Comprehensive Policy
Definition of "Comprehensive policy"
Combination of several coverages to protect the insured. For example, the comprehensive health insurance policy combines the basic hospital plan with major medical insurance to cover medical expenses (room, board, surgical, and physician expenses) and miscellaneous expenses (surgical dressings, drugs, ambulance services, blood, and operating room). Many policies have a maximum lifetime limit of $1 million for the insured and for each member of the insured's family who is a dependent resident of the insured's household. The comprehensive personal liability insurance policy covers the insured for just about any negligent act or omission that results in property damage or bodily injury to another party, subject to the exclusions of automotive liability and professional liability. The special multiperil insurance (SMP) policy provides the business owner with comprehensive property damage coverage on an all risks basis.
Popular Insurance Terms
Insurance company's total premium income plus investment income. ...
Long-term investment plan strategy under which all of the investor's investable assets are divided into predetermined proportions among several different types of securities. In theory, ...
One of the major underwriting organizations for insurance company pools insuring commercial aircraft liability exposure. ...
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
Coverage on an all risks basis whether the airplane is on the ground or in the air; also called hull aircraft insurance. Exclusions, although none are standard, include illegal use of an ...
Mathematical premise stating that the greater the number of exposures, (1) the more accurate the prediction; (2) the less the deviation of the actual losses from the expected losses (X - x ...
Requirement that an individual must withdraw a minimum sum annually from retirement savings that have accumulated on a tax-deferred basis. This withdrawal must begin by April 1 of the year ...
In insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
Projected percentage of the earned premiums that will be required by the insurance company to pay for the incurred losses plus the loss adjustment expense. ...
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