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
Same as term Cancel: termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
Coverage for bodily injury and property damage liability resulting from ownership, use, and/or maintenance of the insured business's premises, completed operations, and products. Covers ...
Attachment to a general liability policy thereby eliminating the exclusion of property under the care, custody, and/or control of an insured. Without this endorsement there would be no ...
Coverage during the transfer of securities and monies, precious metals, and other specified types of valuables by armored guard services. Policies are specifically designed to fit an ...
Automatic protection for an insurer against losses that exceed a predetermined loss limit. This reinsurance may be subdivided into three primary types: excess of loss, catastrophe loss, and ...
Omissions from coverage found in products liability insurance. The policy does not provide coverage if the business manufactures a product that does not meet the level of performance as ...
Protects a cedent against an aggregate amount of claims over a period, in excess of a specified percentage of the earned premium income. Stop loss reinsurance does not cover individual ...
Grouping of applicants for life insurance according to expected mortality, so as to produce an underwriting classification in which the spread between health of the worst and best applicant ...
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