Occupation, Risk
Definition of "Occupation, risk"
Relationship between occupation of an insured and degree of risk in such coverages as life, health, and workers compensation. Some occupations are more risky than others; for example, a high wire performer would have to pay more for life insurance than a banker. But the impact of occupation goes further. Claims resulting from exposure to toxic substances that result in occupational disease have been one of the most costly business insurance expenses of recent years. Life and health insurance underwriters also consider whether the occupation of a potential insured is likely to encourage a reckless lifestyle. For example, certain high-pressure occupations, like acting or Wall Street trading, might be considered to lead to overconsumption of alcohol or drug abuse. Occupation is one of many factors weighed by the underwriter in risk selection.
Popular Insurance Terms
Annuity that provides income payments for a number of years provided the annuitant is alive to receive them. All income payments cease upon the death of the annuitant. ...
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Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Same as term Bankers Blanket Bond: coverage for a bank in the event of loss due to dishonest acts of its employees or individuals external to the bank. For example, if a teller goes to ...
Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...
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