Compulsory Insurance
Definition of "Compulsory insurance"
Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried.
Popular Insurance Terms
Life insurance and long-term disability income insurance on major employees, with benefits payable to the business. Key person insurance has these advantages: enhances the ability of the ...
Probability of loss upon which a basic premium rate is calculated. ...
Insurance for which (1) an application has been filed but the first premium has not yet been paid or (2) a life insurance policy that has not yet been delivered to an insured. ...
To sell a specific amount of insurance. ...
Series of payments made on either a FIXED DOLLAR ANNUITY basis or VARIABLE DOLLAR ANNUITY basis. ...
Plan in which participant (employee) utilizes spending accounts to pay for health care costs not subject to reimbursement from a health insurance policy or health care provider. The ...
Theory developed in 1931 by H. W. Heinrich; states that an accident is only one of a series of factors, each of which depends on a previous factor in the following manner: accident causes ...
Arithmetic mean; the sum of a series of numbers divided by the number of numbers comprising the sum. The arithmetic mean is the EXPECTED LOSS that the insurance company prepares itself to ...
Exclusion of coverage in marine insurance if damage or destruction of property results from war, capture, or seizure. ...
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