Occupancy And Fire Rates
Direct relationship between the use to which a building is put and the likelihood that it will catch on fire. Occupancy is one of the most important factors in setting fire insurance rates. For example, a building that houses an explosives manufacturer is at much greater risk than one occupied by a jewelry boutique. Other factors that influence the risk of fire are geographical location, construction, nature of the neighborhood, and the adequacy of protective devices.
Popular Insurance Terms
Annuity modified joint life and survivorship annuity under which the income payments are reduced to one-half or two-thirds of the initial income amounts upon the death of the first ...
Determination that investments by parents in their children's education through the purchase of Series EE Savings Bonds, which generate interest income, are tax-exempt if the proceeds are ...
Coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be carried. ...
Life insurance accounting method that does not require any terminal reserve for a policy at the end of the first year. First-year policy acquisition expenses, such as agent commission, ...
Expenses that have or may not yet have been paid by an insurance company. ...
The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
Federal statute relating to drug abuse policies that requires all employers with federal contracts at least equal to $25,000 to certify, as a condition of receiving a federal contract, that ...
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 ...
Expense listed on the Income and Expenditure accounting statement for the unexpired insurance policy owned. ...
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