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
Coverage on an all risks basis for loss due to theft or mysterious disappearance of personal property; damage to premises and property within resulting from theft; and vandalism and ...
Insurance policy that differs from the standard form. ...
Coverage protecting future profits to be earned from a manufacturer's inventory. A manufacturer may lose all or part of an inventory of finished goods due to a peril such as fire and still ...
Provision that holds a re-insurer liable for its share of losses even if the ceding company becomes insolvent before paying these losses. For example, XYZ Insurance Co. writes a fire policy ...
Arrangement between the seller and the buyer in which the buyer has the right to buy (call option) or sell (put option) a security at some time in the future at a price stipulated at ...
Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...
Type of employee savings plan under which an employee may contribute up to a specified percentage of the salary on an after-tax basis and the employer matches the employee's contribution up ...
Delivered insurance policy to the policyholder in which the policy's first premium has been paid, the application has been reviewed, and all policy parts completed. ...
Requirement that income payments must begin from tax-deferred saving programs by April 1 of the calendar year after the calendar year in which the plan participant becomes age 7014 or ...
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