Life Insurance
Protection against the death of an individual in the form of payment to a beneficiary usually a family member, business, or institution. In exchange for a series of premium payments or a single premium payment, upon the death of an insured, the face value (and any additional coverage attached to a policy), minus outstanding policy loans and interest, is paid to the beneficiary. Living benefits may be available for the insured in the form of surrender values or income payments.
Popular Insurance Terms
Same as term Automobile Assigned Risk Insurance Plan: coverage in which individuals who cannot obtain conventional automobile liability insurance, usually because of adverse driving ...
Numerous automotive vehicles covered under a common insurance policy. ...
Pension plan under which both the contribution (employer and employee if a contributory plan) and the benefit structure are fixed. In order to properly maintain the actuarial equivalent, ...
Coverage for negligent acts or omissions of an operator of a motel or hotel resulting in bodily injury to guests and damage or destruction of a guest's property. ...
To sell a specific amount of insurance. ...
Coverage for a loss incurred by the insured resulting from an infringement of the insured's patent or coverage for a claim made against the insured resulting from infringement by the ...
Value of benefit or contribution allocated to an employee under a pension plan; method of determining benefits due a retired employee. Each private pension plan establishes rules for ...
Viewpoint that an insurer whose liability policy is in force at the time of an accident or injury should pay a claim. See also long-tail liability; manifestation/injury theory. ...
Standard property/casualty insurance premium set by a state rating bureau. States have responsibility for regulating insurers and making certain that rates are reasonable. To this end, ...
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