Classification of ships according to their construction material, age, physical condition, propulsion type, stress tests of structure, and owners. Marine insurance rates for a particular vessel are based on these demographics. Lloyd's register is used worldwide by government agencies and industry to track and identify vessels. In many instances the country of registration is of strategic importance if a vessel is exposed to attack, say, in the Middle East and in other danger points in the world.
Popular Insurance Terms
Insurance protection written in the form of a single line policy. ...
Plan that combines a profit sharing plan with a money purchase plan. It permits the participant to maximize the flexible part of the combination (profit sharing plan) after satisfying the ...
Policy that pays benefits to an insured who becomes ill or injured, provided that documentation is offered to confirm the illness or injury. ...
Abbreviation for premium payment. It usually applies to a limited number of annual premium payment policies such as a ten-day policy. ...
Beneficiary's choice, in a life insurance policy or annuity, for receiving income payments for a given period of time. The number of payments are fixed by the payee; the benefit amount is ...
Required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many companies will write is $25,000. Most ...
Element of a life insurance policy permitting the policy owner to change a beneficiary as frequently as desired unless the beneficiary has been designated as irrevocable. Here the written ...
Property and/or liability coverage for a municipality. Municipalities are responsible for maintenance of through ways as well as a myriad of public services. Liability insurance for ...
Authority of states to tax the insurance companies they regulate. States levy income taxes, real and personal property taxes, and special levies, the most important of which is a premium ...
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