Lines Of Insurance, Major
Definition of "Lines of insurance, major"
Five primary sectors of insurance coverage. Their purposes are:
- LIFE INSURANCE provides income to a beneficiary in the event of the death of the insured.
- HEALTH INSURANCE provides two types of coverage: Medical Expense, which indemnifies an insured for hospital, physician, and related expenses; Disability Income, which provides a source of income for an insured in the event of partial or total disability. It is generally felt that this source of income should approximate at least 50% of earnings prior to a disability.
- ANNUITY provides monthly income to an annuitant for life.
- PROPERTY INSURANCE indemnifies an insured for damages or destruction of property.
- LIABILITY INSURANCE covers damages on behalf of an insured who becomes legally obligated to pay because of actual (or alleged) negligent acts and omissions.
Popular Insurance Terms
Coverage for the employer in the event of a tort committed by an employee in the use of his or her own car while conducting business on behalf of the employer. ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Coverage against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, and independent ...
Proportion of a premium allocated to pay losses, which is equivalent to (1.00 - expense ratio). ...
Loss experience of a given insured. ...
Individuals other than the crew of a ship who forcefully steal the ship and/or its cargo. This event is an insured peril under ocean marine insurance. ...
Same as term CEDE: to transfer a risk from an insurance company to a reinsurance company. ...
Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
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