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An owner of land which abuts or adjoins.

A method of depreciation that yields larger deductions early in the life of an asset compared to the straight-life method of depreciation.

A method of depreciation that yields larger deductions early in the life of an asset compared to the straight-life method of depreciation.

Clause that permits the rent due during a period to be accelerated.

When the insurer agrees to accept the application and to issue a policy and communicates same to applicant.

Accident

An unforeseen event or occurrence at a given time and place, occasioning physical injury to person or property. A more comprehensive term than “negligence”.

Insurance which undertakes to indemnify the individual for loss as a result of an accident or illness.Payment is usually a fixed rate per month while the consequent disability lasts, and sometimes includes the payment of fixed sum to his heirs in case of death by accident within the term of the policy.

Matching losses with premiums earned during a specific period.

Happening by chance; fortuitous.

The request for coverage on a risk which is substandard or marginal but which the underwriter agrees to accept as a favour or accommodation to the broker.

A risk which would ordinarily be rejected on a strict underwriting basis but is accepted by an insurer to maintain a good relationship with a valuable agent/broker.