Condition
Action (s) that the insured must take, or continue to take, for the insurance policy to remain in force and the insurance company to process a claim. For example, the insured must pay the premiums when due, notify the insurance company as soon as possible in the case of an accident, and cooperate with the company in defense of the insured in case of a liability suit.
Popular Insurance Terms
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
Relationship between expected incurred insurance-related costs (not including claims) and expected written premiums. ...
Computation of the asset share value, surrender value, and reserve and the comparison of the three computations in order to judge the adequacy and equity of the tentative gross premium ...
Range of administrative and risk management services that can be purchased by an insured. Increasingly, insurance can be purchased unbundled so that policy-holders may pay for straight ...
Independent agent membership group, originally mutual agents but today open to both mutual and stock agents. Association views are presented both nationally and locally on insurance ...
Coverage under the Homeowners Form-4 (HO-4) for the insured's personal property and loss of use against fire and/or lightning; vandalism and/or malicious mischief; windstorm and/or hail; ...
Coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
Regulation named after a former Superintendent of Insurance of New York State, and instituted in the early 1900s. It requires every insurer admitted to New York to comply with the New York ...
Have a question or comment?
We're here to help.