Circumstance that increases the likelihood or probable severity of a loss. For example, the storing of explosives in a home basement is a hazard that increases the probability of an explosion.
Popular Insurance Terms
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the ...
Provision commonly found in fire insurance contracts. If the insured knows that a hazard is increased, most property contracts permit the insurance company to suspend or terminate coverage. ...
Policy purchased by an insured from an insurer in another state. This insurer is not licensed in the state where the insured's risk is located. ...
Accounting procedures that defer the full funding of a life insurance net level premium reserve to accommodate the policy acquisition cost in the early years of a policy. First-year policy ...
Endorsement to the personal automobile policy (pap) that insures other motorized vehicles such as golf carts and motorcycles owned by a policyholder. ...
Indemnifies an insured whose property is stolen, damaged, or destroyed by a covered peril. The term property insurance encompasses numerous lines of available insurance. ...
Condition in which an applicant has met an insurance company's standards. Requirements include a loss that is definable; fortuitous; one of a large number of homogeneous exposures; and ...
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 ...
New rule entitled "Accounting for Certain Investments in Debt and Equity Securities," which requires most fixed maturity investments to be listed on the INSURANCE COMPANY'S FINANCIAL ...
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