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
Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim ...
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Additions of new entrants into an employee benefit insurance plan. ...
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Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
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Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
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