Vandalism And Malicious Mischief Insurance
Coverage usually written as an endorsement to property policies such as the Standard Fire Policy. A loss must be by the intentional acts of vandals. This peril is of particular importance to owners of structures that are not occupied during particular periods during the day, such as schools and churches. Vandals have little risk of being caught during these periods, when they are most likely to strike. Because of high frequency, a high deductible is usually required when insuring churches and schools.
Popular Insurance Terms
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Measure of the sensitivity of the insurance company's liability for the resultant higher expense rates than charged for in the premium. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
Conditions found in employee benefit plans such as pensions, under which minimum requirements, such as 20 years of service, must be met by an employee to qualify for benefits. ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
Fund established to pay specified losses, usually the low severity property losses. This type of account is an excellent device in conjunction with a self-insurance plan, in which the fund ...
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
Provision found in a life insurance policy that provides that certain benefits will be paid in the event the insured becomes totally and permanently disabled from an accident incurred or ...
Limit allowed by law on employee salary reduction plans. Many pension plans, as well as the popular 401 (k) plan, allow employees to set aside pre-tax dollars in a company-sponsored ...
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