MLchartDataset catalogue

Abandonment

Term · Insurance and risk management · MLC-T-INS-000279

The act of relinquishing ownership or interest in insured property to the insurer, typically after a loss, in exchange for full payment of the policy limits. Most property insurance policies contain a clause prohibiting abandonment, requiring the insured to protect the property from further damage. This prevents the insured from simply walking away from damaged property.

Table 1. Record
IdentifierMLC-T-INS-000279
FieldInsurance and risk management
SubjectCommercial Property
Record as JSON 
{
  "id": "MLC-T-INS-000279",
  "term": "Abandonment",
  "field": "Insurance and risk management",
  "definition": "The act of relinquishing ownership or interest in insured property to the insurer, typically after a loss, in exchange for full payment of the policy limits. Most property insurance policies contain a clause prohibiting abandonment, requiring the insured to protect the property from further damage. This prevents the insured from simply walking away from damaged property.",
  "subject": "Commercial Property",
  "url": "https://mlchart.com/terminology/insurance/abandonment/"
}

Record 8 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.