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Depreciation
reduction in value, particularly due to wear and tear
Exposure
susceptibility to risk
Implied warranty
a legal term meaning that a product is suitable for its intended purpose and that it fits an ordinary buyer’s expectations
Insurance Policy
a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events
Insurer (principal)
the company who issues an insurance policy
Obsolescence
depreciation in the value of a property due to becoming outdated
Premium
the money paid to the insurance company for the insurance policy
Tort
a wrongful act or the violation of someone’s rights that leads to legal liability.
