General Average
Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses and damages are paid by those with an interest in the ship and its cargo in proportion to their values exposed to the common danger. Contrast with particular average.
Popular Insurance Terms
Consolidation of a non insurance parent company with its wholly owned subsidiary, thereby creating, allowable under current tax law, a consolidated balance sheet. This consolidation of ...
Action by insurance companies and agents to voluntarily refrain from business conduct that is misleading, fraudulent, and in general would have adverse consequences for the purchaser of the ...
Insurance company that specializes in underwriting casualty insurance. ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
In a liability insurance policy, limit above the minimum amount of coverage for which the policy can be written according to company or legal restrictions. ...
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate ...
in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
Measure of the sensitivity of the insurance company's liability for resultant higher mortality rates than charged for in the premium. ...
Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...
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