Lines Of Insurance, Major

Definition of "Lines of insurance, major"

Francis "Chip" Evans real estate agent

Written by

Francis "Chip" Evanselite badge icon

Cornerstone Coastal Properties

Five primary sectors of insurance coverage. Their purposes are:

  1. LIFE INSURANCE provides income to a beneficiary in the event of the death of the insured.
  2. 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.
  3. ANNUITY provides monthly income to an annuitant for life.
  4. PROPERTY INSURANCE indemnifies an insured for damages or destruction of property.
  5. LIABILITY INSURANCE covers damages on behalf of an insured who becomes legally obligated to pay because of actual (or alleged) negligent acts and omissions.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...

Insurer in a group of companies that act as subsidiaries. ...

Fiduciary named in a will to settle an estate of a deceased person. The executor must act as a reasonably prudent man in safeguarding that property in his care, custody, and control. ...

Coverage in which premiums do not increase or decrease for as long as the policy remains in force. In the early years of a policy, the premiums are greater than is necessary to pay ...

To accept by a reinsurer, part or all of a risk transferred to it by a primary insurer or another reinsurer. ...

Same as term Accidental Death and Dismemberment Insurance: form of accident insurance that indemnifies or pays a stated benefit to insured or his/her beneficiary in the event of bodily ...

System of classifying face amount of policies according to size within a given range. The premium rate per $1,000 of face amount varies on a declining basis. As the face amount increases, ...

Measurement of how people feel about prevailing economic conditions, employment outlook, and personal finances. This index is based on statistics gathered from questionnaires mailed by the ...

One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...

Popular Insurance Questions