Fortuitous Loss
Loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where the insured cannot control the loss; thus the insured should not be able to burn down his or her own home and collect. Insurance is not provided against a certainty such as wear and tear. Life insurance will not pay a death benefit if the insured commits suicide within the first two years that the policy is in force. Even though death is a certainty, the insured cannot buy a policy with the intention of suicide within the first two years.
Popular Insurance Terms
Policy that has an initial premium with flexible premiums thereafter. Within limits, a policy owner can select both the future amount and frequency of premiums, or can stop and start ...
Act that prohibits insurance companies, group health plans, and health maintenance organizations from establishing lifetime limits or annual limits on mental health coverage that are lower ...
Unallocated funding instrument for pension plans under which premiums are placed on deposit, and are not currently allocated to the purchase of benefits for the employee. At retirement, an ...
Statutory underwriting gain minus (or loss plus) policyholder's dividends. ...
Coverage if state or municipal law requires that a damaged or destroyed building must be rebuilt at an increased cost to comply with building code provisions that were not in effect when ...
Same as term Deposit Term Life Insurance: policy in which a premium (the deposit) is paid in the first policy year, in addition to the regular term insurance premiums required. The deposit ...
Particular type of inland marine insurance. ...
Determination that group plans offering legal services are limited to an annual tax-free benefit of $70 per employee; group plans may offer employer-provided educational assistance plans on ...
Federal law passed in 1920 that allows any seaman incurring bodily injury as the result of the performance of one or more functions of the job to bring a suit for damages against the ...
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