Past Service Liability—initial
Funding of an employee's benefits in a pension plan for his or her beginning past service of employment. This is a significant cost factor in pension planning and financing of future benefits.
Popular Insurance Terms
Product or service that does more harm than good to society, or endangers life or health. Society would probably be better off without such a product or service. ...
Liability of an insurance company for future claims that it expects to pay and for which a reserve has been established. ...
Circumstance that produces the loss. ...
The concept behind a Private Mortgage Insurance (PMI) is pretty simple: it exists to make sure the lender doesn’t lose its money. What it does is “buy” the possible ...
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
Sum provided by a disability income insurance that pays a multiple of the monthly indemnity to cover the costs associated with a retraining course attended by the insured wage earner when ...
Amount received by the policyholder if the policy is canceled, benefits are reduced, or the premium is reduced. ...
Same as term Date of Issue: date when an insurance company issues a policy. This date may be different from the date the insurance becomes effective. ...
Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
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