Legal Terminology and Law Definition of Insurance Litigation

adjuster

An employee of an insurance company or an adjustment firm employed by an insurance company to investigate and assess the damage to property. Among adjusters duties are: to investigate, analyze, and determine the extent of insurance company's liability concerning personal, casualty, or property loss or damages, and attempt to effect settlement with … Full Definition »

Law topic: Insurance Litigation << Legal issue: Insurance Litigation

assigned risk

Assigned risk means a driver of a motor vehicle, or a class of such drivers, who would be denied insurance coverage by insurance companies, but are required to be covered under U.S. state law. Young drivers and drivers with poor driving record are undesirable customers for insurance companies. But most states have some kind of assigned risk plan to assure … Full Definition »

Law topic: Insurance Litigation << Legal issue: Insurance Litigation

broker

"Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. Each country and state has its own broker regulations. Broker usually acts as a liaison between a buyer and a seller, whether it is a house, an insurance policy or a business … Full Definition »

Law topic: Insurance Litigation << Legal issue: Insurance Litigation

casualty

A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. A sudden event is one that is swift, not gradual or progressive. An unexpected event is one that is ordinarily unanticipated and unintended. An unusual event is one that is not a day-to-day occurrence and that is not … Full Definition »

Law topic: Insurance Litigation << Legal issue: Insurance Litigation

face amount

The dollar amount to be paid to the beneficiary when the insured dies … Full Definition »

Law topic: Insurance Litigation << Legal issue: Insurance Litigation