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
Risk distribution included by type of coverage, by kind of risk, and by geographical location. ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
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. ...
Same as term Convention Examination: audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
Membership organization of individuals especially trained in the application of actuarial mathematics, including compound interest, annuities, life contingencies, measurement of mortality ...
Condition in which buildings are built with sealed windows resulting in poor ventilation causing occupants to experience dizziness, nausea, respiratory problems, headaches, fatigue, sinus ...
Arrangement that provides for the reduction of estate taxes and the payment of tax-deductible life insurance premiums. The procedure is for a donor to present a charity with a gift of a sum ...
Extension of coverage available under the Standard Fire Policy. The standard policy only covers the perils of fire and lightning. The endorsement covers riot, riot attending a strike, civil ...
Have a question or comment?
We're here to help.