Property & Commercial Insurance Terms

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1.
The remaining value of property after severe damage by fire or other peril.
2.
bailee
3.
Legally binding contract of insurance
4.
indemnify
5.
The chance of loss
6.
peril
7.
A request by an insured for insurance
8.
Risks, perils or properties defined in the policy as not covered
9.
Unlawful removal of property from premises involving visible forcible entry.
10.
premium
11.
The hazard threatening a risk because of external or internal physical conditions.
12.
rate
13.
A person entrusting goods to another.
14.
hazard
15.
Any risk of financial loss, disruption of business or an organization's reputation due to a failure of IT systems.
16.
The individual or corporation whos performance is guaranteed in suretyship.
17.
The date on which a policy ends
18.
vandalism
19.
Legal process by which an insurance company after payment for a loss, is able to recover the amount form those legally liable.
20.
robbery