General Insurance, Property Insurance, Industrial Risk Insurers

Alienated
In general insurance, this term describes property that an insured no longer owns or holds title to. Generally a Public Liability policy will cover the insured's liability for premises alienated by him.

General and Insurance Expense
The expense of an insurer other than commissions and taxes. Called "General and Insurance Expense" in the convention statement blank.

General Insurance
Insurance of (non-life) risks where the policy offers cover for a limited period, usually one year.

General Liability
Covers the policyholder's legal liability for injury, property damage or financial loss caused to others.

Industrial Risk Insurers (Insurer Operations/Property Insurance)
A pool originally formed in 1890 by the major stock insurance companies, to compete with the Factory Mutual System on large industrial accounts that are protected by automatic sprinklers and meet certain other minimum protection requirements. The operation's name was changed to Industrial Risk Insurers in 1975 by the merger of the Factory Insurance Association and Oil Insurance Association.

Limitations
Exceptions to coverage and limitations of coverage as contained in an insurance contract. For instance, a limit of liability would be one limitation on an Automobile policy. Another example would be policies written to cover only certain described automobiles, or, in the case of General Liability Insurance, certain described premises.

Property Insurance
A type of insurance that provides a benefit if insured items are damaged or lost because of fire, theft, accident, or other cause described in the policy.

Reinsurance
A form of insurance that insurance companies purchase from other insurance companies. This is done to reduce the possible maximum loss on either an individual risk or a group of risks.

Treaty
A general reinsurance agreement which is obligatory between the ceding company and the reinsurer containing the contractual terms applying to the reinsurance of some class or classes of business, in contrast to a reinsurance agreement covering an individual risk.