How Long A Policy Will Be In Force
Definition of "How long a policy will be in force"
Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term basis (1 year, 5 years, 20 years, to age 65), whole or life basis, or any combination of the two. Health insurance can be written on a multiple time period basis.
Popular Insurance Terms
cost of annuity based on expectation of life of the annuitant and the expense and profit loadings of the insurance company. ...
Situation where the United States dollar rises in value in comparison with other foreign currencies resulting in the decrease in the value of the foreign securities. This is due to the fact ...
Coverage for liability for damage to property of others from untimely discharge of fire-fighting sprinkler systems. This coverage is available as an endorsement to broad-form comprehensive ...
Same as term Captive Agent: representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first ...
Additions of new entrants into an employee benefit insurance plan. ...
Addition to reserves of a life insurance company required by various states because the valuation premium is greater than the GROSS PREMIUM. Without a deficiency reserve, the normal reserve ...
Same as term 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 ...
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate ...
Statement regarding an insured's retention of low-severity risks because they are not catastrophic, and can be absorbed without having a dramatic effect on the financial structure of a ...
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