Trip Transit Insurance
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 picked up, put in temporary storage, shipped to another location and put in temporary storage, and then delivered to the insured's new address. Protection is on an all risks basis subject to exclusions such as war, wear and tear, and nuclear disaster.
Popular Insurance Terms
Central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. For example, the health record of an applicant ...
Payment for coverage that remains throughout the same premium-paying period. ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
That which cannot be touched; having no meaning to the senses. It is represented by incorporeal rights in property (that which is evidence or represents value; for example, a copyright). ...
Structured product designed to meet specific needs of the insured that may involve any of the following funding arrangements: loss portfolio transfers in which the self-insurer transfers ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...
Section of the Internal Revenue Code that provides for SIMPLIFIED EMPLOYEE PENSIONS (SEP). ...
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
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