Dismemberment Insurance
Definition of "Dismemberment insurance"
Same as term Accidental Death and Dismemberment Insurance: form of accident insurance that indemnifies or pays a stated benefit to insured or his/her beneficiary in the event of bodily injury or death due to accidental means (other than natural causes). For example, an insured's arm is severed in an accident. A predetermined schedule of payments is used to compensate the insured for this particular loss. The schedule also lists the sums payable for other parts of the body that may be lost, or for death by accident.
Popular Insurance Terms
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Principle of surplus distribution as the result of excess funds above the amount required to establish legal reserves. These excess funds are generated from three sources: mortality ...
Reinsurance broker for a primary company (the re-insured). This broker is paid commissions by the reinsurance company, just as an agent is paid commissions by an insurance company for ...
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Individual or other entity who owns an insurance policy. Synonymous with policyowner. ...
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Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
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