GA Claims Adjuster Terms with correct definitions

Automatic Increase Endorsement Used to keep the coverage current as a result of inflation on construction cost Punitive Damages (Exemplary Damages) It is an award above the pain and suffering amount as well as the special damages amount. An award intended to punish. 00:35 01:34 Comparative Negligence Establishes the percentage of fault shared by each driver in an accident in which both contribute to casusing the accident Experience Modification Rating The premium adjustment made for the current year of workers compensation coverage is sometimes based on prior years Loss Experience Installation Floater This policy is used to supplement coverage provided by the commercial property forms. It covers property off an insureds location and in transit or at the job waiting installation or when it has been installed. Coverage ceases when the property has been accepted by the purchaser. Reasonable Expectation Doctrine States that a policy should include coverage's that an average person would reasonable expect it to include. Bailment A temporary entrustment of the property to another. Vicarious "Means through or in place of another person." Discrimination Is treating someone differently in rating or underwriting when he or she falls into the same category as another Coercion Trying to force the insured to do something he or she is not required to do. illegal Inducement Is a promise to give something that is illegal, such as rebating a portion of the commission. Leasehold Interest Insurance Protects against financial loss suffered by a building tenant, when a favorable lease is cancelled before expiration because of loss or damage to the building by an insured cause of loss Remuneration Workers Compensation premiums are based on job description and payroll Fidelity Bond Covers the dishonest acts of employees Named Non-Owner Coverage Someone who does not own a automobile, but who drives borrowed or rented autos. Bulk Shipments Consist of ores, coal, iron, grain, etc. Insuring Agreements The perilscovered are found in one of the "three cause of loss" forms that are a part of this term Georgia Insurance Guaranty Association To pay the covered claims of insolvent insurance companies. The fund pays property, casualty and workers compensation claims. Rebating Returning a portion of the premium or the agent's/broker's commission on the premium to the insured or other inducements to place business with a specific insurer. Certificate of Authority Showing the powers that an insurer grants to its agents. Express Authority The authority specifically given to the agent either in writing or orally. Other Insurance Clause When two or more policies are in enforce covering the same claim Reservation of Rights Letter Informs the policy holder that the insurance company will defend him/her in a lawsuit but that certain aspects of the lawsuit may not be indemnified (covered) Insurance Service Office (ISO) Is an independent organization that publishes policy forms and rate structures that are approved for use in the state of Georgia. Field Report A type of report indicating the initial results of the investigation of a claim Special Damages Loss of expenses such as medical expenses, loss of wages and the loss of use of her vehicle unvalued basis An insurance policy in which absence of prior agreement leaves losses to be settled on the basis of indemnity/ declared until after the the loss Warranty Is a statement made in an insurance contract by the insured when the validity of the insurance contract depends on the literal truth or statement. Res Ipsa Loquitor "The thing speaks for its self" Diminution of Value A reduction in the value of a vehicle even after repairs have been made Declaratory Judgement Is a lawsuit seeking a judicial determination of whether policy coverage applies to a claim. Insurers usually file declaratory actions to determine whether a claim falls within the provisions of the insuring agreement of a policy. Loss Payable Clause An insurance provision authorizing payment in the event of loss to a person or entity other than the named insured with an insurable interest in the covered property or, in some cases, jointly to the insured and the other person or entity.