Federal Crop Insurance
Protection against natural disasters that may strike crops. Coverage on all risks basis began in 1948 under the auspices of the U.S. Department of Agriculture. Premiums reflect actual losses incurred by farmers. The objective is to level out fanners' income that otherwise would be adversely affected by natural disasters striking their crops.
Popular Insurance Terms
In a liability insurance policy, provision for the payment of the insured's expenses as stated in the policy in three areas above the policy limit of liability: legal fees resulting from ...
Latin phrase for "The facts speak for themselves." This is a rule of evidence under which an individual is deemed, under certain specific circumstances, to be negligent by the mere ...
Type of health insurance under which an insured's coverage extends to all family members if they are residents of the insured's household. Insures all medical expenses (except those ...
Transportation firm that carries only select customers' goods and is not obligated to carry any particular customer's goods even if that customer is willing to pay. Contrast with common ...
Clause found in a marine insurance policy that states that the policy will not pay any claims less than a given amount but will pay claims in excess of that amount. The purpose of this ...
Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
Coverage on real property written to have no time limit. A single deposit premium pays for insurance for the life of the risk. The insurer earns enough investment income on the deposit to ...
Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
Health characteristic considered by an insurer underwriting an applicant for life or health insurance. Many insurance companies charge reduced premiums for nonsmokers. ...
Have a question or comment?
We're here to help.