Multiple Line Law
State legislation that allows insurers to offer both property and casualty insurance. At one time, U.S. insurers sold only one type of insurance, a practice that gradually became written into state law. Most significantly, New York State, where many insurers want to be licensed, allowed insurers to write only one line of insurance early in this century. But in 1949 New York passed a multiple line law, and most other states followed.
Popular Insurance Terms
Reductions in the value of property due to physical damage or destruction. ...
Provision found in current assumption whole life insurance policies under which the insurance company retains the contractual right to recalculate the premium (after a minimum period of ...
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Insured losses that have occurred but have not been reported to a primary insurance company. These types of claims have a tremendous effect on a reinsurance treaty, which may be showing a ...
Fire that spreads substantial destruction. ...
Same as term Occurrence Basis: coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually ...
Total of operating income plus realized capital gains (losses) from investment and underwriting operations minus federal income taxes. ...
basic feature of the social security act under which benefits paid are associated with the employee's earnings that have been taxed during the employment period. ...
Act that makes the liability cost for cleanup joint and several. Even if a party is only partially responsible for losses inflicted, that party may be liable for the payment of the total ...
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