Lloyd's Syndicate

Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...

Provision of property insurance that establishes the amount for which an insured must be reimbursed for damaged or destroyed property according to the price a willing buyer would pay for ...

Additional amount of surplus generated by an additional amount of capital to be included in the surplus above that required by the statutory requirements. This additional surplus is ...

Retirement plan in which money is currently allocated to fund an employees' pension. ...

Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...

Calculation of the premium based on such factors as the applicant's age, sex, health record, family history, and type of insurance plan applied for. ...

Method of pricing property and liability insurance. It uses charges and credits to modify a class rate based on the special characteristics of the risk. Insurers have been able to develop a ...

Charge against a business firm in a product liability insurance lawsuit. Manufacturers have been held responsible for their products. When consumers become injured while operating a ...

Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...