Contributing Properties Coverage
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing business with the insured business cannot continue to operate because of damage or destruction. For example, a specialty hot dog stand noted for its great buns cannot sell its product if the bakery supplier of hot dog buns bums down. In instances where a business is heavily dependent on its suppliers or subcontractors, interruption of the flow of material from the supplier usually results in a substantial loss to the business.
Popular Insurance Terms
Central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. For example, the health record of an applicant ...
Payment for coverage that remains throughout the same premium-paying period. ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
That which cannot be touched; having no meaning to the senses. It is represented by incorporeal rights in property (that which is evidence or represents value; for example, a copyright). ...
Structured product designed to meet specific needs of the insured that may involve any of the following funding arrangements: loss portfolio transfers in which the self-insurer transfers ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...
Section of the Internal Revenue Code that provides for SIMPLIFIED EMPLOYEE PENSIONS (SEP). ...
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
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