Glossary Of Terms

This glossary explains terms that are used in a number of risk management guides and in legal, emergency medical and dance insurance cases throughout the risk management industry. It should be considered a useful guide anytime that you are unsure of the meaning of a term as directed at you or your company. These terms may help you better understand dance insurance. This guide does not replace the advice, nor should it ever be used to replace, a legal professional or attorney.

Avoidance: Responding to a specified risk by deciding not to perform an act or deed. Will help you protect your dance insurance

Accident Medical Coverage: The dance insurance coverage for medical bills that are brought on by an injury that happened during an insured project. Normally this is written on top of other medical insurance benefits that the injured party already has available to them. Coverage is only relevant to the injuries received while the person is taking part in your insured activity.

Accidental Death & Dismemberment: This type of dance insurance coverage is for the accidental death of a participant in an insured project, or for the loss of one or more limbs incurred during the activity.

Aggregate: The maximum amount of money that a dance insurance policy will pay out for expenses incurred throughout its dance insurance policy period, as specified in the dance insurance policy documents. While aggregate limits are often seen in General Liability dance insurance policies, they are generally only seen in property added to your dance insurance with regards to some types of catastrophic exposures like flooding or earthquakes. Several aggregates may appear in one dance insurance policy. One type is a policy aggregate, which is the maximum amount that the policy will pay for all of the coverage’s for all expenses sustained during the term of the policy. There is also a coverage aggregate, which indicates the most that a specific coverage will pay out for losses incurred during the dance insurance policy period.

Application: This is a survey, generally completed by the person who is seeking a quote for coverage from a dance insurance company, although it may be completed by the person’s representative, like an agent or a broker, as well. It contains questions relevant to the insuring company’s ability to determine the risk and underwrite the exposure associated with the type of dance insurance coverage that is being asked for. There could be several applications, based on the amount of dance insurance that is desired. Applications, especially those in Personal Insurance policies, will generally become an element of the insured party’s policy.

Assumption of Risk: An agreement whereby the legal liability of one party to the contract is taken on by the other contract signatory. This may come into play with your dance insurance.

Audit: Made for the purpose of determining the integrity of the recordkeeping of an individual or organization, an audit is a thorough investigation of the account books, records and vouchers of said person or group. Usually your dance insurance will not come under audit.

Automatic Additional Insured: This is an aspect of the dance insurance policy that allows for your coverage to extend to certain people or groups which have an involvement with your organization, without them necessarily being included by name on the dance insurance policy. This usually applies to people like landlords or those leasing your property, or to groups like municipalities and to equipment.

Automobile Liability Coverage: This is a policy of protection for the insured against the risk of loss stemming from liability if their vehicle causes damage to property or injury to another person. This includes Bodily Injury Liability, as well as Property Damage Liability. Usually does not apply to your dance insurance

Automobile Physical Damage: These cover the Collision and Other Than Collision clauses in an Automobile Insurance policy. Mostly does not apply to dance insurance.

Best’s Rating: The system that is used to rate dance insurance companies, as formulated by the insurance industry’s ratings agency, the A.M. Best Company. Ratings go from A++, indicating superior service, to D, which is considered below the minimum standards. Companies which are under state supervision or which are in liquidation are rated with an E or and F. These ratings are a reflection of A.M. Best Company’s ranking of the dance insurance firm’s financial footing and how its performance and operations measure up to the accepted standards within the dance insurance industry.

Bind Order: An agreement, whether oral or written, by the insured party of a company’s quotation of dance insurance.

Binder: A document showing an insured party’s protection, valid only for a certain amount of time, until such time that the full dance insurance policy can be issued. The binder gives a synopsis of the coverage that will be offered by the dance insurance policy, as well as relevant information like its limits of the dance insurance and dance insurance coverage.

Blanket Coverage: This is a document that allows for more than one piece of property to be insured under one payment, rather than each of them being charged and paid on an individual basis. We do not offer this with dance insurance

Bodily Injury Liability Insurance: Protection for the insured against any legal action against them in the case of injury to another person due to an accident or other event.

Boiler & Machinery - Mechanical Breakdown: Coverage for the mechanical breakdown of equipment or property which is not normally covered under any dance insurance policies. This type of insurance offers protection in the instance of a catastrophic loss of property, as in a boiler explosion or a costly mechanical failure of equipment that is necessary for your business. This covers not only steam boilers and vessels, but equipment for refrigeration and air conditioning as well. Other relevant machinery that could be covered by this policy might include engines, pumps, generators, transformers and piping. Not with our dance insurance.

Bound: This is simply the past tense of the term “bind,” which indicates that a quotation of dance insurance coverage has been accepted by the party seeking dance insurance.

Business Income: Protection against a loss of the income associated with the closure of the insured’s business due to a cause that has been specified within the policy if added to the dance insurance. This coverage generally includes payment for necessities like computer cleanups, a temporary operating space and reconstructing the accounts receivable database of a company, as well as other of expenses stemming from a business closure if added to the dance insurance. This would be in addition to your dance insurance.

Business Interruption Insurance: Refer to the Business Income entry above. This would also have to be added to your dance insurance.

Cancellation: The termination of a dance insurance policy prior to its expected date of expiration as stated on the dance insurance policy.

Carrier: This is the dance insurance company or another party who has agreed to cover the insured party’s losses.

Casualty Insurance: This type of dance insurance policy may also be referred to as liability dance insurance and generally provides coverage against the legal liability of the insured party for injury to others and damage to property. Other coverage's, like automobile, worker’s compensation and general liability, as well as plate glass, theft and personal liability, might also be included

Citizen Responder: A person without special training or medical knowledge who stops to help during an emergency situation, such as in an accident or a disaster. This may apply if a claim is made against your dance insurance.

Claim: A written notice of demand for payment of losses for the death, injury, sickness or disability of a patient due to the inaction or incompetency of a physician. A claim against your dance insurance may come in a number of forms, including as a lawsuit, an arbitration proceeding or a screening panel. This is when you need dance insurance

Claims-Made Form: A dance insurance policy which protects against claims made to the carrier during the dance insurance policy period. After a dance insurance policy’s expiration date, claims which are presented to the carrier will not be paid, regardless of whether the claim actually occurred while the dance insurance policy was active.

Claims Reserves: In a claims-made dance insurance policy, there is a claims reserve fund which is held in order to ensure the coverage of claims that have been filed with the company, but that have not reached a point of resolution. In an occurrence dance insurance policy, there is an extra reserve that is put aside for events that may have happened during the policy year, but that were not reported and where it is assumed that they will be reported after the end of the policy year. Companies which undervalue their claims reserves risk future financial strains, while those which overvalue their reserves could face claims of requiring needlessly high premium charges.

Coinsurance: This aspect of property coverage with dance insurance policies require that the insured party have an amount of insurance which is equal to a specified percentage of the property’s assessed value in order for the insured to collect full payment of expenses adding up to the amount of the contents added to dance insurance policy. Payment otherwise will be a percentage of the full loss, or penalty. The percentage is decided on by the dance insurance firm and it is determined based on the amount of dance insurance that is taken in comparison to the amount that should have been purchased.

Collision Insurance: This policy covers the expenses sustained to the insured party’s vehicle due to a collision with another automobile or other item, regardless of whether or not it was the fault of the policyholder, with the exception of cases where it was a willful act by the insured. Not with dance insurance

Combined Single Limit: The coverage limit for a dance insurance liability policy which combines Bodily Injury and Property Damage into one amount rather than two on the dance insurance policy.

Commercial General Liability Policy: Commonly called a CGL, this type of dance insurance policy offers wide spectrum coverage for cases where a company has to fight lawsuits or is required to pay damages for the injury to another person or for damage to property. There are two basic forms of dance insurance coverage in the CGL, which includes a claims - made form and an occurrence form that extends the length of the reporting period. Coverage's may include Bodily Injury and Property Damage Liability, Medical Payments, Advertising Injury Liability and Personal Injury, as well as Products and Completed Operations coverage when it is necessary. Unless it has altered or revised, the aggregate limit is applied to the first three coverage's, with a separate aggregate applied in the Products and Completed Operations coverage. Protection is offered for the majority of the premises, personal injury, completed operations, products and contracted liability risks of a company. The CGL may be purchased as a policy by itself or in addition to other forms of coverage, such as Inland Marine, Property and Commercial Auto policies.

Commercial Multi-Line Policy: A bundled policy which covers a broad range of necessary property and liability forms of coverage for businesses. We do not have with our dance insurance

Comparative Negligence: The rule used in cases of accidents in order to ascertain the negligence and responsibility of all parties involved, for the purposes of determining appropriate damages. This would come into play if a claim is made against your dance insurance.

Compulsory Auto Liability Insurance: A minimum amount of automobile liability insurance is required in many states, in order to cover bodily injury and damage to property by the driver of the vehicle. Really not part of dance insurance.

Conditions: The terms of the dance insurance policy which declare the duties and the rights of the both the insured party and the dance insurance company.

Consent: The victim’s agreement to receive care from a rescuer. It could come up as part of a claim against your dance insurance.p>

Contract: A written agreement between two parties to conduct some type of a transaction, which is formulated in legal terms.

Contractual Liability Insurance: Gives protection against claims stemming from a liability which has been taken on by the insured party through a written or verbal agreement. Not part of our dance insurance.

Contributor Negligence: - An aspect of common law wherein if an individual has been hurt due at least in part to his or her own negligent behavior, then the injured person could not expect to collect compensation for damages from another person who was the alleged cause of the accident. If a claim is made against your dance insurance this may be an issue

Coverage: The type or types of protection that a dance insurance policy will provide under its contract, which could include any number of risks as listed on the dance insurance policy.

Covered / Insured Peril: The events that an insured party is protected against with their contends added to dance insurance policy, including perils like theft, lightening and fire.

Crime: Contents coverage with dance insurance that is intended to protect a person from financial and other losses which are caused by theft or worker dishonesty.

Damage to Premises Rented To You: General Liability policy with this protection will cover damages to buildings that you are renting, but that are unoccupied, as well covering an event like an explosion or a fire while it was rented by you or while you were temporarily occupying in with consent from the rightful owner, but only to the amount stipulated within the policy’s declaration. You have to add this to your dance insurance.

Declarations: The section of the dance insurance policy which describes the name of the insured party and their address, the effective date and term of the dance insurance policy, the applicable coverage's that they have selected, as well as the amount of the dance insurance and of the premium for the dance insurance.

Deductible: A stipulation in an dance insurance policy which states the amount that the insured party will be expected to pay before the dance insurance company becomes responsible for damages in excess of that amount stated on the dance insurance policy.

Defendant: The individual or organization that is either sued in civil courts or charged with criminal acts by a prosecuting attorney. This party might also be referred to as a respondent. If a claim is brought against your dance insurance.

Directors & Officers Liability: Intended for those serving as the director or officer for a board, corporation or a non-profit group, this type of coverage offers insurance against claims which come up due to the financial responsibilities which are owed to the corporation itself, as well as the shareholders or any other parties from the violation of some statutes or from fraudulent or deceitful acts.

Duty of Care: An obligation that an individual’s behavior toward other people and the public in general is as watchful, attentive, cautious and prudent as could expected by a reasonable person in such circumstances. If an individual’s behavior doesn’t meet this standard, their acts can be labeled negligent, which can result in a claim for damages sustained due to their negligent acts. It may come up in a lawsuit against your dance insurance.

Earned Premium: The portion of the full dance insurance policy premium that was earned by the dance insurance company and which is applied to the expired segment of the period of the dance insurance policy.

Emergency: Any circumstance where action is required immediately.

Emergency Action Steps: The three fundamental steps that a person should follow in an emergency situation, which are to check, call and care. You should have this for your steps to better protect your dance insurance.

EMS Professional: Trained and equipped community-based personnel often dispatched through a local emergency number who provide emergency care for ill or injured victims.

EMS System: Local emergency personnel who are specially trained and equipped to provide help for anyone who is sick or injured. They are normally reached and sent out through a local emergency number.

Emergency Medical Technician (EMT): An individual who has attended an emergency medical technician training program that is approved by their state. There are three tiers of EMTs which include EMT – Basic, EMT – Intermediate and EMT – Paramedic.

Employee Benefit Liability: This insurance will protect an employer from a claim by workers or former workers incurred due to negligent behavior or gaps in the management of the company’s employee benefits plan. An Employee Benefit plan often includes things like group health, life and disability insurance, profit sharing programs, employee stock options, workers’ compensation and unemployment insurance and social security benefits. We do not have this with our dance insurance.

Employers’ Liability Insurance: Offers coverage for employers in the event of an employee being injured or becoming ill while working for them, for damages which are not already covered in the laws governing workers’ compensation benefits. Not with dance insurance.

Endorsement: An extra written document, not included in the first dance insurance contract, which states any new terms or conditions, as well as any changes, and which ultimately becomes attached to the dance insurance contract. Riders, which are similar to endorsements, are used to accomplish an addition to a personal line dance insurance policy.

Employment Related Practices Liability: This coverage will defend you and pay expenses that you have sustained due to accusations of wrongful employment practices like harassment or discrimination, or of negligent decision-making when it comes to hiring or employment. Dance insurance does not cover this.

Errors & Omissions Liability: protection designed to offer defense and compensation for losses that you are responsible for to a third party, due to you or your company’s wrongful deeds, which are errors or omissions that are committed exclusively in the doing, or not doing, a professional service. This is different than in the Directors’ & Officers’ coverage, which is confined only to those individuals, whereas this type of coverage's will generally be written for the business or the group. Dance insurance does not have this

Excess / Umbrella: A liability insurance which can offer coverage of anywhere from one underlying policy to a number of separate underlying policies. The payouts from this policy won’t be available until certain other underlying policy limits are depleted or no longer available. In a case where underlying policy limits are not an option and where it is not excluded from the Excess / Umbrella coverage, this type of policy becomes the primary responder. Dance insurance is a different kind of coverage.

Exclusion: A condition in the dance insurance policy that restricts coverage for specific risks, individuals, sites, or properties.

Extra Expense: Coverage that is meant to cover the excess expense of regular operating costs which are sustained by a company so that it can continue to operate with as little disruption as possible after it has suffered a direct loss of property. This insurance is not intended to serve as a substitution for Business Income, or interruption coverage, as it doesn’t offer any monies for a loss of income, regardless of attempts to sustain regular operations. This would have to be added to your dance insurance.

Exposure: This word is used in the dance insurance industry in many different aspects. It could be related to the potential for loss, the potential for loss as determined by the kind of construction, the location or the value, or the potential for loss that is conveyed to an dance insurance hazard due to its surrounding environment. It could also be related to a unit of measure that takes into account the scale of the risk that a company takes on, like hosting 100,000 people at one venue.

Fire Damage Legal Liability (Damage to Property Rented to You): Found in the Commercial General Liability coverage documents, this protection added to your dance insurance offers protection for damages to any property which you rent, so long as the damage was due to a fire. It is provided at a different limit than the property damage liability limit and it is generally a lower amount.

Fire Insurance: This coverage will give protection to the insured party from damages due to the fire and lightening incidents. This is also an add-on to dance insurance.

First Responder: An individual who has received specialty training in emergency care and who might be required to provide medical or other emergency care as a normal aspect of their job, whether they are a police officer, firefighter or EMT.

Fleet Policy: Automobile policies which cover a group of vehicles that are owned by one person or organization. Does not come into play for dance insurance.

Floater: A type of coverage that is applicable to mobile property, regardless of its locale, so long as it remains within the limits which are stipulated in the dance insurance contract, effectively “floating” with whatever it is insuring.

Flood Insurance: Protection not a part of dance insurance which covers the expenses of a flood event, and which is available on a large-scale basis due to a plan developed by the insurance industry in collaboration with the U.S. government in 1968.

Garage Liability: A policy which defends mechanical garages, gas stations, car rental agencies and car washes, as well as car, truck and RV dealerships from losses due to the company’s management or from vehicular use or sales against claims that alleged injury or damage to property stemming from the negligence of the driver. Nothing to do with dance insurance.

Garagekeepers’ Liability / Garagekeepers’ Legal Liability: Part of the contract which offers protection for garage owners and operators for against the risk of damages or liability for vehicles in his care and that are damaged, whether by the insured or another event. It is either purchased as a portion of the original insurance document or as distinct endorsement. Won't apply to dance insurance.

General Liability Dance Insurance: This a general phrase that means liability dance insurance, not including auto or employers’ liability, that is meant to protect against risks assumed by commercial and professional endeavors. With regards to commercial liability, there are a number of different coverages that are available to cover risks such as premises and operations, as well as products operations and contractual liability. It is a type of dance insurance which is intended to shield owners and managers of companies from a broad field of liability risks. They might include responsibility for an accident on the premises or due to the operations of the company or of the goods that they provide.

Glass Insurance: Coverage added to dance insurance to provide protection for the expense of repairing or replacing glass and is accessories.

Good Driver Plan: The system that is used by auto insurance companies to reflect an insured party’s record of accidents and traffic violations in their premium. Not with dance insurance.

Good Samaritan Law: An individual who, with good intentions, attends to a victim in an emergency situation or provides medical assistance to a person who has been injured in an accident or disaster, who does not expect to receive compensation for their services and not committing gross negligence during their performance of such services or care. Doesn't really apply to dance insurance.

Gross Negligence: Reckless or careless disregard for the safety of oneself and other people, or disregard for human life which is so apparent that is would appear as a willful violation of the right to safety of others. This may be part of a lawsuit against your dance insurance.

Hazard: A situation or circumstance that could result in damage or loss of property or injury to a person or persons. One example would be smoking a cigarette in bed, which would substantially increase the odds of loss of life or property damage due to fire.

Health Insurance: The two main categories of Health Insurance are a) insurance for disability income which cover the loss of income as a result of a disability, or b) insurance which covers the medical expenses sustained due to injury or disease. Both types will normally cover the losses stemming from accidents and illness. Accidental health insurance does not, however, pay for medical expenses related to sickness. Not a part of dance insurance.

Hold Harmless: An obligation to cover any claims or expenses which may stem from an agreement. This is usually attached to a settlement agreement, wherein one party has reason to believe that there could be undisclosed lawsuits pending or unknown claims on the horizon, so an agreement is reached that the other party will be responsible for them if they do come up.

Implied Consent: The legal rationale which presumes that an individual would agree to have emergency care performed on them in the event that they are not physically capable of doing so. Could come up in a dance insurance case.

Improvements and Betterments (Tenants): Insurance which shields a tenant or the renter of a property from the expenses incurred due to a stated cause of loss, from improvements that they have made to the premises in which they live. The term Improvements and Additions might also be used to describe this type of coverage.

Indemnity: This typically refers to the reimbursement for a loss, but the term could also be in reference to a benefit which is being offered by the dance insurance policy.

Independent Agents: These are dance insurance agents who can sell from a number of competing firms. They buy the dance insurance from a broker or an underwriting facility or, in some cases, directly through the dance insurance companies themselves.

Inland Marine: Sometime called a floater, this coverage is simply property coverage added to your dance insurance for property risk exposures that cannot be restricted to one site or to a set form, for a number of different reasons. It can cover portable property, the instruments of communications and transportation systems like roads, bridges and radio towers, as well as the liability associated with bailees. It could also cover equipment used for electronic data processing. This would all be listed if your added this to your dance insurance.

Dance Insurance Brokers: These professionals do the same thing that Independent Dance Insurance Agents do in that they are able to represent insured parties, but they can also offer coverage for Independent Dance Insurance Agents, as well as Underwriting Facilities and Dance Insurance Companies.

Dance Insurance Companies: These are the insurers which you are under contract with whenever you sign a dance insurance contract. With regards to sports and recreational coverage, a good number of dance insurance companies opt to rely on specialty Underwriting Facilities to provide the dance insurance coverage.

Insurance to Value: Writing the contents with dance insurance policy for an amount that is tied to the actual value of the insured property.

Insured: The party who is covered by a dance insurance policy with an dance insurance contract by the dance insurance company.

ISO: This refers to the Insurance Services Office, Inc., which is a group that is comprised of nationwide insurance firms and that is the most prominent rating organization in the country. ISO covers many different types of insurance, from fire and crime to automobile and homeowners. It deals in personal and commercial insurance, and in liability and property insurance as well. The focal point of ISO is standardized insurance industry rates and forms throughout the nation.

Kidnap and Ransom Insurance: These policies are written for banks and other financial institutions, as well as for corporations, and it covers specified workers for determined individual or aggregate payouts for ransom, featuring deductible that dictate that the insured party take part in roughly 10% of losses. This is not with dance insurance.

Knowledge of Occurrence: In most dance insurance policies, this term is used to describe the moment the knowledge of an incident was known to an insured individual. The way that it is worded in a policy document is generally as such: Knowledge of the occurrence, claim or suit by the agent, servant, or employee of an insured shall not in itself constitute your knowledge unless one of your officers, managers or partners have received notice of the occurrence, claim or suit. Failure by the agent, servant or employee of an insured (other than an officer, manager or partner) to notify us of an occurrence shall not constitute a failure to comply with the provision in your dance insurance policy.

Legal Liability to Participants: Dance insurance coverage which protects the insured against claims by those who are rehearsing or participating in a sports or athletic competition. This type of dance insurance shields the holder of the policy in the event of a lawsuit by a participant in an exhibition or venue that the insured party is in control of, or which they promote or sponsor.

Liability: When an individual or organization is liable, either civilly or criminally, for the behavior of its members, employees, or of themselves. This is in terms of claims against dance insurance.

Liability Limits: The specified amount above which dance insurance is no longer responsible for protecting the insured party as stated in the dance insurance policy.

Limit: The highest amount that dance insurance will pay in case of a loss as stated in the dance insurance policy.

Line of Insurance: A certain type of insurance offering specific coverage.

Litigation: The progression of a lawsuit made against your dance insurance.

Liquor Liability: Liability insurance which offers protection for the injury to a person or damage to property for which one may be held responsible if you caused or contributed to a person’s intoxication by alcohol, furnished alcohol to a minor or an intoxicated person, or violated a statute or other law related to the consumption or sale of alcohol. This coverage is applicable to those who participate in the manufacture, sell or distribution of alcohol, or who serve it for money, regardless of whether a license is required or what the money is for. It is also applied in cases where the alcohol is being served free of charge, but where a license is needed for the practice. We do not have this with dance insurance

Loss: An event that is the premise for a claim being submitted and/or paid from the dance insurance. Losses may be excluded, limited or covered dependent upon the dance insurance policy’s stated terms.

Loss Control Representative: An employee or a subcontractor or the insurance company who is in charge of performing loss control surveys that are needed for the purposes of underwriting and who then write up the loss control reports that summarize their determinations.

Loss Experience: The record of losses of either an insured party of a specific type of coverage like dance insurance.

Malpractice Insurance: Protection given to a medical or legal professional, or to any other worker who might be susceptible to accusations of malpractice, against claims for losses that are a result of their alleged carelessness in their dealings with the insured party. Obviously not needed for dance insurance.

Marine Insurance: See the entries for Inland Marine or Ocean Marine Insurance. Not with dance insurance.

Medical Emergency: Any illness or injury which necessitates immediate medical assistance.

Medical Expense Payments: A coverage which is offered under a General Liability dance insurance policy. It promises to reimburse the injured person for medical expenses or funeral costs which were sustained due to an accident that meet the specific terms covered in the dance insurance policy, whether the insured party is liable for the incident or not. There is a maximum limit stated in the dance insurance policy that represents the most that the insurer will pay out in benefits for one person.

Medical Payments Automobile Insurance: In states other than those which operate as no-fault states, this coverage offers to pay the medical, hospital and funeral costs that are the result of an auto accident, whether or not the insured party is liable for the accident and is considered first-party coverage. Not for dance insurance

Minor: Anyone under the age of 18 or 21, depending on the laws of individual state governments.

Multi-Peril Policy: A bundled insurance policy which offers coverage for several different perils. These are not, however, automatically multiple-line policies, due to the fact that all of the perils could be on one line of insurance, like a property line. Dance insurance is not multi-peril

Multiple-Line Policy: A bundled policy that brings together coverage's from the property and liability insurance lines. Dance insurance is not multi line

Named Perils: Protection against expenses incurred due to the specified perils as opposed to those costs which stem from physical loss. Perils that might be named in the contents with your dance insurance contract are theft, smoke, fire, hailstorm, etc.

Negligence: A provision that is based on the notion of dutiful care and preventability of accidents, as well as the ability to foresee a dangerous event. This could come up if your dance insurance is used..

Occurrence: This could refer to a specific event or to the consistent or repetitive contact with conditions which could be labeled as harmful in the dance insurance policy.

Ocean Marine Insurance: This type of policy covers all types of boats and vessels, from their liabilities to protection for the goods that they are carrying. Obviously not with dance insurance.

Other Than Collision Coverage: Insurance to protect against the cost of repairing damages to an insured vehicle, often referred to as Comprehensive Auto Coverage. This first-part coverage may offer payment for damages due to hail, wind, fire, theft or vandalism. For vehicles not dance insurance.

Partial Disability: An injury or disability which keeps the victim from some of their work duties, but not all of them.

Peril: Any potential cause of damages or losses, from theft and riot to explosion, fire or weather events. Would apply if you added contents coverage to your dance insurance.

Personal Injury Liability Insurance: Dance insurance against the liability for property damage stemming from a false imprisonment or arrest situation, or from the malicious prosecution of an individual. Other offenses that could be covered include libel, slander, invasion of privacy and wrongful entry.

Personal Injury Protection (PIP): In no-fault states, the segment of the automobile insurance contract which provides for the medical expenses of the injured driver or passengers due to an accident in the insured party’s vehicle. For auto not dance insurance

Personal Lines: Policies which are written for a person or for a family, as opposed to those that are written for a company. Dance insurance is not for personal lines.

Plaintiff: A person or group which files a complaint through a court clerk, which is the beginning of a lawsuit against a defendant or defendants and which requests financial compensation, a specified act by the defendant or the court, or for the court to determine who owns certain rights. The person who brings suit against your dance insurance.

Dance Insurance Policy: A word typically to describe the written documents that make up a dance insurance contract.

Policyholder: The individual or company whose name is on the page of the dance insurance declarations with the heading “policyholder” or “named insured” and the one who owns the dance insurance policy.

Pollution Insurance: A policy which shields the insured party against a loss of property or from liability in the case of damages associated with pollution, which may stem from soil, water or air contamination due to pollutants in any form, whether gas, solid or liquid. Not contained in dance insurance

Pre-Existing Condition: An illness, injury or other ailment which existed before the start of the insurance policy. Does not apply to dance insurance

Premises: The buildings, other structures and land where the insurance protection is applicable. It is usually described and defined in the property casualty policy.

Premium: The payment that the insured makes to the dance insurance company in exchange for the dance insurance policy.

Premium-to-surplus Ratio (P/S): This ratio, which should not be higher than 3:1, describes the net written premium to the surplus, reflecting a business’ financial health and its future well-being.

Premium-to-surplus Ratio (P/S): The ratio of net written premium to surplus. This ratio reflects a company’s financial strength and future solvency. The ratio should not exceed 3:1.

Product Liability: The manufacturers’, distributors, or sellers’ responsibility to produce and sell goods which are not defective or harmful to any person or group of people, as well as the obligation to live up to said responsibility in the event that they do produce or sell a defective product. Dance insurance does not cover this.

Professional Liability: Part of dance insurance designed for professionals in a wide range of industries and job titles that could be at risk of a claim of liability due to a failure to properly perform their professional duties or to conduct themselves in a professional manner, as well as from poor judgment or from important omissions.

Profit or Loss: A combination of investment income, taxes and operating costs, along with the results of underwriting, are used to determine a profit or loss. An actual profit is the result of underwriting profit as well as any investment income that is higher than the expenses, taxes and losses. Meanwhile, an actual loss is the consequence when the investment income doesn’t make up for the underwriting loss, taxes and associated costs. In order to offset an actual loss, the company must draw on its surplus. A company which is selling assessable policies is able to place the burden on their policyholders in order to make up for the loss.

Proof of Loss: A written document which the insured party presents to the dance insurance company as a way to provide proof of the claim so that its liability can be determined by the dance insurance company.

Property Damage Liability Coverage: Part of dance insurance that shields the insured from losses due to liability stemming from destruction of another person’s property.

Property Insurance: This type of policy added to dance insurance offers coverage for the loss or damage of the insured party’s property, which is due to one or more of the specific perils which are listed in the policy documents.

Property / Casualty Policy: This is one of three broader categories of insurance, the other two of which are Surety & Bonds and Life, Health and Accidental coverage. Property & Casualty Insurance deals with lines of insurance like Liability, Worker’s Compensation, Property and Crime. It is sold on both personal and commercial interests, with personal insurance covering things like Homeowners and Personal Automobile plans, as well as Personal Umbrellas, while commercial insurance covers Commercial Property and General Liability plans.

Proximate Cause: This is the primary reason for damage or loss to property, which can be viewed as a continuous chain of events leading from an insured peril to the destruction to the property. One example might be of damage from weather that is the result of the efforts of firefighters to save the structure, since the fire was the primary reason for the loss.

Public Liability Coverage: Often used interchangeably with the phrases General Liability dance insurance or Commercial General Liability, this is a term that is used to refer to any dance insurance which protects against the risk of liability, with the exception of those related to employees, or of those that stem from the use of motorized transport, like a car, plane or boat.

Purchasing Group: This is a group which provides dance insurance policies to a cluster of business’s with similar operations, risks and potential for risk.

Rain Insurance or Cancellation Insurance: Protection from losses stemming from rain, snow, hail or sleet, and which reduces the amount earned or forces the cancellation of an event that is to be held outside. Dance insurance does not apply

Rate: The charge per item when calculating dance insurance premiums.

Reduction: The reduction of a person or group’s exposure through steps which are taken with the intentions of either controlling the possible losses or to cover it financially.

Reinstatement:When a dance insurance policy that has been allowed to lapse is put back into its full effect by the dance insurance company.

Reinsurance: Many primary insurance companies only cover a portion of the risk on their policies, with the rest of it covered by a reinsurance entity, which guarantees the excess of the policy up to its limit. A company which covers less primary risk will be required to pay a higher premium to the reinsurer in order to cover whatever amount is left over. Smaller businesses can very often only cover a small percentage of the liability limit, which results in higher payments for premiums to the reinsurer, while bigger companies are able to cover a higher amount, thereby decreasing the amount of the payments they must pay to reinsurers and passing the savings onto their clients.

Retention: A reserve which is lumped into the budget of a project in order to pay for unexpected necessities.

Risk Assessment: A procedure which is a highly-detailed analysis of a specified risk in order to calculate the possible monetary damage and other types of harm which could be faced if the risk is left unattended. There should also be a cost-benefit analysis of the level of potential harm in relation to the possible benefits of completing an act or an improvement.

Risk Control: Putting some controls into position on a task in order to reduce the amount of risk associated with the act. Having risk control will help protect you and limit the use of your dance insurance.

Risk Financing: Through purchasing extra insurance or through installing a contingent plan in the budget of a project, this is a way to pay for a potential loss.

Risk Identification: A thorough analysis of the potential exposure to risk within a task or event.

Risk Management: The system that is used in identifying possible risks and the use of it in an attempt to bring the amount of risk down whenever possible in a safe and rational manner. This will limit exposing your dance insurance.

Risk Purchasing Group (RGP): RPGs are a product of the U.S. government’s 1986 Risk Retention Act and is a group of insurance buyers who share a common interest, as in a medical or legal professional society, and who are formed with the intention of buying group liability coverage. This is different from a Risk Retention Group in that an RPG is not an insurance company. Because RPGs buy their insurance from an insurance carrier, there are no required capital contributions to join and the firm that the group is buying from doesn’t have to be licensed in each state. The insurer is required to show the amount of premium that the group generated in every state, however, on its annual statement with the National Association of Insurance Commissioners. Medical practitioners who are thinking about buying their insurance through a Risk Purchasing Group should ask about the financial health of the insurer that is selling coverage to the RPG. purchasing group.

Risk Retention Group: The federal government’s Risk Retention Act of 1986 created RRGs, by allowing them to operate as an insurance company, as long as they observe the laws governing insurance in a minimum of one state. Upon signing on with an RRG, a medical practitioner is generally asked to pay a capital contribution on top of their yearly premium for insurance. RRGs operate following the insurance laws in the state in which it is based. When an RRG is managed and capitalized correctly, it is often a practical alternative to individual insurance. Due to a lack of strenuous regulatory oversight, however, there are many RRGs which are inappropriately capitalized and mismanaged, charging premiums that are not adequate. This has resulted in failures that could cost many of the members of the RRGs their insurance. Each Risk Retention Group must file a yearly financial statement through its home state and in any state in which it is operating. Physicians who are contemplating an insurance purchase from an RRG can review these statements to help them determine the viability of the group. They can also investigate the standards to which the state that they are based in hold the group and how carefully they are monitored to make sure that the RRG is capable of meeting its responsibilities as an insurance provider.

Schedule: This is a written account of the property which is covered by a given contents added to your dance insurance policy and how far that coverage extends as stated in the dance insurance contract.

Self-Insurance: This a type of financing for risk wherein a company takes on the responsibility for all or a portion of its losses itself. A self-insured party may take on additional insurance in order to cover higher losses.

Severity: The scope of the damage from an accident or incident as it relates to your dance insurance.

Standard of Care: A determined standard that a group or individual is expected to provide for a person or group who are participating in a project or an event.

Statute: An act of Parliament or of a local assembly, which might include things like the Occupiers’ Liability Act or the Liquor Act.

Strict Liability: The automatic assumption of responsibility for loss or damages stemming from the possession or use of dangerous materials or equipment, from explosives and weapons to wild animals and venomous reptiles. This is similar to the res ipsa loquitur doctrine of law which states that the control, ownership and damages are enough to hold the owner/operator liable.

Subrogation: This is an aspect of law that is built in to insurance policies which allows the insurer to attempt to recover the money that they paid to one of their insured clients from another person who is legally responsible for the loss.

Theft Insurance: Contents added to dance insurance coverage for the cost of replacing property that was lost due to the burglary, larceny or robbery in relations to the limits of the dance insurance contract.

Third Party: The individual or party which files a claim against the liability insurance of another group or person.

Tort: This is a civil offense, which may come in many forms, such as trespass, slander or negligence. A civil tort action may be initiated without a criminal act having taken place. If this come about you will need dance insurance.

Transfer (risk control perspective): This is the process of transferring an item with a potential for risk to another party.

Transfer (risk financing perspective): The process of transferring the burden of financial responsibility associated with a potential exposure to risk to another party.

Umbrella Coverage: See the entry for Excess / Umbrella Coverage. Is not a part of dance insurance.

Underwriter: The dance insurance company employee that is responsible for selecting risks, they are generally expected to choose companies which will not provide a risk higher than that which is anticipated for its type of business. A “field underwriter” is referring to a field agent or dance insurance representative.

Underwriting Facility: These facilities will normally have a specialty within one segment of dance insurance services. Dance insurance brokers as well as independent dance insurance agents may place their business with an underwriting facility, which are much like dance insurance companies since they do determine the cost and amount of coverage necessary and they also perform dance insurance policy issuance in the name of the dance insurance company.

Underwriting Results: This sum is determined by subtracting the amounts paid out and reserved for costs and losses from the total earned premiums, which gives you the amount of profits or losses for an dance insurance company. Underwriting profit is any amount that is leftover. If the earned premiums are less than the deductions, it is considered an underwriting loss. Investment income is not included in the underwriting results.

Unearned Premium: The segment of the dance insurance premium for property and casualty dance insurance which is applied to the time left on the period of the dance insurance policy.

Uninsured Motorists Coverage (UM): This will pay the insured and any passengers in their vehicle for injuries or losses resulting from an accident which was caused by the driver of an uninsured vehicle or by a hit-and-run driver. This has nothing to do with dance insurance.

Uninsured Motorists Property Damage Coverage (UMPD): This insurance gives coverage to vehicles which are a part of an accident that is caused by an uninsured driver. UMPD coverage is not sold to parties who have purchased collision coverage due to the similarities between the two policies. Not with dance insurance

Unintentional Error or Omission: This policy will normally be used to convey the effect on the policy of an omission, error or distortion of the facts when you fill out your application. The wording for this segment of the policy documents may read: Any unintentional error or omission in the description of or failure to completely describe, any premises or operations intended to be covered by this Coverage Part will not invalidate or affect coverage for those premises or operations. However, you must report such error or omission to us as soon as practicable after its discovery. This does not apply to your dance insurance.

Valuation: A way of calculating a business’s liabilities under the obligations of the policy is referred to as valuation, while the method for calculating the company’s investment values is called asset valuation. State laws will normally govern the minimum standards for valuation.

Vicarious Liability: A legal provision which maintains that a group may be held responsible for its members actions when a loss results from them while the member is on business for the club at the time of the accident.

Waiver and Release of Liability: Wherein the insured receives an agreement from a person or group of people forfeiting their right to file a lawsuit or seek damages against them. This might be the case for a participant in a sporting event who must sign a “Waiver & Release Form” indicating that they will not demand compensation for injuries sustained during the game, regardless of negligence. You should have this at your studio as it will help your dance insurance.

Waiver of Right of Recovery: This indicates that the insured party will not seek to receive payment from another party, regardless of whether or not that party should have paid out the claim. This is generally used when an insurance company has given up its right to recovery and may be worded as such in the policy documents: We waive all rights of recovery when you have agreed to waive your rights of recovery when required by a written contract. However, this provision only applies if the written contract was executed prior to the date of the occurrence.

Weekly Indemnity: Insurance that will pay, upon completion of a specified length of time, a weekly amount that is intended to substitute for the lost pay that a working person will sustain, in the event that they are unable to continue working due to an injury stemming from an insured task or operation.

Workers’ Compensation: Governed by state laws, this is a system which requires that employers offer benefit payments for workers who are injured or disabled at work. Workers’ comp covers employees by paying them for their injury and lost wages, as well as insuring employers from liability lawsuits by their employees. This is not with your dance insurance.