The first person in whose name the insurance policy is issued.

Named perils are the specific dangers a policy insures you against – such as fire, windstorm, and hail in a homeowner’s policy, for example. These perils are “named” or listed in the policy.

Failure to use that degree of care which an ordinary person of reasonable prudence would use under the given circumstances. Negligence may be constituted by acts of either omission or commission or both.

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

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 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.

Notice which is a condition precedent to a claim for constructive total loss of hull or cargo in marine insurance.

A clause in an insurance contract which grants either party the right to cancel the insurance giving the required notice in writing. A refund of premium is normally given to the Insured.