Municipal Insurance
Property and/or liability coverage for a municipality. Municipalities are responsible for maintenance of through ways as well as a myriad of public services. Liability insurance for municipalities became an issue in the insurance crunch of 1985-1986, when this coverage became difficult to find, or became overly expensive. The problem was aggravated by court decisions in negligence cases in which the doctrine of joint and several liability came into play. This doctrine provides that a judgment against several defendants could be collected from one if the others were unable to pay. A municipality found to have been 10% liable in a traffic accident because of the improper placement of a stop sign might end up paying 100% of the judgment if the driver who was 90% responsible had no assets. This resulted in sharply higher premiums for municipal insurance.
Popular Insurance Terms
Purchasing bond investments that mature at different time intervals. ...
Time interval between the date benefits end under Social Security and the date these benefits resume. For example, survivor benefits are paid only as long as the parent (if less than age ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as insurance ...
No limitation under a contributory pension plan of an employee's right to receive vested benefits, regardless of whether or not the employer withdraws contributions. ...
Income paid to a worker who is temporarily disabled by an injury or sickness that is not work related. Compare with workers compensation benefits, which are available only to workers ...
In property insurance, contract section providing for reimbursement for removal of debris resulting from an insured peril. The amount of reimbursement under the homeowners insurance policy ...
1961 federal legislation that allows the U.S. Export-Import Bank to set up insurance protection for U.S. exporters against credit risk and political risk in order to help make U.S. exports ...
Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
Amount of the loss absorbed by an insurance company after deducting any reinsurance applicable to the loss, as well as subrogation and ABANDONMENT AND SALVAGE rights. ...
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