Wear And Tear Exclusion
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not considered an insurable loss.
Popular Insurance Terms
Use of a home, and the land and buildings surrounding that home, free from the claim of creditors. This right gives rise to an insurable interest. ...
Method of valuing a reserve under which no reserve is established for a life insurance policy at the end of the first policy year, but reserves are established at the end of the second ...
Type of charitable remainder trust (CRT) that pays interest income for life or for a specified term to a non charitable beneficiary. The remainder of the interest is received by a charity. ...
Model state law of the NAIC setting general standards for group life insurance contracts. It specifies which types of organizations can sponsor group life insurance plans and outlines the ...
Method of establishing rates in which the current year's premium is calculated to reflect the actual current year's loss experience. An initial premium is charged and then adjusted at the ...
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
Device that allows plan participants in employee stock ownership plan (ESOP) trust to reinvest the dividends into their section 401 (k) plan. Under the switchback approach, plan ...
Computation of the asset share value, surrender value, and reserve and the comparison of the three computations in order to judge the adequacy and equity of the tentative gross premium ...
Size of the losses used as a factor in calculating premium rates. For example, the U.S. Bureau of Labor Statistics studies the number of days lost by injured employees per million ...
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