Definition of "Keeton-o"
Early type of no-fault automobile insurance developed by two law professors, Robert Keeton and Jeffrey O'Connell. Its basic premise is that for many accidents it is impossible to place the blame as required by the tort legal system. In this approach, each individual would be able to collect from his or her own insurance company without having to prove fault on the part of anyone.
Popular Insurance Terms
Excess coverage for employers who use self insurance for routine workers compensation risks. Many employers consider workers compensation exposure to be routine and predictable and set up a ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
System whereby the re insurer shares losses in the same proportion as it shares premium and policy amounts. Proportional reinsurance may be divided into the two basic forms: automatic ...
interconnection of computers that contain pages classified into groups called web sites that can be accessed over the internet. The only requirement for visiting a web site is to have ...
Calculation of the premium based on such factors as the applicant's age, sex, health record, family history, and type of insurance plan applied for. ...
Program enacted in 1965 under Title XVIII of the Social Security Amendments of 1965 to provide medical benefits to those 65 and over. The program has two parts: Part A, Hospital Insurance, ...
Form that reports the status and activity of retirement plans to the Internal Revenue Service (IRS). The IRS uses this form to determine whether a retirement plan is in compliance with all ...
Amount of loss that insured pays in a claim; includes the following types: Absolute dollar amount. Amount the insured must pay before the company will pay, up to the limits of the policy. ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
Have a question or comment?
We're here to help.