Worker's Compensation Insurance

32 Nonrenewal The termination of an insurance policy on its normal expiration date. Occupational Accident A work-related accident that injures an employee. Occupational Disease An illness contracted as a result of employment- related exposures and conditions. Occupational Hazard A condition in an occupation and surrounding work environment that increases the peril of accident, illness, or death. Occurrence A liability insurance policy that covers claims arising out of occurrences that take place during the policy period, regardless of when the claim is filed. Personal Line Insurance written on the personal and real property of an individual (or individuals) to include such policies as homeowners’ insurance and personal auto insurance, as contrasted with commercial lines. Policy A contract that states the rights and duties of the insurance company and the insured. Premium The monetary payment that an insured makes to an insurance company in exchange for the contract indemnifying the insured against potential loss. Simply put, this is the payment made by the insured to keep an insurance policy in effect.