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril.
Business interruption
Loss of revenue that a business or another organization sustains because its operations
are suspended as a result of physical injury to its property.
Profit
, Net income that results when revenues exceed expenses.
Continuing expenses
Expenses that continue to be incurred during a business interruption.
Extra expenses
Expenses, in addition to ordinary expenses, that an organization incurs to mitigate the
effects of a business interruption.
Liability
A legal responsibility for the consequences of an act or omission.
Liability loss exposure
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.
Personal loss exposure
Any condition or situation that presents the possibility of a financial loss to an individual
or a family by such causes as death, sickness, injury, or unemployment.
Bailee
The party temporarily possessing the personal property in a bailment.
Marine insurance
Insurance that, in the U.S., includes both ocean and inland marine coverage and, in the
rest of the world, is limited to insurance for vessels and cargo.
Inland marine insurance
Insurance that covers many different classes of property that typically involve an
element of transportation on land.
Ocean marine insurance
Insurance that covers vessels and their cargoes, including various vessel-related liability
exposures.
Workers compensation
Insurance
All tangible or intangible property that is not real property.
Business personal property
Stock, furniture, fixtures, equipment and machinery, tenant's improvements and
betterments, and other personal property owned by the insured.
Fixture
Any personal property affixed to real property in such a way as to become part of the
real property.
Money
Currency, coins, bank notes, and sometimes traveler's checks, credit card slips, and
money orders held for sale to the public.
Securities
Written instruments representing either money or other property, such as stocks and
bonds.
Peril
The cause of a loss.
Business income insurance
Insurance that covers the reduction in an organization's income when operations are
interrupted by damage to property caused by a covered peril.
Business interruption
Loss of revenue that a business or another organization sustains because its operations
are suspended as a result of physical injury to its property.
Profit
, Net income that results when revenues exceed expenses.
Continuing expenses
Expenses that continue to be incurred during a business interruption.
Extra expenses
Expenses, in addition to ordinary expenses, that an organization incurs to mitigate the
effects of a business interruption.
Liability
A legal responsibility for the consequences of an act or omission.
Liability loss exposure
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.
Personal loss exposure
Any condition or situation that presents the possibility of a financial loss to an individual
or a family by such causes as death, sickness, injury, or unemployment.
Bailee
The party temporarily possessing the personal property in a bailment.
Marine insurance
Insurance that, in the U.S., includes both ocean and inland marine coverage and, in the
rest of the world, is limited to insurance for vessels and cargo.
Inland marine insurance
Insurance that covers many different classes of property that typically involve an
element of transportation on land.
Ocean marine insurance
Insurance that covers vessels and their cargoes, including various vessel-related liability
exposures.
Workers compensation
