Catastrophe Hazard
Definition of "Catastrophe hazard"
Circumstance under which there is a significant deviation of the actual aggregate losses from the expected aggregate losses. For example, a hurricane is a hazard that is catastrophic in nature, since whole units or blocks of businesses may be threatened. Catastrophic hazards often cannot or will not be insured by commercial insurance companies either because the hazard is too great or because the actuarial premium is prohibitive. Where a void exists in the marketplace, a government agency may subsidize the coverage with such programs as federal flood insurance and serviceman's GROUP LIFE INSURANCE (SGLl).
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 ...
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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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