Ocean Marine Insurance, War Risks
Coverage on cargo in overseas ships for war-caused liability excluded under standard ocean marine insurance. Not covered is cargo awaiting shipment on a wharf, or on ships after 15 days of arrival at a port. Confiscation of the cargo by a government is covered. Most policies have an automatic termination clause that goes into effect within 60 days of the declaration of war between countries specified in the policy.
Popular Insurance Terms
Form of deferred annuity; a life insurance policy that usually guarantees from 120 to 180 monthly income payments to the annuitant at retirement. If the annuitant dies during the deferral ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Relationship of gains from investments (including realized capital gains) resulting from insurance operations to earned premiums. ...
Performance of a deed or function. Certain acts are prohibited from coverage in insurance. For example, if the insured commits a felony, the insured's beneficiary cannot collect under the ...
Provision found in current assumption whole life insurance policies under which the insurance company retains the contractual right to recalculate the premium (after a minimum period of ...
Value of an insurance company or other company that consists of capital and surplus and an estimated value for business on the company's books. ...
Bond guaranteeing that a contractor will perform under the contract in accordance with all specifications of the bid submitted. ...
Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the ...
Government agency, under the McCarran-Ferguson act (public law 15), that has no authority over insurance matters to the extent the states regulate insurance to the satisfaction of Congress. ...
Have a question or comment?
We're here to help.