Advertisement

Intellectual Property

Last updated: November 22, 2017

What Does Intellectual Property Mean?

Intellectual property refers to work produced by human thought, such as a book or an invention, by which ownership can be attributed legally to a person and its use by another without permission is deemed illegal.

Advertisement

Insuranceopedia Explains Intellectual Property

Intellectual property can refer to non-tangible creations—the contents of a book, a song, a slogan, a short story, or a scientific innovation—that can be copyrighted, patented, or trademarked for commercial reasons. The laws surrounding intellectual property essentially protect its creator and owner.

For instance, it is illegal for a singer to record a version of a song that is composed by another artist without first securing their permission or paying for the recording rights.

The owner of an intellectual property can purchase insurance that takes care of the court process whenever their property rights have been infringed.

Advertisement

Share this Term

  • Facebook
  • LinkedIn
  • Twitter

Related Reading

Tags

Personal LinesPersonalCommercial Property

Trending Articles

Go back to top