Compulsory Insurance
Definition of "Compulsory insurance"
Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried.
Popular Insurance Terms
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if: the loss is not covered by a policy, or a particular person is not included in the definition of ...
Nonprofit organization of members of various industries nationwide that collects and publishes information and statistics on accidents. The council was established by Congress in 1913. Its ...
recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
Reduction in a retirement plan's population resulting from the death, disability, and termination of its members. ...
Insurance record showing the amount of insurance coverage placed on any one location. ...
method of gaining illegal entry to perform a criminal act. If a policyholder makes a claim for loss of jewelry or rugs under a homeowners policy, or if a business owner makes a claim for ...
Bona fide organization that purchases insurance on a group basis on behalf of members. However, a group cannot be formed for the purpose of purchasing insurance since adverse selection ...
Organization that conducts research on distribution systems for the life and health insurance products on behalf of its member companies. Studies range from consumer attitudes towards the ...
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