Exclusions
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; wear and tear, since they are expected through the use of a product; property covered by other insurance, in order to eliminate duplication that would profit the insured; liability arising out of contracts; and liability arising out of Workers Compensation laws. Exclusions are also listed in a boiler and machinery insurance policy, business automobile policy, business income coverage form, homeowners insurance policy, liability policy, and commercial package policy.
Popular Insurance Terms
Type of trust used to remove assets from a surviving spouse's estate, thereby excluding such assets from federal estate tax upon the death of the surviving spouse. This type of trust allows ...
Coverage in the event of threats to injure an insured or damage or destroy his property. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
Provision in a life insurance policy that if an insured dies within a given period of time, the beneficiary receives the face value of the policy plus its cash value. ...
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Rate charged by the Federal Reserve to commercial banks for overnight loans made by these banks. If the Federal Reserve decreases the discount rate, other rates will decline as well. ...
Assets permitted by state law to be included in an insurance company's annual statement. These assets are an important factor when regulators measure insurance company solvency. They ...
Coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; damage caused by robbery and burglary, actual or ...
In insurance, volume of premiums written. Also describes commercial activities with the profit motive as the goal of the organization. Commercial insurance companies are organized with the ...
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