Nationwide Marine Definition
Statement of the types of exposures classified under marine, inland marine or transportation insurance by placing them in the following categories: imports, exports, domestic shipments (goods in transit), communication vehicles (tunnels, bridges, piers, and power transmission lines), personal property floaters (stamp collections, coin collections, fine arts, paintings, musical instruments, silverware, and furs), commercial property floaters (accounts receivable, valuable papers, valuable records, and physicians' and surgeons' instruments). The definition also makes use of the following differences in condition: electronic data, property in a bailee's custody, and property for sale by a dealer (such as musical instruments, cameras, fine arts, and jewelry).
Popular Insurance Terms
Widely accepted standard policy forms that have been developed by various rating bureaus or insurance companies. Some forms are required by state law, and some are used by custom. In some ...
Tax, under federal and state laws, on transfer of property made without payment or other value in exchange. ...
Provision established either by state statute or court order that permits the defendant to establish that at the time of the injury incurred by the plaintiff, the defendant provided goods ...
Form of insurance that insurance companies buy for their own protection, "a sharing of insurance." An insurer (the reinsured) reduces its possible maximum loss on either an individual risk ...
Endorsement attached to property insurance coverage that provides additional limits of protection on a merchant's inventories during specific time intervals. The time intervals generally ...
in property and casualty insurance, termination of a policy because of failure to pay a renewal premium. in life insurance, termination of a policy because of failure to pay a premium and ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventive medicine. Members of the HMO pay a flat ...
Unexpected, unforeseen event not under the control of the insured that results in bodily injury. ...
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