Broad Evidence Rule
Rule that stipulates how to calculate the actual cash value of property that has been damaged, destroyed, or stolen. The thesis of this rule is that whatever evidence that can be produced of the true value of the property is admissible; the factual insurable value of the property can be ascertained by whatever measures provide the most accurate picture of that property's real value. Thus, this is a method of determining the true insurable worth of a structure according to any measure that will provide the most accurate analysis of that property's value. This method is becoming more widely accepted as a means of measuring actual cash value.
Popular Insurance Terms
Coverage for small groups that cannot meet the underwriting standards of true group insurance. Even though the franchise insurance covers an entire group, individual policies are written on ...
Two basic kinds of policies sold by health insurance companies: medigap insurance (medicare supplementary insurance); and medicare wraparound ...
Plan under the employee retirement income security act of 1974 (ERISA) for employees who are less than 50% vested. An employee must be permitted to buy back retirement benefits lost because ...
Difference between the yield on earning assets and the cost of interest-bearing liabilities. ...
Coverage for less than one year. Insurers generally charge higher rates for short-term policies than for longer term insurance, such as an annual policy, because of the need to recoup ...
Powers of an agent delegated by an insurance company and shown in the form of a document. ...
Chance that an event will occur. The foundation of insurance is probability and statistics. By pooling a large number of homogeneous exposures an insurance company can predict with a given ...
Method of pricing property and liability insurance. It uses charges and credits to modify a class rate based on the special characteristics of the risk. Insurers have been able to develop a ...
Provision in workers compensation insurance under which an employee who incurs an injury in another state, and elects to come under the law of his home state, will retain coverage under the ...
Have a question or comment?
We're here to help.