Variable Limit
In property insurance coverages, provision whereby the limit of the policy automatically increases at each policy anniversary date, subject to the insured's rejection of such an increase. The objective of the variable limit is to increase the amount of coverage in tandem with the annual increase in the inflation rate so as to prevent less than adequate coverage in the event of a loss.
Popular Insurance Terms
Written statement by an insurance company attesting to the powers it has vested in an agent. ...
Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the ...
Increase or decrease in the surrender charge of the life insurance policy or annuity contract depending on the current financial markets. The cash value is adjusted upward if the policy ...
Rule adopted by the financial accounting standards board that requires that obligations owed to re-insurers under multiyear insurance contracts must be reported as liabilities by the ceding ...
Person who engages an agent or broker for advice and possible purchase of insurance. ...
Expectation of death. The probability of its occurrence is shown by a mortality table, which is important in determining the premiums for life insurance policies. ...
Rate of increase in asset value. ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...
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