Territorial Limits
Definition of "Territorial limits"
Condition for inland marine liability insurance coverage that states a loss or claim must occur in the policy territory. Policy territory for a liability policy includes the U.S., its territories, and Canada; international water or air space (except for when the injured person is traveling to another country); and injuries sustained anywhere in the world if a product is produced in the U.S. and the suit is brought in the U.S.
Popular Insurance Terms
Computer system established by London trade associations for processing insurance policies. The work of LIMNET involves the notification and settlement of insurance policy claims. ...
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Life insurance policy clause. If at the end of the grace period the premium due has not been paid, a policy loan will automatically be made from the policy's cash value to pay the premium. ...
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Plan whereby adjustments are made in the premium, as the premium increases to reflect the non proportionate increases in expenses. Generally, the expenses of acquisition costs, ...
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Actuarial equivalent method of calculating the premium rate through the development of the following equation: probability that the event insured against occurs x face amount of policy x ...
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