Fleet Policy

Mathematical relationship resulting from experimentation. For example, the probability distribution for the possible number of heads from four tosses of a fair coin having both a head and a ...

Arrangement between two or more insurance companies under which the parties to the agreement waive their subrogation rights against the other. Most such agreements are no longer in use. ...

Option under a participating life insurance policy in which dividends are left on deposit with the company to accumulate at a specified interest rate. If this option is chosen, it is ...

Agents, managers, and office personnel serving in the branches of an insurance company. ...

Clause in a liability insurance policy under which an insurance company agrees to defend an insured even if a lawsuit is without foundation. The costs of defending the insured are covered, ...

In umbrella liability insurance clause that stipulates that in the event of a loss where there are no underlying policies providing coverage, the deductible will apply. ...

Annual premium expressed on a proportionate basis such as monthly, quarterly, or semiannually. ...

Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...

Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term ...