Contingent Liability (vicarious Liability)
Liability incurred by a business for acts other than those of its own employees. This particular situation may arise when an independent contractor is hired. The business can be held liable for negligent acts of the contractor to the extent that its representatives give directions or exercise control over the contractor's employees.
Popular Insurance Terms
Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
Highest price investor is willing to pay for a stock or mutual fund unit and lowest price a seller of a stock or mutual fund is willing to accept. ...
Provision of liability insurance that excludes coverage for dishonest acts of an insured. ...
Payment under a state-sponsored program for victims of crimes. ...
Statement regarding an insured's retention of low-severity risks because they are not catastrophic, and can be absorbed without having a dramatic effect on the financial structure of a ...
The absolute liability in insurance can be defined as actions, inactions, or negligence that leads to losses or damages to a third-party. The insurer is obligated to determine the ...
Compensation to an agent in the same absolute dollar amount, regardless of the type of insurance policy sold. Contrast with graded commission. ...
Canadian retirement plan much like U.S. individual retirement account (IRA). Here, an employee can contribute on a tax deductible basis C $3500 each year as a member of an employer pension ...
Standards used to determine claims payments in cases of overlapping property/liability insurance coverage. At one time, each type of insurance had its own rules to govern claims where more ...
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