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
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Based on historical loss experience, from which future loss experience is predicted. ...
One used to determine the life expectancy of annuitants. Annuity buyers are not representative of the population as a whole, or of life insurance buyers. Because annuities pay an income for ...
Coverage for a group of individuals under one policy. Usually, members belong to a particular company, union, or trade association. In a contributory plan a lump sum premium is paid by the ...
Circumstance in which there is a probability loss to personal property or real property resulting from property damage, destruction, or disappearance. ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
Arbitrator who settles disputes over the amount of loss when an insurer and an insured do not agree. ...
Estate under the legal and administrative guidance of both the surety and the fiduciary. Any actions on the part of the estate requires the signatures of both in order to reduce the chances ...
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