Fortuitous Loss
Loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where the insured cannot control the loss; thus the insured should not be able to burn down his or her own home and collect. Insurance is not provided against a certainty such as wear and tear. Life insurance will not pay a death benefit if the insured commits suicide within the first two years that the policy is in force. Even though death is a certainty, the insured cannot buy a policy with the intention of suicide within the first two years.
Popular Insurance Terms
In insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
Procedure for offering reduced auto insurance rates to drivers with good records, and imposing higher rates on bad drivers. Typically, premiums are weighted under a system that assigns ...
Account established by the insurance company specifically for beneficiaries of a life insurance policy where the beneficiary has the choice of leaving the death benefit on deposit in the ...
Early life insurance that provided benefits only to survivors who lived to the end of a certain period of time. In the mid-17th century, Lorenzo Tonti, an Italian, devised a scheme to raise ...
Claim (lien) of the pension benefit guaranty corporation (pbgc) against an employer's assets upon termination of a pension plan for the amount of an employee's unfunded benefits. ...
Situation in which parties agree to take part in a structured settlement negotiation through the guidance of a neutral expert. By participating in this process, the parties do not agree ...
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
Additional Living Expense Insurance is a type of coverage present on several types of Homeowner’s Insurance that reimburses additional costs caused because of the insured’s ...
U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
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