Economic Loss
Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), damage or destruction of property, and/or a liability suit (negligent acts or omissions by a person result in property damage or bodily injury to a third party). Factors included in the total cost are loss of earnings, medical expenses, funeral expenses, property damage restoration expenses, and legal expenses.
Popular Insurance Terms
Reckless action without regard to life, limb, and/or property; for example, driving 100 miles per hour on a road or highway. ...
Law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. For example, three ...
Rejection by an insurance company of an application for a policy. ...
Life insurance policy clause. If at the end of the grace period the premium due has not been paid, a policy loan will automatically be made from the policy's cash value to pay the premium. ...
Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from damage or destruction of ...
Fund that concentrates primarily on short-term government securities, certificates of deposit with maturities less than one year, and high-quality interest-bearing corporate debt. The fund ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
Nominal interest rate minus the rate of inflation. ...
Pooling of assets of two or more pension funds under common portfolio management. ...
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