Deductive Reasoning
Observance of an event occurring on a repeated basis that leads one to believe that a certain probability is attached to the occurrence of that event. For example, if there are a red ball and a blue ball in a bag, and each color ball is drawn one-half of the time, we come to believe that each color ball has a one-half probability of being drawn at any one time.
Popular Insurance Terms
Treaty adopted by most major countries to determine adjustment for general average in ocean marine insurance. ...
Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...
Negligent acts and/or omissions by the individual (s) and the organization (s) resulting in damage to the environment. For example, pollution of the environment suits against manufacturers ...
Stated fixed payment for maternity costs regardless of the actual costs. ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Property, liability, or health coverage that takes precedence when more than one policy covers the same loss. In order to avoid OVER INSURANCE, or paying an insured more than the actual ...
Statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached. ...
Named peril policy is how it’s called in the Real Estate Industry the insurance policies that specify the perils it covers. Under a named peril policy, if anything that isn’t ...
Agency that sells insurance policies from both a stock insurance company and a mutual insurance company. ...
Have a question or comment?
We're here to help.