Aggregate Products Liability Limit
Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims arising that are covered under the policy.
Popular Insurance Terms
Insurance coverage sold by a broker as contrasted with insurance coverage sold by an agent. ...
Model state law of the NAIC setting minimum standards with which insurance products must comply if they are to qualify under the definition of a long-term care (LTC) insurance policy. These ...
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
Automatic protection for an insurer against losses that exceed a predetermined loss limit. This reinsurance may be subdivided into three primary types: excess of loss, catastrophe loss, and ...
Membership organization primarily of medium and small life and health insurance companies. It represents the views and interests of smaller companies in various political forums. ...
State laws based on a model law of the National Association of Insurance Commissioners (NAIC) that allow insurers to set rates independently; or adopt those rates developed by a rating ...
Those states requiring insurers to obtain prior approval rating of rates and policy forms before they use them. Although most states once fell into this category, many followed the lead of ...
Same as term Extended Coverage Endorsement: added to an insurance policy or a clause found in an insurance policy that will provide additional coverage for risks to be insured other than ...
High severity loss that does not lend itself to accurate prediction and thus should be transferred by the individual or business to an insurance company. ...
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