Insurance that covers for-profit businesses or not for profit organizations against against the adverse financial effects of property and liability losses.
Any condition or situation that presents a possibility of loss, reguardless of whether loss actually occurs.
An entity organized under state law and entitled to the same rights as a person, distinct from its owners, who are called stockholders or shareholders.
A for-profit business entity jointly owned by two or more persons who share ownership of profits, although not necessarily on an equal basis.
A business association formed by an express or implied agreement of two or more persons to accomplish a particular project such as construction of a building
Limited Liability Company
A form of business entity that provides its owners the limited liability of a corporation and the tax advantages of a partnership
A voluntary association of indivuals acting together under a common name to accomplish a lawful purpose
Line of business
A general classification of insurance, such as commercial property, commercial general liability, commercial crime, or commercial auto.
Policy that covers only one line of business
Policy that covers two or more lines of business
Commercial package policy (CCP)
Policy that covers two or more lines of business by combining ISO's commercial lines coverage.
Commercial Policy Declarations
A required CPP companent that provides basic information about the insurer, the policy holder, and the insurance provided.
Common Policy Conditions
A required CPP component that contains six conditions applicable to all coverage parts unless a coverage part states otherwise
A component of a CPP or a monoline policy that contains the policy provisions relating to a particular line of business such as commercial property of commercial general liability.
The price per exposure unit for insurance coverage.
Commercial lines manual
An ISO publication that includes rules and rating procedures for several major lines of commerrcial insurance.
Package Modification Factors
Factors that are applied to the regular policy premiums for certain coverage parts of a CPP that includes both property and liability coverages, resulting in premium discounts for those coverage parts.