Economic Loss
Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), damage or destruction of property, and/or a liability suit (negligent acts or omissions by a person result in property damage or bodily injury to a third party). Factors included in the total cost are loss of earnings, medical expenses, funeral expenses, property damage restoration expenses, and legal expenses.
Popular Insurance Terms
To accept by a reinsurer, part or all of a risk transferred to it by a primary insurer or another reinsurer. ...
Expenses added to the beginning of a premium payment period. For example, an annuity with a 10% front load would include $10 of expenses for each $100 premium paid. ...
Coverage for persons whose medical history includes serious illness such as heart disease or whose physical condition is such that they are rated below standard. A policy may specifically ...
Combination of coverages from property, liability, health, and life insurance into a single insurance policy from one insurance company. ...
Money that is lent. In life insurance, a loan can be taken against the cash value of a life insurance policy at any time. The policyholder does not have to repay the loan until the policy ...
Feature of pension plans whereby an employee whose service has been interrupted can have that period credited toward retirement. ...
Same as term Friendly Fire: kindling intentionally set in a fireplace, stove, furnace, or other containment that has not spread beyond it. Property insurance does not protect against damage ...
Regulatory: representative of the commissioner of insurance who conducts an audit of the insurance company's records. Life and Health: physician appointed by an insurance company to ...
Base upon which a mortality table is built by beginning with a randomly selected group of people who are alive at the earliest age for which statistics are available on the number of people ...
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