Exclusions
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; wear and tear, since they are expected through the use of a product; property covered by other insurance, in order to eliminate duplication that would profit the insured; liability arising out of contracts; and liability arising out of Workers Compensation laws. Exclusions are also listed in a boiler and machinery insurance policy, business automobile policy, business income coverage form, homeowners insurance policy, liability policy, and commercial package policy.
Popular Insurance Terms
Portion of company profits allocated by an employer, in good years, to an employee's trust. Contributions on behalf of each employee are expressed as a percentage of salary with 5% being ...
Accounting method used to reduce income taxes on distributions from qualified pension or retirement plans. Ten-year averaging was repealed by the tax reform act of 1986 but is still ...
Flat amount added to the basic premium rate to reflect the cost of issuing a policy, establishing the required records, sending premium notices, and other related expenses. ...
Total premiums generated from all policies written by an insurance company within a given period of time. ...
Coverage for liability exposures that result from manufacturing and/or contracting operations in process on a manufacturer's premises (all locations of ongoing operations) or, in the case ...
Percentage of first year's premium paid to compensate an insurance agent. This is known as the "First Years" to show how much new business the agent is generating, compared with renewal ...
Same as term Claims Made Basis: method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in ...
The term proprietary insurer may seem like a tongue-twister and a mind-twister in itself. It kind of is. But what is the definition of a proprietary insurer? A proprietary insurer is a ...
Formerly an employer's defense under which an injured employee had to bring a cause for action against the fellow employee causing the injury, not the employer. Workers Compensation laws ...
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