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 ...

General arrangement of a contract between an insurer and an insured. The policy defines the insured and the type of coverage, lays out what the insurer must do, lists exceptions and ...

Presence of other contract (s) covering the same conditions. When more than one policy covers the exposure, each policy will pay an equal share of the loss. ...

Act designed to help reduce the federal deficit by approximately $496 billion over five years through a restructuring of the tax code. The following include some of the major provisions ...

Decrease in value of property as the result of technological advancement and/or changing social mores. This factor is used to measure the amount of depreciation in determining the actual ...

Percentage that has an inverse relationship to the loss experience on the business brought in. For example, if a ceding company laid off better risks that resulted in better and more ...

Company that has a capital fund established by contributions from its stockholders in addition to its surplus accounts and reserve accounts. ...

A guarantee of the performance of a contractor. In general, contract bonds are used to guarantee that the contractor will perform according to the specifications of the construction ...

Standard designed to reduce occupational exposure to blood-borne pathogens (microorganisms in human blood that can cause diseases in humans, such as HIV and hepatitis B). The standard ...