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
Insurance purchased from an insurance company that has been licensed in the state in which the policy is purchased. This insurance is purchased through an agent or broker who are licensed ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...
Small face amount life insurance policy. ...
Insurance company that specializes in underwriting casualty insurance. ...
Division of a sum of money between a deferred annuity and an immediate life annuity certain. ...
Company that buys life insurance policies from policyowners on the lives of insureds who are terminally ill. This type of company pays cash for the life insurance policies, usually in the ...
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