Small Business Guide To Commercial Insurance

34 Consequential Bodily Injury In Workers Compensation, special circumstances can arise when a work-related injury causes some sort of non-work related injury. (Please see Loss of Consortium, Dual Capacity, and Third Party Over glossary definitions.) Coverage Protection that is provided under an insurance policy. Declarations (DEC) Page Usually the first page of an insurance policy that contains the full legal name of the insurance company, the policy number, effective and expi- ration dates, premium payable, the amount and types of coverage, and the deductibles. Deductible The amount of the loss that the insured is responsible to pay before benefits from the insurance policy are payable. Depreciation The actual or accounting recognition of the decrease in value of property over a period of time according to a predetermined schedule. Dual Capacity In Workers Compensation, an employer may be liable two ways to an employee who incurs bodily injury on the job as a result of using a product or service produced by that employer. The employee is eligible for Workers Compensation benefits and may also sue the employer because of the defectiveness of the injuring product or service. Earned Premium The portion of the policy premium paid by an insured that has been allocated to the insurance company’s loss experience, expenses, and profit year to date.