Definition of "Bottomry"
Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a ship was canceled if the ship failed to return to its port. This concept was adopted by Lloyd's of London in the 1600s when insuring England's merchants for goods shipped to the colonies. The formation of property and casualty insurance companies worldwide began by insuring the transport of merchandise over bodies of water.
Popular Insurance Terms
Act passed by Congress in 1991, the purpose of which is to make it easier for consumers to compare deposit accounts among savings institutions (SI). Some of the act's more important ...
Liability and physical damage coverage for trailers under business or personal auto policies. Most automobile insurance policies offer liability coverage for common types of trailers owned ...
Hazard covered under catastrophe reinsurance. This form of excess of loss reinsurance protects the ceding company for loss above the retention limit caused by multiple catastrophic events. ...
Retirement payments to be credited for future years of service with an employer. ...
Loading to the burning cost ratio for a reinsurer's expenses, profit, and to build a reserve to meet unusually large claims. ...
Law in some states that permits an insurance company to deny payment of a claim resulting from an insured loss because of breach of warranty or misrepresentation, provided that the breach ...
Income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's income prior to the disability, but ...
Based on historical loss experience, from which future loss experience is predicted. ...
Termination of coverage in insurance. ...
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