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
Section of the insurance company that administers claims for the losses incurred by the insured. ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
Under Section 1035 of the Internal Revenue Code, stipulation that the exchange of one life insurance policy for another life insurance policy will generally not result in a recognized gain ...
Section providing protection under three coverages: Coverage E (Personal Liability} coverage in the event a suit is brought against the insured because of bodily injury and/or property ...
Premium charged (and applied on a uniform basis) for property insurance covering properties at multiple locations. This rate is used under a blanket insurance policy instead of using a ...
Sales honor group of property and casualty insurance agents created by the National Association of Professional Insurance Agents. ...
Monthly income payment from a disability income insurance policy made to the insured wage earner when income has been interrupted or terminated because of illness, sickness, or accident ...
Government reinsurance program that provided coverage for U.S. properties during World War II. Private insurers shared the first layer of coverage, with the government providing ...
If the annuitant dies before receiving total income at least equal to the premiums paid, the beneficiary receives the difference in a lump sum. If the annuitant lives after the income paid ...
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