Property Insurance

Group whole life insurance policy designed to reduce an employee's exposure to income tax on the value of life insurance provided by the employer. The policy separates the term element from ...

Deductible applicable to each loss so that the amount of each loss retained by the insured varies according to the peril that caused the loss. For example, the split deductible in a policy ...

law that payments by an employer to a nonqualified plan are not deductible as a business expense for federal tax purposes. that payments by an employer to a nonqualified plan are not ...

Term for operating an automobile while under the influence of alcoholic beverages so as to be unable to drive safely. An insurance company can suspend auto coverage under a personal ...

Contractual agreement between two parties in which they agree to exchange a stream of interest payments on either a fixed rate for a floating rate or a floating rate for a fixed rate. The ...

Executive of Travelers Insurance Company who developed the domino theory of accident causation by studying over 75,000 industrial accidents and concluding that most accidents would be ...

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 ...

Falsification of birth date by an applicant for a life or health insurance policy. If the company discovers that the wrong age was given, the coverage will be adjusted to reflect the ...

Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...