Water Damage Insurance
Definition of "Water damage insurance"
Protection in the event of accidental discharge, leakage, or overflow of water from plumbing systems, heating, air conditioning, and refrigerating systems, and rain or snow through broken doors, open doors, windows, and skylights resulting in damage or destruction of the property scheduled in the policy. This type of water damage coverage can also be acquired through an endorsement of a standard property insurance policy.
Popular Insurance Terms
Act passed in 1996 that includes: an increase in the amount a nonworking spouse can contribute to an INDIVIDUAL RETIREMENT ACCOUNT (IRA) increased from $250 to $2000; creation of the ...
Workers' premiums in a contributory employee benefit plan. ...
Unfunded trust that acts as the owner of a life insurance policy. The trust receives a donor's cash payments on a periodic basis, from which the beneficiary of the trust has a specified ...
Ratio of excess losses to premium income. Excess losses are those that a reinsurer is responsible for if its coverage is in effect during the period under consideration. The premium income ...
Disability in which a wage earner is forever prevented from working because of injury or illness suffered. ...
Membership organization representing professional actuaries in all insurance fields in Canada including life and health, casualty, consulting and fraternal actuaries. A member must reside ...
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 ...
Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...
Very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily ...
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