Cause of a possible loss; for example: fire, theft, or hail.

The failure of either party to an insurance contract, to reveal to the other, any material fact or circumstance which is known or should be known to either. The offended party may avoid the contract.

The price for which something would sell, especially the value of certain types of assets, such as stocks and bonds. It is based on what they would sell for under current market conditions. For example, common stock market value would be the price of the stock as of a specified date.

In marine insurance, partial loss of the subject matter insured, caused by an insured peril.

An agreement by an Insurer not to subtract amounts for depreciation or wear & tear, from a claim presented for replacement ‘as new’, of insured property damaged or destroyed.

The cost of paying medical bills for physicians, surgeons, technicians, nurses or other medical personnel.

A loss under an insurance policy which does not either (1) completely destroy or render worthless the Insured property, or (2) exhaust the insurance applying thereto.

A document of value which is negotiable; it can be endorsed to give another party beneficial rights.

A circumstance is material if it would affect the decision of the Insurer to accept the risk, or in the rating of the premium. Non-disclosure of a material circumstance entitles the Insurer to avoid the insurance contract.

Protection and Indemnity; Protecting and Indemnity.