Business Risk Exclusion
Omissions from coverage found in products liability insurance. The policy does not provide coverage if the business manufactures a product that does not meet the level of performance as advertised, represented, or warranted. For example, an automobile antifreeze is advertised as being able to withstand temperatures as low as 30 below zero. An engine block containing the fluid freezes at a temperature of 10 above zero. In this instance a products liability policy would not provide coverage for the insured business.
Popular Insurance Terms
Same as term Graduated Life Table: mortality table that reflects irregularities from age to age due to chance fluctuations in the sequence of the rates of mortality. The rates of death as ...
Forgery insurance covering securities issues such as stocks and bonds. They protect the issuer of securities against forgery of the securities. ...
Coverage that goes into effect when an individual's claim reaches a specific threshold selected by the employer who has self-insurance. After this threshold is reached, the policy pays ...
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability that has been previously reduced by claim payments ...
Addition to reserves of a life insurance company required by various states because the valuation premium is greater than the GROSS PREMIUM. Without a deficiency reserve, the normal reserve ...
Person for whom the trust was created and who receives the benefits thereof. In many instances a trust is established to prevent the careless exhaustion of an estate. For example, the ...
Coverage in the event of threats to injure an insured or damage or destroy his property. ...
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