Price-anderson Act
Definition of "Price-anderson act"
1957 federal law setting a limit on the liability of operators of nuclear facilities. The law, an amendment to the Atomic Energy Act of 1954, authorized establishment of private insurance pools to provide liability insurance for nuclear facilities, giving the Atomic Energy Commission (now the nuclear regulatory commission) authority to sell additional insurance in excess of the amount of pool coverage available. See also mutual atomic energy reinsurance pool; nuclear energy liability insurance.
Popular Insurance Terms
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Premium paid before the due date. For example, a premium is due on July 1, 2000, but the insured actually makes the premium payment on January 1, 2000, receiving a premium discount. ...
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Amount that each member of a pool contributes to that pool. ...
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Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
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