Property and Casualty Insurance License Exam Cram™

Glossary

Abandonment condition

A condition often contained in property insurance policies stating that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value.

absolute liability

Type of liability imposed by law on those participating in certain activities that are considered especially hazardous. A person involved in such operations may be held liable for the damages of another, even though the individual was not negligent.

accident

An unintentional loss that occurs at a specific time and place.

Accounts Receivable insurance

Filed Commercial Inland Marine form that insures against loss the insured suffers because of an inability to collect from customers when accounts receivable records are damaged or ...