In this chapter, the following terms have the meanings indicated. Terms Defined. “Business purposes standard” means the standard required by Insurance Article, §27-501(a)(2), Annotated Code of Maryland. “Claim” means a reported loss that is covered or coverable under a policy. “Loss” means damage or injury to body, person, or property. “Remediation” means repair of the premises or dwelling of an insured or replacement of part of the premises or dwelling of an insured that: Eliminates or significantly diminishes the condition of the premises or dwelling that gave rise to a claim; and Makes it reasonably unlikely that the same type of claim will arise again. “Repair notice” means written notice that: An insurer provides to an insured pursuant to Insurance Article, §27-501(i)(2), Annotated Code of Maryland; and Requests the insured to make reasonable or customary repairs or replacement specific to the insured's premises or dwelling.