DefinitionAll Risks Coverage — property insurance covering loss arising from any fortuitous cause except those that are specifically excluded. This is in contrast to named perils coverage, which applies only to loss arising out of causes that are listed as covered. Although many industry practitioners continue to use the term "all risks" to describe this approach to defining covered causes of loss in a property insurance policy, it is no longer used in insurance policies because of concern that the word "all" suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term "open perils" or "special perils" instead of "all risks." Show
Related TermsRelated ProductsCommercial Property (800) 656-9517 • (401) 728-3200 1401 Newport Avenue, Pawtucket, RI 02861 • 1085 Park Avenue, Cranston, RI 02910 (These are general explanation of the terms and your insurance policy definition of these terms will dictate their meaning for purposes of the policy.) Actual Cash Value. Accident. Additional Insured. Agent. Aggregate Limit. All-Risks Insurance. Amendment. Application. Appraisal. Assets. Assigned Risk. Basic Limit. Benefits. Binder. “Buy-Back” Deductible. Bobtailing. Business Auto Policy. Cancellation. Carrier. Certificate of Insurance. Claim. Claimant. Class (or Classification). Clause. Commercial
Lines. Commercial Package Policy (CPP). Contract. Collision Insurance Comprehensive Coverage. Covered Loss. Credit Report. Declination. Deductible. Drive-Other-Car Endorsement (DOC). Deductible Clause. Depreciation. Disability. Drive-In Claim Service. Earned Premium. Effective Date. Employers Nonownership Liability Insurance. Extended Non-Owner Liability. Endorsement. Estate Plan. Estimated Premium. Excess Insurance. Face Amount. Fiduciary. Financial Statement. First Named Insured. First Party Insurance. Financial Responsibility Clause. Fleet
Policy. Form. Garage
Coverage Form. Good Student Discount. Hazard. Hired Automobile. Indemnify. Indemnity. Independent Agent. Inspection Report. Insurability. Insurable Interest. Insurance. Insurance to Value. Insured. Insurer. Lapse. Lapsed Policy. Limits. Line of Business. Livery Use. Loss. Loss Payee. Lost Policy Release. Malicious Mischief. Motor Vehicle Record (MVR). Market Value. Monoline Policy. Moral Hazard. Morale Hazard. Named Insured. Named Non-Owner Policy. No-Fault Insurance. Nonowned Auto. Negligence. Nonrenewal. Notice of Cancellation. Occurrence. Other Insurance Clause. Package Policy. Physical Damage. Peril. Personal Lines. Personal Property
of Others. Physical Hazard. Policy. Policy Anniversary. Policy Period (or Term). Premises. Premium. Primary Coverage. Proof of Loss. Rate. Renewal. Return Premium. Risk Management. Risk Retention Groups. Self-Insured Retention (SIR). Settlement. Short Rate Cancellation. Specified Causes of Loss. Single Limit. Split Limit. Subrogation Clause. Term. Total Loss. Underinsurance. Underwriter. Underinsured Motorists Coverage. Unearned Premium. Waiver. We/Us/Our. You/Your. What is the term used when an insured is to be placed in the same financial position after a loss as they enjoyed before the loss?Indemnity. Financial compensation sufficient to place the insured in the same financial position after a loss as he enjoyed immediate before it occurred. Indemnity relies heavily on evaluation and valuation and indemnity must not exceed the value of the subject mater just before the loss.
What is double insurance and reinsurance?A policy is an insurance contract. In the case of re-insurance, the cedant is the insurer who buys the insurance and pays a premium to the reinsurer. Double insurance, on the other hand, occurs when a person or business has two insurance policies for the same item running at the same time.
What is insurance risk?Insurance risk is the risk that inadequate or inappropriate underwriting, product design, pricing and claims settlement will expose an insurer to financial loss and consequent inability to meet its liabilities.
When the same risk is insured with two or more insurers then it is known as principle of?Concurrent insurance is when there are two or more insurance policies that provide coverage for the same risks over the same period of time.
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