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Insurance terms & glossary
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  • Care, Custody and Control

    A term used primarily in liability coverages which refers to property belonging to another but which is legally in the insured's possession or under his control

  • Cargo

    Goods being transported, such as the load of a truck or the goods being carried by a ship. The cargo of a ship does not include the equipment needed to operate the ship.

  • Cede

    An insurer cedes part of a risk to a reinsurer when it transfers or reinsures part of the risk.

  • Claim

    A claim is the exercising of the right of an insured to be indemnified by his insurance company for damage suffered

  • Claims Adjuster

    An employee of an insurer who handles and is responsible for incoming claims.

  • Claims Made Basis

    Provision in some insurance and reinsurance contracts covering only claims made during term of the contract.

  • Consequential Loss

    It is an indirect result of the occurrence that causes the loss. In other words, a loss resulting as a consequence of some occurrence.

  • Contract

    An agreement made between two or more persons, which is intended to be enforceable at law, and is constituted by the acceptance by one party of an offer made to him by the other party, to do or to abstain from doing some act. The offer and acceptance may either be expressed or inferred by indication in the conduct of the parties.

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