Exclusions, Property And Casualty Insurance
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are excluded because they are uninsurable by nature in that the loss frequency and severity do not lend themselves to accurate predictions, the premium rates chargeable would be prohibitive, and in some instances coverages are found in other policies.
Popular Insurance Terms
Day-to-day care that a patient (generally older than 65) receives in a nursing facility or in his or her residence following an illness or injury, or in old age, such that the patient can ...
Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...
Same as term Export-Import Bank: partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and ...
Regulations of the national association of insurance commissioners (naic) that dictate provisions that all individual health insurance policies must contain. All states now require these ...
Indemnification of a school for the loss of tuition, and room and board fees when it is forced to suspend classes because of the occurrence of a peril. ...
Department in an insurance company that prepares policies to be sent to the policyholder, sends the policies, and keeps records of the policies that were sent. ...
Person who has the responsibility for examining the risk to determine whether or not to insure it. ...
Particular type of inland marine insurance. ...
Same as term Binder: temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance ...
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