Custodial Account

Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term ...

Transfer of high severity risks through the insurance contract to protect against catastrophic occurrences. While insurance is generally not the most cost-effective means of recovery of ...

Circumstances taken for granted. For example, in calculating annuity values, a particular interest rate is assumed. This assumption is critical to current assumption whole life insurance ...

Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...

Type of inland marine insurance used to provide coverage for domesticated animals, including poultry, cattle, horses, sheep, and swine. ...

Policy under which a portion of the death benefit (generally 25%) becomes payable to the insured for a specified medical condition prior to death. The purpose of the accelerated death ...

Statistical procedure used to calculate a premium rate based on the loss experience of an insured group. Applied in group insurance, it is the opposite of manual rates. Here the premiums ...

Trust established under the Internal Revenue Service code that is used to provide accident and sickness benefits to member employees. ...

Coverage for all kinds of personal property whether inside or outside an insured's (home) to include jewelry, musical instruments, cameras, fine arts, and precious stones. The insurance ...