Any property of an Insured other than real property. Homeowner policies protect the personal property of family members, and commercial forms are used to protect many types of business personal property of an Insured.
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A risk, or subject of insurance, with insurable qualifications below the standard of risks on which the premium for the coverage was based. For example, a Life Insurance prospect with heart disease would be an impaired risk. See Substandard Risk. Contrast with Standard Risk.