The maximum limit of liability for residential crime insurance is ten thousand dollars. G Inspections. B The Ohio fair plan underwriting association by action of its board of governors, with the approval of the superintendent of insurance, is authorized to enter into a contract with the Ohio commercial joint underwriting association to provide administrative and claims adjusting services required by it.
E back to top Earned premium That part of an insurance premium which pays for the protection the insurance company has already given on a policy. If an insured requests a copy of a reinspection report, the association shall provide a copy to the insured.
G back to top Grace period A period of time, usually thirty-one days following the premium due date, during which a premium may be paid. Comparative negligence A rule used in negligence cases in some states that provides for computing both the plaintiffs and the defendant's negligence, with the plaintiffs damages being reduced by a percentage representing the degree of his or her contributing fault.
The association may pay commission to a licensed nonresident business entity agent for assistance provided by an individual resident agent affiliated with that nonresident business entity agent.
Endorsement A provision added to a policy, to effect a change or alteration of terms or conditions; must be signed by an executive of the company and attached to and made part of the policy to be valid. Competitive state fund A state fund writing insurance in competition with private insurers.
Commercial multiple-line policy A package policy featuring a broad range of property and liability coverages designed for businesses.