Modification Of Contract
Adaptation of a standard insurance contract for special needs. Standard forms do not cover all needs but they can be adapted by an underwriter, broker, or an insurance company at the request of an insured. Risk managers may request many modifications in property and casualty coverage to meet the needs they have diagnosed for their corporations. Some risk managers even write their own contracts. Many insurers write their own contracts as well rather than use forms designed by a rating bureau.
Popular Insurance Terms
Casualty losses of high severity. ...
1970 legislation that set federal standards for workplace safety and imposed fines for failure to meet them. A controversial law, it took much of the power from the states for regulating ...
Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
Coverage for all personal property, regardless of location of an insured and household residents, including children away at school. Written on an all risks basis, subject to excluded ...
Life insurance policy under which its face value is payable only if the insured survives to the end of the stated endowment period; no benefit is paid if the insured dies during the ...
Coverage providing protection for a business against loss from a hazard under the On-Premises Form, that provides all risk protection against the loss of money and securities; or the ...
Life insurance on the life of a child that provides a death benefit to a beneficiary should the child die during a stipulated time period and the maturity value of the policy at the end of ...
Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...
Total shareholders' equity divided by total common shares outstanding. ...
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