Guiding Principles
Title of a published set of rules, adhered to by member companies of major property and liability associations, that stipulate how losses should be adjusted when the same loss is covered by more than one insurance company. Particular emphasis is placed on how the cost of the losses should be apportioned among the companies under various situations.
Popular Insurance Terms
Legislation designed to provide the structural reform necessary to strengthen the thrift industry after the bailout of the insolvent Federal Savings and Loan Insurance Corporation (FSLIC) ...
Procedure whereby there is no amortization of the employer's liability for the supplemental cost of an employee's future benefits to be paid at retirement. ...
Title of a published set of rules, adhered to by member companies of major property and liability associations, that stipulate how losses should be adjusted when the same loss is covered by ...
Surrender of rights by an insured against the third party to an insurance company that has paid a claim. ...
Retirement program to provide employees (and often, spouses) with a monthly income payment for the rest of their lives. To qualify, an employee must have met minimum age and service ...
Coverage for automobiles used by a business when a liability judgment arises out of the use of the automobile, or the automobile is subject to damage or destruction. The business can select ...
Percentage of confidence in a finding. For example, if an insurance company's total loss reserves should be $10,000,000 in order to attain an 80% confidence level that enough money will be ...
Coverage under a commercial workers compensation policy for situations in which an employee not covered under workers compensation laws could sue for injuries suffered under common law ...
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 ...
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