Loss Settlement Amount
Definition of "Loss settlement amount"
In homeowners insurance, usually an 80% coinsurance requirement, which means the insured must carry insurance on the value of a home on a replacement cost basis of at least 80%. For example, a home is worth $200,000, and a fire does $50,000 damage. If there is $150,000 of insurance, it may appear that the insured would be reimbursed for the total loss.
Popular Insurance Terms
Section of the insurance company that administers claims for the losses incurred by the insured. ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
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Sales honor group of property and casualty insurance agents created by the National Association of Professional Insurance Agents. ...
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If the annuitant dies before receiving total income at least equal to the premiums paid, the beneficiary receives the difference in a lump sum. If the annuitant lives after the income paid ...
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