Loss Clause
Definition of "Loss clause"
Feature of property and casualty policy providing coverage without a reduction in the policy's limits after a loss is paid. For example, if the limit of coverage under a property policy is $100,000 and a loss of $50,000 is paid, the limit still remains $100,000. Thus, the total amount of coverage in force for future losses is $100,000. In the absence of a loss clause, the total limit of coverage is reduced after payment of a loss.
Popular Insurance Terms
System of charges to an insured that fluctuates according to the loss experience of that insured. This is a form of experience rating. ...
Property and casualty coverage that indemnifies automobile dealers if a dissatisfied customer demands a refund within the period of time allowed under the Uniform Commercial Code. This ...
Written notice to an insured showing date of termination of an insurance policy. ...
Person insured under a blue CROSS hospitalization or blue shield medical health insurance plan. ...
Indemnification bond under which a stock certificate holder who loses the original certificate will be issued a duplicate. The indemnity bond guarantees that if the original stock ...
Excess of the sales price of an asset over its book value. Listed as part of the Annual Report in the summary of the surplus account and/or in the Summary of Operations. ...
Government reinsurance program that provided coverage for U.S. properties during World War II. Private insurers shared the first layer of coverage, with the government providing ...
Circumstance in which no agent is servicing a debit. ...
Coverage on real property written to have no time limit. A single deposit premium pays for insurance for the life of the risk. The insurer earns enough investment income on the deposit to ...
Have a question or comment?
We're here to help.