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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Proportion of a premium allocated to pay losses, which is equivalent to (1.00 - expense ratio). ...
Loss experience of a given insured. ...
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Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
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