Nonownership Liability Insurance
Definition of "Nonownership liability insurance"
Coverage for an employer against liability for property damage or physical injury caused by an employee operating a personally owned vehicle for the business firm. Employers can be held liable if an employee has an accident while driving a leased automobile or operating a motorboat that the employee owns, if it is done for the benefit of the employer.
Popular Insurance Terms
Agreement concerning an insured individual, not the insured's property. A property and casualty insurance contract cannot be assigned, since it follows the insured, not the property. For ...
Coverage that indemnifies a third party lender if a customer refuses to repay a loan made on a faulty product and the dealer who arranged the loan refuses to correct the fault. This ...
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Total deaths as a percentage of total population for a stipulated period of time. ...
Refers to the insured or reinsured paying premiums into an account at a commercial bank that will be used to pay for future or past losses. Portions of the premiums not required to pay for ...
Upper limit on the maximum possible interest rate an insurance company will pay. If the market interest rates are below that maximum, the insurance company pays the market interest rate. In ...
Feature of pension plans whereby an employee whose service has been interrupted can have that period credited toward retirement. ...
Wrong against the government or society as a whole. An individual representing the state (usually the district attorney) brings an action on behalf of the state against an individual (s) or ...
Same as term Cost of Insurance: value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an ...
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