Leasehold Insurance
Coverage for a tenant with a favorable lease (enabling the lessee to rent premises for less than the market value). If the lease is canceled by the lessor because an insured peril (such as fire) strikes, the lessee is indemnified for the loss incurred. The premise is that the lessee will have to forgo earnings derived from having an advantageous lease, and should be indemnified for this incurred loss.
Popular Insurance Terms
Process in life insurance by which an applicant who is uninsurable, or is a greater than average risk, seeks to obtain a policy from a company at a standard premium rate. Life insurance ...
Program designed as protection for political risk (action taken by a foreign government resulting in financial loss to companies trading or investing overseas). Coverage is provided for ...
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Automatically extended reporting period of 60 days, during which claims may be made after a claims made basis liability coverage policy has expired. ...
Basis for calculating life insurance premiums and benefits using current interest and mortality rates, rather than historic rates. Current assumptions are critical to interest-sensitive ...
Recording and presentation of financial statements, such as the annual statement, by the insurance company. Financial reporting statements are used by the State Insurance Commissioner in ...
Organization following the format of Lloyd's of London. ...
Refers to the insured or reinsured paying premiums into an account at a commercial bank that will be used to pay for future or past losses. Portions of the premiums not required to pay for ...
Major credit insurer of the early 20th century that merged into the London Guarantee and Accident Co. in 1931. ...
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