An agreement between an Insurer and another, termed a ‘policyholder’, whereby the policyholder is authorized to accept proposals for insurance contracts from third parties and to bind the Insurer to such contracts.
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OCCURRENCE
An event that results in an Insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected nor intended by the Insured.