![]() An insurance policy may be void ab initio when it has been discovered that the insured made misrepresentations on the application. Abandonment of property to an insurance company is something insureds are expressly prohibited from doing in most property polices.Ībandonment clause – A property policy provision that stipulates that the insurer need not accept any damaged property that the insured chooses to relinquish.Īb initio – Means from the beginning. ![]() “A” (or Judgment) Rates – Rates that are based on the judgment of the underwriter on an individual risk basis and not supported by loss experience.Ībandonment - A term that applies to property and signifies both a relinquishing of it and the letting go of all legal rights to it, as well, with the intent to claim a total loss. Just send it in via Ask the Experts, and we’ll make the update.Ī B C D E F G H I J K L M N O P Q R S T U V W XYZ ![]() If you are looking for a term that is not here, let us know and we will be sure to add it. ![]() As new coverages, policies and terms develop, or even if we update a term’s definition, the glossary will be updated. ![]() This is a comprehensive glossary of insurance terms. ![]()
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