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
Obligations and responsibilities subject to evaluation, interpretation, and enforcement in a court of law. Casualty insurance provides coverage for an insured against a civil legal ...
Distribution of a deceased beneficiary's share of an estate among that beneficiary's children. Contrast with per capita. ...
In which at least two insurance policies provide identical coverage for the same risk. ...
Insurance company's investments in assets other than in companies it controls and/or companies with which it shares common ownership, stocks, and bonds. ...
Same as term Civil Damages Awarded: ...
Association of general agents and managers affiliated with the NATIONAL ASSOCIATION FOR LIFE UNDERWRITING (NALU). Their objective is to seek solutions to common managerial problems. GAMC ...
Assets minus liabilities of the insurance company. ...
Organization that seeks to educate the public on the benefits of private health insurance coverage. Its membership consists of private companies that sell health insurance. The HIAA ...
Rule that prohibits the introduction into a court of law of any oral or written agreement that contradicts the final written agreement. For example, an insurance contract containing clauses ...
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