Unexpected, unforeseen event not under the control of the insured and resulting in a loss. The insured cannot purposefully cause the loss to happen; the loss must be due to pure chance according to the odds of the laws of probability. For example, under a personal automobile policy (pap) if an accident occurs, the insured is covered for loss due to his/her negligent act or omissions resulting in bodily injury or property damage to another party.
Popular Insurance Terms
Ordinary life insurance under which premiums are calculated so that the first few years of premiums are less than normal, and subsequent premiums are higher than normal. ...
Report developed by or supplied by a credit agency to an insurer dealing with the financial standing and character of an insurance applicant. These factors are carefully weighted by the ...
Endorsement to a property liability policy whereby an insurer gives up the right to take action against a third party for a loss suffered by an insured. Typically, under terms of the ...
provision in a CASH VALUE INSURANCE policy that an insured will receive the equity in some form even if the insurance is canceled. vested benefit to a retirement plan participant. It is ...
Life insurance premium that is not currently due. Future payments are made on a frequency basis other than annual. ...
Amount a sum of money today is worth at a specified future date because of the effect of compound interest. ...
Insurance company that restricts its underwriting of risks to one state. ...
Form that covers exposures associated with efforts to operate a business that is damaged by a peril such as fire. For example, a special electrical generator may have to be purchased in the ...
Policies generally available to the various professions that require protection for negligent acts and/or omissions resulting in bodily injury, personal injury, and/or property damage ...
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