Liquor Liability Laws
Legislation that makes an establishment and/or individual selling liquor responsible for injuries caused by its customers to third parties. The best known law governing dispensation of liquor on premises is the dram shop law. For example, an individual is served liquor at an establishment and becomes intoxicated. On his way home he or she causes an accident, injuring another party. The injured third party can bring a liability suit against the establishment that dispensed the liquor for injuries suffered.
Popular Insurance Terms
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 ...
Same as term Coinsurance: ...
Coverage for a mortgagee where real or personal property, used as security for a loan, is damaged or destroyed. For example, a bank (mortgagee) lends money to an individual (mortgagor) who ...
Coverage in the event a school, summer camp, or similar operation suffers loss of tuition because a peril destroys a building. The tuition form reimburses the institution for loss of ...
Addition to a basic insurance policy to further explain coverages, add or exclude perils and locations covered, and add or delete positions covered. For example, an endorsement to the ...
Creation of a demand for a company's products, its distribution, and services for customers who purchase that product. Actuarial research and development, underwriting efficiency, and claim ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
Type of benefit in which an employee obtains shares of stock in the company, the amount normally determined by the employee's level of compensation. ESOP acts as a leverage tool through ...
Life insurance premium that is not currently due. Future payments are made on a frequency basis other than annual. ...
Have a question or comment?
We're here to help.