Casualty Insurance
Definition of "Casualty insurance"
Coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party. However, the term is an elastic one that traditionally has included such property insurance as aviation insurance, boiler and machinery insurance and glass and crime insurance.
Popular Insurance Terms
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
Attachment to a property insurance policy that automatically adjusts its coverage according to the construction cost index in a community. This endorsement is necessary in a property ...
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; ...
Age at which a pension plan participant is entitled to receive retirement benefits, or point at which retirement benefits are payable: normal retirement age is the earliest age permitted ...
Geographical area in which commerce can be conducted without tariffs being applied. The concept was adopted in insurance through the use of a reinsurance facility for buying and selling of ...
Ownership of property by two or more persons who do not have rights of survivor ship. The share of a deceased tenant passes to that person's heirs and not to the other tenants. Because ...
Legal obligation under which a party may be liable for the payment of the total judgment and costs that are associated with that judgment, even if that party is only partially responsible ...
Costs associated with renewal commissions as a percentage of the renewal premiums, and the servicing charges for previously issued insurance policies. ...
Relinquishment of rights in an insurance policy or pension plan. For example, by withdrawing contributions to a pension plan, an employee forfeits future retirement benefits under that plan. ...
Have a question or comment?
We're here to help.