Restoration Premium
Definition of "Restoration premium"
Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim either to the insured business or to a third party on behalf of the insured business.
Popular Insurance Terms
Essential part of an insurance policy. It names the individual (s) covered, property and locations covered, perils covered, the time a policy goes into force, and its termination date. ...
Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the ...
Process of calculating a premium so that it is adequate-sufficient to pay losses according to expected frequency and severity, thereby safeguarding against the insurance company becoming ...
Tenant's modifications of leased space to fit his particular needs. Up to 10% of contents coverage inside the structure may be applied to insure against damage or destruction of ...
Concealment of the actual fact. For example, an insurance agent tells a prospective insured that a policy provides a particular benefit when in actual fact this benefit is not in the ...
Irrevocable trust into which the grantor places assets and receives in turn a variable amount of income from a variable annuity (amount of income will vary yearly depending upon the ...
Law requiring the operator of an automobile to show financial ability to pay for automobile-related losses. In many states evidence usually takes the form of a minimum amount of automobile ...
Tax-exempt entity as qualified under Section 501 (c)(9) of the Internal Revenue Code. The VEBA usually provides its members and their dependents and beneficiaries with paid life insurance, ...
Same as term Aggregate Annual Deductible: deductible that applies for the year. For example, a business pays for the first $40,000 of losses incurred during the year and the insurance ...
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