Avoidance
Definition of "Avoidance"
Technique of risk management. It ensures that an individual or business does not incur any liability relating to a given activity by avoiding the activity in question. For example, a business that does not own computer equipment cannot incur financial loss due to the destruction of the computer by fire. However, in the real world, the risk control technique of avoidance is rarely practical. A more realistic approach is self-insurance or commercial insurance.
Popular Insurance Terms
Organization of insurance broker and agent associations that includes the Independent Insurance Agents of America, National Association of Professional Insurance Agents, National ...
Point in time when a term life insurance policy terminates its coverage. ...
Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
Buildup of policy cash value, as distinguished from the death benefit. A policyholder has a choice between surrendering the policy for its cash surrender value or keeping it in force for ...
Amount for which financial loss for bodily injury incurred by the plaintiff must exceed before a tort liability action may be brought. ...
Coverage that indemnifies a third party lender if a customer refuses to repay a loan made on a faulty product and the dealer who arranged the loan refuses to correct the fault. This ...
Portion of a life insurance policy cash value after the deduction of all the policyowner's indebtedness. ...
Numerous automotive vehicles covered under a common insurance policy. ...
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