PROPERTY AND CASUALTY INSURANCE TERMS QUESTIONS AND ANSWER | LATEST UPDATE

Accident -:- A sudden, unexpected event resulting in damage or injury Occurrence -:- Loss caused by repeated or continuous exposure to conditions Direct Loss -:- Physical damage to personal property or buildings Indirect Loss -:- Loss resulting from a direct loss, such as time to replace or repair damaged property Named Peril -:- A specific cause of loss covered by an insurance policy 2 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain | Excel! Special Peril -:- Coverage provided for any risk of loss not explicitly excluded Damages -:- Injury to property or bodily injury resulting in monetary loss Tort -:- An act resulting in property damage or bodily injury Monetary Loss -:- The financial loss suffered by the injured party Loss of Use -:- The inability to use a damaged or destroyed property Bodily Injury -:- Injury to a person's body, leading to various types of claims 3 | P a g e | G r a d e A + | 2 0 2 4 / 2 0 2 5 2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain | Excel! Lost Wages -:- Compensation for income lost due to bodily injury Medical Expense