Liability: Limitations On Insurers
Definition of "Liability: limitations on insurers"
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if:
- the loss is not covered by a policy, or a particular person is not included in the definition of the insured.
- the loss takes place outside the territorial coverage of the policy. For example, there is no coverage under the PERSONAL AUTOMOBILE POLICY (PAP) outside the United States and Canada.
- the loss takes place after the policy has expired.
- the insured involved in the loss was in violation of public law; for example, an insured's car that is damaged as the result of his transporting drugs.
- the insured is in violation of contract law.
- the limit of coverage under the policy is not sufficient to cover a loss.
Popular Insurance Terms
Coverage providing four types of benefits (medical care, death, disability, rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault). ...
Coverage on an all risks basis, subject to exclusions of war, wear and tear, loss resulting from delay, loss of market, infidelity of the insured's employee, loss due to rain, sleet, snow, ...
Method of underwriting by which one or a group of Lloyd's underwriters write business on behalf of a number of Lloyd's syndicates and other insurance companies. Among the benefits of ...
Series of premium payments made to purchase an annuity. This is the same method of purchase used for level premium insurance ...
Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that ...
Regulations affecting the right of insurance companies to use sex as one of the factors in the actuarial determination of premium rates. The precedent case for such legislation is Arizona ...
Coverage provided for individuals or businesses for loss due to forgery or alteration of such financial instruments as notes, checks, drafts, and promissory notes. ...
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Have a question or comment?
We're here to help.