Definition of "Accident"
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
Same as term Burglary Insurance: coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil ...
Marine insurance contract clause that limits an insurance company's liability. The company agrees to pay only losses that exceed a percentage or flat dollar amount; partial (below this ...
Upper limit on the maximum possible interest rate an insurance company will pay. If the market interest rates are below that maximum, the insurance company pays the market interest rate. In ...
Financial instrument such as a fixed dollar annuity or bond that pays a minimum periodic income at a minimum guaranteed rate of interest. ...
Assets minus liabilities of the insurance company. ...
Coverage in the event that papers of intrinsic value are damaged or destroyed. Coverage is on an all risks basis. Limits of coverage can be quite high; but the insurance company will not ...
Means used by a direct fire underwriter to protect against accumulation for a fire account, as well as against extremely large fire account liability. For example, heavy liabilities under ...
Modification of the major medical insurance policy that provides coverage for the terminating employee who otherwise would not be covered by a health insurance policy. Usually, this ...
Coverage normally used on an indefinite basis under OCEAN MARINE INSURANCE and INLAND MARINE INSURANCE (TRANSPORTATION insurance): business risks for the damage or destruction of a ...
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