Where two or more polices exist covering the same interest, there is double insurance. Each Insurer will contribute rateably towards the loss, in proportion to the amount for which he is liable under his policy.

In marine insurance, a clause detailing the minimum standards of vessels that carry cargo, failing which an additional premium is payable.

When two or more policies provide coverage, the excess policy would pay any thing after or above that which would be paid by the primary policy or primary insurance.

An Insurance Company which sells its policies through salaried employees (licensed agents) who represent it exclusively, rather than through independent local agents, who represent several insurance companies.

Liability which would not rest upon a person except that he has accepted responsibility by contract expressed or implied.

The amount set by the Insurer in his book of accounts for the settlement of outstanding claims.

A claim deductible. An amount or percentage specified in the policy which must be exceeded before claims are payable.

A loss which is a direct consequence of a particular peril. Fire damage to a refrigerator would be a direct loss. Spoiling of food in the refrigerator as a result of the fire damage would be an indirect loss.

Insurance against loss to buildings or specified structures during the course of their construction. Coverage may or may not include the material involved in their construction.

The documents required for presentation to the Insurer when the Insured wishes to make a claim under his policy.