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
Life insurance distribution system under which the state underwrites and sells life insurance to any resident of Wisconsin who makes application. ...
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Covers losses resulting from the malfunction of boilers and machinery. Most property insurance policies exclude these losses, which is why a separate boiler and machinery policy or a ...
Changing state of the economy associated with changes in human wants and desires such that losses or gains occur. Dynamic changes are not insurable. ...
Number of bits a modem can receive or send per second. ...
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Endorsement to a scheduled property floater that provides named perils coverages for props, costumes, and other materials that might be used by a theatrical company. Coverage is provided ...
Assets of an insurer that are due and payable in the current year but have yet to be received by the insurer. ...
Section in some property insurance contracts that eliminates further coverage for buildings after they have collapsed from causes other than fire or explosion. For example, fire coverage ...
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