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
Coverage provided on an all risks basis for an exhibitor whose product, while being displayed at a public exhibition, is damaged or destroyed by a peril that is not specifically excluded in ...
Payments due to an insurance company but not yet paid. ...
States that preclude the placement of surplus lines with particular insurance companies. ...
French industrialist whose thesis is that all business activities revolve around six areas: technical (production), commercial (buying and selling), financing (capital employment), ...
Income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's income prior to the disability, but ...
Partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and mutual). Insures that businesses are ...
A person who relies on another for economic support. For insurance purposes, the following may be included: the insured's legal spouse; any unmarried children younger than a specified age ...
Retirement arrangement in which contributions are divided between allocated (insured) and unallocated funding instruments (an uninsured plan). It seeks to combine the advantages of ...
Title of a published set of rules, adhered to by member companies of major property and liability associations, that stipulate how losses should be adjusted when the same loss is covered by ...
Have a question or comment?
We're here to help.