Money Damages
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such things as disability, disfigurement, and pain and suffering. Punitive damages go beyond this to punish and make an example of a defendant. In recent years, punitive damages have become increasingly common, and insurers claim that the frequency of multimillion dollar jury awards has made the business of underwriting difficult.
Popular Insurance Terms
Single limit insurance program remaining in force for several years as compared with traditional insurance programs where there is a series of annual limits. The LUMP insurance program is ...
Loss so catastrophic in nature that the insurance company will experience a significant underwriting loss. Protection against such an event can be purchased through various reinsurance ...
In property insurance policies, provision that states that the insured will receive indemnity for expenses incurred as a result of acts by the fire department taken to save or reduce damage ...
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Coverage for furs owned by a furrier, or a customer's furs in the care, custody, and control of the furrier. Coverage is on an all risks basis except those specifically excluded: wear and ...
1945 federal legislation in which the Congress declared that the states may continue to regulate the insurance industry. Nevertheless, in recent years Congress has expanded the federal ...
Present value of a series of payments such that the first payment is due immediately, the second payment one period from hence, the third payment two periods hence, and so forth. The ...
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Hospital charges in addition to room and board. Miscellaneous expenses are covered under a basic hospital plan, with the limits of coverage expressed either as a multiple of the daily ...
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