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
Addition to reflect exposures with a greater probability of loss than standard exposures. For example, insuring a munitions factory obviously requires a premium greater than that required ...
Acknowledgment by the policyowner that he or she has received the policy loan requested. ...
Determination that group plans offering legal services are limited to an annual tax-free benefit of $70 per employee; group plans may offer employer-provided educational assistance plans on ...
Group of women life insurance agents who sell sufficient insurance to qualify for membership. The round table is sponsored by the NATIONAL ASSOCIATION OF LIFE UNDERWRITERS (NALU). ...
Acceptance by a reinsurer of part or all of a risk that has been transferred to it by a primary insurer or another reinsurer. ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Amount borrowed against the cash value of a life insurance policy to pay the premium due. ...
Same as term Extended Coverage Endorsement: added to an insurance policy or a clause found in an insurance policy that will provide additional coverage for risks to be insured other than ...
Assumption of total disability when an insured loses sight, hearing, speech, or a limb. When such a loss occurs to an insured with disability income insurance, the insurer often assumes ...
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