Unexpected, unforeseen event not under the control of the insured and resulting in a loss. The insured cannot purposefully cause the loss to happen; the loss must be due to pure chance according to the odds of the laws of probability. For example, under a personal automobile policy (pap) if an accident occurs, the insured is covered for loss due to his/her negligent act or omissions resulting in bodily injury or property damage to another party.
Popular Insurance Terms
Model state law providing guidelines by regulators for valuation of securities on the books of insurance companies. The act has two sections: one for valuation of fixed rate bonds and debt ...
System of charges to an insured that fluctuates according to the loss experience of that insured. This is a form of experience rating. ...
Possibility of loss associated with water transportation, including hull damage or destruction, cargo damage or destruction, liability to others for bodily injury, and property damage or ...
Individual who represents a ceding insurance company in placing its business with a re insurer. ...
Death caused by a person without legal justification. Wrongful death may be the result of negligence, such as when a drunken driver hits and kills someone; or it may be intentional, as when ...
System for calculating the relationship between a pension plan's present cost and its present future benefits. This relationship shows the extent to which a pension plan's benefits are ...
Commercial liability insurance form providing coverage for an insured business in the event of a pollution liability suit. The insurance provides claims made basis liability coverage. ...
Choice among the following options made by retiree prior to retirement concerning the distribution of benefits: option since all income payments cease upon the death of the retiree. Monthly ...
Coverage in the event of property damage or destruction resulting from wrongful installation of equipment. ...
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