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
Actual price paid for property when acquired, minus depreciation. Original cost less depreciation is used to compute actual cash value, which is often the insurable interest in a property. ...
12-month period from the date of issue of a policy as stated in its declarations section. ...
Coverage for a group of individuals under one policy. Usually, members belong to a particular company, union, or trade association. In a contributory plan a lump sum premium is paid by the ...
Funds receivable or payable that have not been paid in a timely manner, commercial credit insurance protects an insured against declines in the value of receivables due to insolvency of a ...
Sum total of the assets owned by an individual. ...
Ordinary life insurance under which premiums are calculated so that the first few years of premiums are less than normal, and subsequent premiums are higher than normal. ...
Legal document that permits the individual to declare his or her desires concerning the use of life-sustaining treatment to be made at the point in time when death is imminent and the ...
Compensation in which an insurance agent's fee for the sale of a policy is the same year after year. Most life insurance companies pay a high first year commission and lower commissions in ...
Portion of reinsurance premium received by the reinsurer that relates to the unexpired part of the reinsured policy. ...
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