Defense Of Suit Against Insured
Clause in a liability insurance policy under which an insurance company agrees to defend an insured even if a lawsuit is without foundation. The costs of defending the insured are covered, in addition to the limits of coverage under the policy. For example, if the limits of coverage under a policy is $1,000,000 and defense costs are $120,000, the $120,000 costs are in addition to the $1,000,000 of coverage. This is critical, since defense costs can be quite high.
Popular Insurance Terms
Individual (s) entitled to receive the income generated by the trust. ...
Coverage for persons whose medical history includes serious illness such as heart disease or whose physical condition is such that they are rated below standard. A policy may specifically ...
Independent federal government organization authorized by the employee retirement income security act of 1974 (erisa) to administer the pension plan termination insurance program. Its ...
Resident patient of a medical installation. Previously, health insurance benefits were limited to in-patient care. Today health insurance policies provide an extensive list of out-patient ...
Property insurance coverage for only one of the parties having an insurable interest in that property. ...
To accumulate. For example, under one of the dividend options of a participating life insurance policy, dividends can accumulate at interest by leaving them with the insurance company; cash ...
Sum total of the annual effective rate of return earned by an owner of a bond if that bond is held until its maturity date. This effective return includes the current income generated by ...
Costs associated with renewal commissions as a percentage of the renewal premiums, and the servicing charges for previously issued insurance policies. ...
Gain when the underlying asset that moves in one direction is significantly different from the loss when the underlying asset moves in the opposite direction; for example, when gains and ...
Have a question or comment?
We're here to help.