Additional Car
Automobile purchased or leased by the insured or the insured's spouse that is in addition to the insured or the insured spouse's present car as covered under the personal automobile policy (pap). In order for this car to be insured, the car must be a private passenger car and the insurance company must insure all of the insured and insured spouse's other private passenger cars. If it is a pickup or van with less than 10,000 lb. gross vehicle weight and not used in business or farming, the insurance company also must insure all the other cars owned by the insured or the insured's spouse for that car to be covered.
Popular Insurance Terms
Probability of one's living to a specific age according to a particular mortality table. Life expectancy is the beginning point in calculating the pure cost of life insurance and annuities ...
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...
Society dedicated to the advancement of professional standards of risk management. Its membership is composed of risk and insurance managers of business organizations, public organizations, ...
Provision for coverage for buildings and personal property within the simplified commercial lines portfolio policy (sclp). The buildings and personal property coverage may be classified in ...
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils ...
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Top state regulator of the insurance business who is either elected to office or appointed by a state to safeguard the interests of policyowners. ...
Value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an insurance company. ...
Type of policy with premiums that are fully paid up within a stated period. For example, a 20-payment life insurance policy has 20 annual premium payments, with no further premiums to be ...

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