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
The definition of special acceptance explains how two insurance institutions work together for the benefit of the masses. In order to define what special acceptance means, we must ...
Insurance against interruption of supply of goods and services. If firm A depends on firm B for its supply of goods and services, an interruption caused by damage or destruction to B can ...
Unfunded trust that acts as the owner of a life insurance policy. The trust receives a donor's cash payments on a periodic basis, from which the beneficiary of the trust has a specified ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ocean ...
Amount of reinsurance accepted by a second reinsurer which is in excess of the original insurer's retention limit and the first reinsurer's first surplus treaty's limit. ...
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter ...
Cost per unit of insurance. ...
Clause in a reinsurance policy that excludes the reinsurer's liability for losses occurring after a stipulated date. ...
Policy with a face value that varies according to a prescribed index of prices; otherwise benefits provided are similar to ordinary whole life. The death benefit is based on the particular ...
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