(See NEGLIGENCE and STRICT LIABILITY)ĪCCIDENT-an event that takes place without one's foresight or expectations a sudden and unintended event. Most property insurance policies contain provisions forbidding abandonment of property to the company altogether or without the company's consent.ĪBSOLUTE LIABILITY-responsibility without fault or negligence-e.g., liability arising from use of dangerous equipment or ownership of dangerous animals. For additional Life & Health Insurance terms and concepts see Get Acquainted with Life & Health Insurance.Ī | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | ZĪBANDONMENT-the owner of damaged property may seek to "abandon" his property to the company for the purpose of claiming a total loss. We' ve tried to avoid legalese in this glossary, so the wording of some of the following definitions is rather informal, but it is hoped that they will convey the meanings of terms as used in the insurance industry today.
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