Bargain Sale

Condition in which life insurance sales increase at a rate greater than the general rate of growth of the economy. As a society moves from an agriculture-based economy to an industry-based ...

Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term ...

Life insurance under which an insured receives the face value of a policy if the individual survives the endowment period. If the insured does not survive, a beneficiary receives the face ...

Property coverage for damage or destruction of structures in the course of construction. For example, the standing frame of a house destroyed by fire would be covered. ...

Unexpected claims occurring above the expected claims for which a contingency reserve is maintained. ...

Clause found in a marine insurance policy that states that the policy will not pay any claims less than a given amount but will pay claims in excess of that amount. The purpose of this ...

Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the ...

Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of ...

Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...