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
Type of guaranteed investment contract in which the interest rate credited is tied to an external index such as the United States Treasury Bond Index. ...
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Organization of over 300 property and casualty insurance companies whose mission is to investigate fraudulent claims and bring to justice those making such claims. ...
one in which the amount and frequency of payment may fluctuate. ...
Stated fixed payment for maternity costs regardless of the actual costs. ...
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Actions not allowed between a trust and a disqualified person under the employee retirement income security act of 1974 (erisa). The disallowed actions are designed to prevent a conflict of ...
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