Defense Costs
Expense of defending a lawsuit. To mount a legal defense against civil or criminal liability, a defendant faces expenses for lawyers, investigation, fact gathering, bonds, and court costs. Of critical importance in purchasing liability insurance is not only the limits of coverage under the policy but also the obligation of the insurance company to defend the insured against suits, even if a suit is without foundation. Because legal defense costs can be extremely high, the consumer should consider liability insurance that pays all defense costs in addition to the policy limits.
Popular Insurance Terms
Time period in health insurance that must elapse between a previous illness and a current one, if the current one is to be considered a separate illness eligible for a new set of benefits. ...
Cancellation of a policy by an insurance company. ...
Process under which terminally ill people sell their life insurance policy for value thereby excluding the policy from being subject to the transfer for value under the three-year rule. ...
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are ...
Insurance salesperson who contacts potential customers and handles clerical responsibilities but has no authority to make insurance contracts. ...
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Factor considered in determining amount of life insurance to purchase in order that funds will be available to pay the emergency expenses following the death of a family member. ...
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