Skip to main content

insurance

alternate beneficiary

An alternate beneficiary is someone who will benefit from or gain ownership of property only if the primary beneficiary is unable or unwilling to take ownership. An alternative beneficiary in property law arises when someone bequests property to someone else, and if that person does not want or is unable to accept the property, the property can be willed to a designated alternative beneficiary.

arson with intent to defraud an insurer

A party who intentionally sets fire to their property with the purpose of collecting insurance money on that property is guilty of arson with the intent to defraud an insurer. Arson with the intent to defraud an insurer is a state law offense and can either be included within the general arson statute or exist as its own charge. 

assigned risk

Assigned risk is a method of providing certain types of insurance to those who otherwise would be denied coverage because they would be considered too high-risk. Individuals who have failed to gain coverage through the private market–also called the voluntary market–can apply to receive insurance through their state’s assigned risk “pool.” The state will assign the person to an insurance company within the pool, which must accept and insure that person. 

assured

Assured is used to refer to a person who is protected by insurance coverage against any loss or damage mentioned in the insurance policy purchased from an insurance company or an underwriter. In the context of insurance, the terms “insured” and “assured” are generally used interchangeably as the person for whose benefit the policy is written and to whom the loss will be payable.

Subscribe to insurance