Travel Insurance
Definition of "Travel insurance"
Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows:
- Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances such as an illness;
- Trip Interruption coverage in the event a trip is terminated because of illness or hotel ceases to continue to operate;
- Lost Luggage valuables are lost and expenses are incurred because of the inconvenience;
- Default Protection a trip is cancelled because a carrier or tour operator is no longer in business.
Popular Insurance Terms
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Smallest acceptable premium for which an insurance company will write a policy. This minimum charge is necessary to cover fixed expenses in placing the policy on the books. ...
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Same as term Convertible Term Life Insurance: coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The ...
The term pro rata cancellation comes from the Latin term pro rata, which means in proportion or according to a certain rate. The term pro rata cancellation is used in the insurance business ...
Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
Association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics. ...
Relinquishment of rights in an insurance policy or pension plan. For example, by withdrawing contributions to a pension plan, an employee forfeits future retirement benefits under that plan. ...
Coverage for damage or destruction of property due to a crime, and property lost due to a burglary, whether successful or attempted. An endorsement provides coverage for robbery and theft ...
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