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
Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
Contract for retirements benefits in which an entire group of employees is underwritten, as opposed to a single annuity for each employee. Each premium pays for an increment of a paid-up ...
Legislation mandating that factors taken into account in the calculation of premium rates for automobile insurance include the insured's driving record, annual miles driven, and years of ...
System whereby benefits in an employee benefit insurance plan vary according to the employee's earnings. ...
Treaty adopted by most major countries to determine adjustment for general average in ocean marine insurance. ...
Information needed for underwriting a life insurance policy, such as an applicant's age, weight, height, and build; personal and family health record; occupation; and personal habits. These ...
Insurance that covers each and every loss except for those specifically excluded. If the insurance company does not specifically exclude a particular loss, it is automatically covered. ...
Type of court bond filed on behalf of the defendant and used to release assets to him or her that have been attached pending a court decision. ...
Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
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