Contribution
Definition of "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
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Additions of new entrants into an employee benefit insurance plan. ...
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Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...
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