Typically used in life insurance to indicate the termination of a policy.
A statement in most property policies which specifies that changes in law or ordinance are not valid perils or causes of loss. This means if your property is destroyed or damaged in the course of enforcing a law, you're not covered. Law coverage is available separately.
A technique to obtain very high limits of insurance or to insure high risk items for reasonable prices by purchasing layers of insurance. The first or primary layer picks up all normal losses with secondary layers coming in to play when the limits of the first layer are exceeded. Secondary layers are typically less expensive that buying the needed limit from the primary layer.
Leasehold Interest insurance provides coverage for a tenant in the event his or her lease is terminated. The lease may be terminated due to (1) a clause in the lease specifying that the lease is terminated in the event of property damage causing the premises to be unavailable for tenancy, or (2) condemnation of the leased premises. It is a form of "time element" coverage that serves to provide coverage for the difference between the old rental and a new, likely more expensive rental.
Insurance for your screw ups. A liability insurance policy will pay up to a stated limit for events resulting from the insured's negligence. A liability policy will also usually pay for property damage and medical expenses incurred by the injured party.
A life insurance policy will pay a stated amount to a beneficiary upon the death of another. The death payment may be accelerated for a terminally ill insured in need of medical or living expenses (see ADB). The two major types of life insurance policies are Term Life and Whole Life. Term Life is valid for a predetermined period such as a year. Whole Life is until you die and usually involves periodic deposits in to an account that can be withdrawn before death.
The maximum amount to be paid by an insurance policy. Many policies have split limits meaning they'll pay one amount per person and another amount per accident. A third split may be included to indicate the maximum amount the policy will ever pay regardless of the number of people or accidents.
Liquor liability insurance provides coverage for bodily injury or property damage for which an insured may be held liable by reason of the following:
Causing or contributing to the intoxication of any person;
Furnishing alcoholic beverages to a person under the legal drinking age or under the influence of alcohol; or
Violating any statute, ordinance, or regulation relating to the sale, gift, distribution, or use of alcoholic beverages.
This coverage applies only if the insured is involved in the following activities:
Manufacturing, selling, or distributing alcoholic beverages;
Serving or furnishing alcoholic beverages for a charge, whether or not such activity requires a license or is for the purpose of financial gain or livelihood; or
Serving or furnishing alcoholic beverages without a charge, if a license is required for such activity.
Inspection and engineering work done to help remove potential causes of loss. Loss prevention is also referred to as safety engineering, accident prevention, accident control, loss control or loss prevention.
Loss of Use is an extra expense you incur while staying at a temporary location if your condo or home becomes uninhabitable. While most policies allow a limited dollar amount for this coverage.
Pinckney Carter Company
1956 Remount Road
N. Charleston, SC. 29406