Guaranteed Cost Premium
Premium charged for an insurance policy whose coverage does not vary according to the insured loss experience. The premium is calculated either on a specified rating basis or on a prospective basis (fixed or adjustable).
Popular Insurance Terms
Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
Individual receiving medical treatment who is not required to be hospitalized overnight. ...
Coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional ...
Statistical projection of future illness, sickness, and disease. ...
Coverage when a director or officer of a company commits a negligent act or omission, or misstatement or misleading statement, and a successful libel suit is brought against the company as ...
Part of an ocean marine policy that provides coverage of goods through all of the stages of a journey. Coverage begins when goods leave the warehouse of a shipper, and continues until they ...
Principle that no liability exposure can result from the performance of proprietary functions. ...
Agreement establishing a trust for the named beneficiary under a life insurance policy. Upon the death of the insured, the trust has the legal obligation to pay the policy proceeds in the ...
Coverage for property damage or destruction of an insured's property and liability exposure of an insured for damage or destruction of someone else's property under his or her care, ...
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