Definition of "Class"
Group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire plug in the same geographical area would have similar probabilities of incurring a total loss.
Popular Insurance Terms
Several different types of perils covered under one policy. ...
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 ...
Types of contracts that insure building contractors for damage to property under construction. The completed value form requires a 100% coinsurance because insurance carried must equal the ...
Expense of soliciting and placing new insurance business on a company's books. It includes agent's commissions, underwriting expenses, medical and credit report fees, and marketing support ...
Branch office of an insurance company's home office that markets, underwrites, and services the company's lines of business within a specified geographical area. ...
Coverage on an all risks basis for physical damage loss. Coverage applies to property damage to the insured boat or damage caused by the insured boat to a third party boat. Excluded perils ...
Federal law requiring that all pension plan trustees and anyone else who handles pension funds must obtain a fidelity bond. This bond covers the plan in the event of embezzlement and theft. ...
Actual or attempted malicious and deliberate burning of a physical asset owned by another party. Coverage against arson is provided under property insurance, but only if the insured has not ...
Present value of a series of payments such that the first payment is due immediately, the second payment one period from hence, the third payment two periods hence, and so forth. The ...
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