Abandoned property
Property that has been discarded by the owner, who has no intention of reclaiming it.
Accession
Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations, a person may acquire ownership rights in another's property through accession.
Bailee
One to whom goods are entrusted by a bailor. Under the UCC, a party who, by a bill of lading, warehouse receipt, or other document of title, acknowledges possesion of goods and/or contracts to deliver the,.
Bailee's Lien
A possessory lien, or claim, that a bailee entitled to compensation can place on the bailed property to ensure that he or she will be paid for the services provided. The lien is effective as long as the bailee retains possession of the bailed goods and ha
Bailment
A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee), who is obligated to return the bailed property to the bailor or dispose of it as directed.
Bailor
One who entrusts good to a bailee.
Binder
A written, temporary insurance policy.
Chattel
All forms of personal property.
Community property
A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage. This form of joint ownership occurs in only ten states and Puerto Rico.
Concurrent Ownership
Joint Ownership.
Confusion
The mixing together of goods belonging to two or more owners to such an extent that the separately owned goods cannot be identified.
Constructive Delivery
An act equivalent to the actual, physical delivery of property that cannot be physically delivered because of difficulty or impossibility.
Dominion
Ownership rights in property, including the right to possess and control property.
Estray Statute
A statute defining finders' rights in property when the true owners are unknown.
Fee Simple
An absolute form of property ownership entitling the property owner to use, possess, or dispose of the property as he or she chooses during his or her lifetime, On death, the interest in the property descends to the owner's heirs.
Gift
Any voluntary transfer of property made without consideration, past or present.
Gift Causa Mortis
A gift made in contemplation of death. If the donor does not die of that particular ailment, the gift is revoked.
Gift Inter Vivos
A gift made during one's lifetime and not in contemplation of imminent death, in contrast to gift causa mortis.
Incontestability Clause
A clause within a life or health insurance policy that states that after the policy has been in force for a specified length of time, the insurer cannot contest statements made in the policyholder's application.
Insurance
A contract in which, for a stipulated consideration, one party agrees to compensate the other for loss on a specific subject by a specified peril.
Joint Tenancy
The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenant(s).
lost Property
Property with which the owner has involuntarily parted and with which the owner then cannot find or recover.
Mislaid Property
Property with which the owner has voluntarily parted and which the owner then cannot find or recover.
Personal Property
Property that is movable; any property that is not real property.
Policy
In insurance law, a contract between the insurer and the insured in which, for a stipulated consideration, the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.
Premium
In insurance law, the price paid by the insured for the insurance protection for a specified period of time.
Property
Legally protected rights and interest in anything with an ascertainable value that is subject to ownership.
Real Property
Land and everything attached to it, such as trees and buildings.
Risk
A prediction concerning potential loss based on known and unknown factors.
Risk Management
Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance, risk management involves transferring certain risks from the insured to the insurance company.
Tenancy in Common
Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
Underwriter
In insurance law, the insurer, or the one assuming risk in return for the payment of the premium.