Factual Expectation
Definition of "Factual expectation"
Strong expectation of an occurrence resulting in a monetary interest that gives rise to an insurable interest. For example, a daughter has a strong expectation of wearing her mother's wedding gown and thus has an insurable interest in the gown even though the gown is still the property of her mother.
Popular Insurance Terms
Provision in many property insurance policies that excludes coverage for floods and backup from sewers or drains and underground water. Because floods and hurricanes are generally confined ...
Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of federal recalls. In addition, there have ...
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Elimination of unnecessary financing costs and the redirection of those sums to activities that are more profitable. The concept is for the company to have a long-term view of its risk ...
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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 ...
Liquid property that can be converted easily to cash. For example, a policyowner can borrow readily against the cash value of a life insurance policy. ...
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