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A hidden or concealed defect which could not be discovered by reasonable and customary inspection.

A body of rules of action or conduct having binding legal force.

A body of common law that govern the right s and responsibilities that arise when one entity represents another.

One who has permitted or directed another to act for his benefit and subject to his direction and control.

The individual or corporation whose performance is being guaranteed.

Premise on which insurance is built, that being that the degree of uncertainty is reduced as the number of events increases. A basis for predicting losses likely to occur in large group of similar risks.

Legal,not forbidden by the law.

Used in aircraft and marine insurance. Allows for refund of a portion of a portion of the premium when aircraft/vessel is not used for extended period of time.

Method of establishing policy premium by assigning rates to various layers of coverage, according to the probability of loss in each layer.

Normally, the insurer accepting the largest share of a risk on a subscription policy.