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
The space created between the total death benefit and the cash value of a universal life insurance policy. An automatic increase in the death benefit results when the cash value approaches ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
Policy that pays a specified sum not related in any way to the extent of the loss. The term applies to a life insurance policy rather than to a contract of indemnity because the former does ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Subrogation clauses are used in both the real estate and insurance industries to follow lawful claims against a third party that damaged the property of the insured. If we encounter a ...
Specified limit on the dollar amount of coverage for a given loss. ...
Ratio commonly used by the property and casualty insurance industry as a measure of financial strength or to indicate to what degree a particular insurance company is leveraged. A low ratio ...
Provides the same coverage as a comprehensive personal liability insurance policy, plus coverage to exposures that are peculiar to farms, such as farm business operations, farm employees ...
Same as term Debit Insurance: life insurance on which a premium is collected on a weekly, bi-weekly, or monthly basis, usually at the home of a policyholder. The face value of the policy is ...
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