Financial Responsibility Clause
Provision in automobile insurance, such as the personal automobile policy (pap), stating that a particular policy furnishes adequate coverage, the minimum of which is at least equal to that required by the financial responsibility laws in the state in which the insured is driving.
Popular Insurance Terms
Standards set by the various state regulatory authorities that determine how financial statements must be prepared for regulators. The states are responsible for making certain that ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
Act passed by Congress in 1991, the purpose of which is to make it easier for consumers to compare deposit accounts among savings institutions (SI). Some of the act's more important ...
Trusts in which individuals manage their own assets and only if a predetermined event occurs, such as incapacity, will another party take over the management of these assets. Upon ...
Ownership of tax-free or tax-deferred investments by a child or for a child, given that these investments will not reach maturity before the child attains at least age 14. The objective is ...
Record of insurance policies sold to an individual. ...
Market in which sellers dominate trading and force financial asset prices down. ...
Maximum limit of liability of an insurance company for a particular claim or kind of loss that is applicable in general to all such claims or losses. This maximum limit of liability is ...
Direct relationship between the use to which a building is put and the likelihood that it will catch on fire. Occupancy is one of the most important factors in setting fire insurance rates. ...
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