Automobile Liability Insurance
Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile. The personal automobile policy (PAP) and the business automobile policy (BAP) cover the judgment awarded (up to the limits of the policy) and the court cost and legal defense fees. Experts advise against driving an automobile without automobile liability insurance as a matter of common sense, and because state laws require such a policy or evidence of financial responsibility. Passengers in automobiles should assure themselves that drivers are covered by this insurance.
Popular Insurance Terms
Maximum amount of a specified type of insurance coverage, according to underwriting guidelines, that an insurance company feels it can safely underwrite on a particular exposure without ...
Coverage for automobile or aircraft operators if they are sued for negligently killing or injuring a passenger. The PERSONAL AUTOMOBILE POLICY (PAP) provides MEDICAL PAYMENTS INSURANCE for ...
Limit allowed by law on employee salary reduction plans. Many pension plans, as well as the popular 401 (k) plan, allow employees to set aside pre-tax dollars in a company-sponsored ...
Smallest face amount of life insurance that an insurance company will write on any one person. ...
Rules used by state regulators to value securities on the books of insurance companies. Bonds with acceptable credit quality are carried at amortized value, which is the face value plus or ...
In an insurance policy, sentences and paragraphs describing various coverages, exclusions, duties of the insured, locations covered, and conditions that suspend or terminate coverage. ...
Annuity that can be paid either with a single premium or a series of installments. For example, an annuitant pays a single premium of $100,000 on June 1 of the current year and is scheduled ...
Demographic designation used in life insurance to calculate premium rates for life and health insurance and annuity contracts. Since females have a longer life expectancy than males of the ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
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