Respondeat Superior
Latin for "Let the superior reply." That is, an employer is liable for the torts of employees that result from their employment. For example, an insurance company (the master) acts through its agent (servant); because of this master-servant relationship, any wrongs the agent commits are deemed to have been committed by the insurance company, which must accept responsibility.
Popular Insurance Terms
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
Annual meetings of insurance practitioners and academicians from throughout the world interested in exchanging ideas concerning the theory and applications of insurance. The meeting is held ...
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Plan in which a public employer (such as a university, state, county, or municipality) sponsors a retirement savings program, named for the section of the Internal Revenue Code that permits ...
Amount set up as a cushion against fluctuations in securities prices. ...
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Measure used in the retrospective rating method for workers compensation insurance. A factor is applied to the incurred losses during the rating period in question in order to generate a ...
Requirement that an individual must withdraw a minimum sum annually from retirement savings that have accumulated on a tax-deferred basis. This withdrawal must begin by April 1 of the year ...
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