Contributing Insurance
Definition of "Contributing insurance"
Same as term Contribution: principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its terms provide otherwise. For example, if two policies each insure a risk for $100,000 and there is a $50,000 loss, then each policy (depending on coinsurance requirements) will pay $25,000. In employee benefits, payment made by an employee.
Popular Insurance Terms
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers ...
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Theory that the probability that two independent events will occur is equal to the probability that one independent event will occur times the probability that a second independent event ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
Circumstance resulting when government expenditures exceed government income. To finance this difference, the United States Treasury will auction Treasury bills, notes, and bonds. In order ...
Coverage in the event of threats to injure an insured or damage or destroy his property. ...
Physiological or psychological condition that prevents an insured from performing normal job functions. ...
Have a question or comment?
We're here to help.