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va (department of veterans affairs)

federal agency, which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default. Source: U.S. Department of Housing and Urban Development

war risk insurance

war risk insurance : insurance that protects against loss due to acts of war

uim

Shorthand for "underinsured motorist," or those fellow motorists whose automobile insurance maximum is insufficient to cover a specific loss. UIM pays you, or those people covered under your policy, for bodily injury losses if the other driver

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title insurance

title insurance : insurance that compensates for loss from title defects or encumbrances (as liens) that were unknown but should have been discovered at the time

temporary total disability (ttd)

working. In some states, if the employee must return to work at partial hours or at a wage loss while his disability resolves he may be entitled to payment of TPD benefits after receiving TTD benefits.

temporary partial disability (tpd)

will recover fully enough in the future that they will be able to resume employment without a wage loss.

sue-and-labor clause

marine insurance contracts by which the insured agrees to take steps necessary to safeguard the covered property from loss or to minimize losses that occur and the insurer agrees to pay for the reasonable costs of such

subsurety

subsurety : one who is a surety along with another surety who may be liable for the entire loss upon the default of the principal

substitution

court when the party is unable to continue litigating (as because of death, incompetency, transfer of interest, or loss of the office for which the party was suing or being sued in an official capacity) c :

subrogation

debtor or obligor ;also : a doctrine holding that when an insurance company pays an insured's claim of loss due to another's tort the insurer succeeds to the insured's rights (as the right to sue for damages)

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