Fallen Building Clause
Definition of "Fallen building clause"
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 would not be applicable to buildings that collapse because of inherent defects.
Popular Insurance Terms
Money expended with the object of profit. The goal of an insurance company is to invest in assets with a rate of return greater than that to be paid out as benefits under its policies. ...
In some states, principle of tort law providing that in the event of an accident each party's negligence is based on that party's contribution to the accident. For example, if in an auto ...
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
Offer made by the insurance company to insure an applicant, provided the applicant is insurable according to the underwriting standards of the company, and the applicant accepts the offer ...
Specific time at which the insurance policy coverage begins and ends. ...
Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventive medicine. Members of the HMO pay a flat ...
Provision in an Adjustable Life Insurance policy that permits the structure of the policy to be changed by: increasing or decreasing the premium; increasing or decreasing the face amount; ...
Section providing protection under three coverages: Coverage E (Personal Liability} coverage in the event a suit is brought against the insured because of bodily injury and/or property ...
Goals of the financial planning process as follows: Standard of Living Maslow's basic needs satisfied such as food, water, clothing, shelter, and nice-to-have discretionary items, such as ...
Have a question or comment?
We're here to help.