Settlement Options, Property And Casualty Insurance
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed property and replace it with property of like kind and quality; or repair the property so that it is restored to its structural condition prior to the loss, and return the repaired property to the insured. Usually insurance companies settle losses by a cash payment to the insured.
Popular Insurance Terms
Loss experience of a given insured. ...
Insurance against interruption of supply of goods and services. If firm A depends on firm B for its supply of goods and services, an interruption caused by damage or destruction to B can ...
Price an investor is willing to pay for a financial asset. ...
Coverage on a single shipment of property while in temporary storage or in transit. This policy is most commonly used in moving of household goods, which are covered from the time they are ...
Procedure for calculating the cost of life insurance, taking into account the time value of money (investment return on sums placed in premium dollars had these sums been invested ...
Risk management technique for shifting a corporation's exposure from itself. A risk manager looks at many alternatives to insurance to limit the risks a business firm faces. One transfer ...
Extended reporting period, for an unlimited length of time, during which claims may be made after a claims made basis liability coverage policy has expired. ...
Means used by a direct fire underwriter to protect against accumulation for a fire account, as well as against extremely large fire account liability. For example, heavy liabilities under ...
Liability arising out of the operation of a motel or hotel as it pertains to the physical safety of guests and their property. ...
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