Off Premises
Definition of "Off premises"
Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if it is stolen from an airport. Likewise, an employer is liable for physical injury and property damage caused by an employee or by equipment, even if it does not occur at the place of business. If a truck spills chemicals on the highway or at another business site, or if a salesperson injures a client on a sales call, the employer is responsible. Business liability policies insure against such risks.
Popular Insurance Terms
Insurance company that becomes subrogated to the rights of another party. ...
Measure of the rate at which policies are cancelled or allowed to lapse. The termination rate is a factor in setting premiums for group life and health policies. ...
Formula for a given line of insurance used by property and casualty insurance companies to compare losses and loss adjustment expense with premiums. This shows the amount of each premium ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Date of the initial annuity payment. ...
Same as term Expense Allowance: payment to an insurance agent in addition to commissions. Expense allowances, that differ from company to company, vary with the amount of business agents ...
Choice of one of the following available to a life insurance policy owner (or beneficiary, if entitled to receive a death benefit in a lump sum at the death of an insured): INTEREST OPTION ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
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