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
Effort by an individual to continue to receive disability income benefits by taking a continuing sickness or injury. ...
Circumstance where an insurance company takes the place of an insured in bringing a liability suit against a third party who caused injury to the insured. For example, if a third party, ...
One that provides group health or pension benefits for a multiemployer plan. To lower the cost, small firms band together to take advantage of the economies of large group underwriting. ...
Insurance company formed according to the legal requirements of a foreign country. In order for an alien insurer to be able to carry on general operations and sell its products in a ...
Direct payment to a new custodian for a retirement plan. This payment is not a taxable event since it is not a distribution. The payment must be between like plans; for example, one ...
Life insurance in which the debit system is used to collect premiums on a monthly basis. ...
In health insurance, the applicable average rate charged for a semiprivate room in the geographical area in which the charge is incurred. ...
In property insurance policies, provision that excludes the insurance company's liability for indemnification of the insured for the insured's expenses incurred in the demolition of ...
The definition of special acceptance explains how two insurance institutions work together for the benefit of the masses. In order to define what special acceptance means, we must ...
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