Definition of "Penalty"
Liability limit on a fidelity bond or surety bond. A fixed-penalty bond is one with a fixed liability limit that the surety company will pay in the event of nonperformance.
Popular Insurance Terms
Coverage on an all risks basis for goods in transit, bailment, and while on the premises of others. ...
Technique of risk management (better known as retention or self insurance) under which an individual or business firm assumes expected losses that are not catastrophic losses through the ...
Process of discovering sources of loss concerning the property risk faced by individuals and business firms. The first step is to analyze possible perils that can damage or destroy both ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
Combination of the federal estate tax and the federal gift tax. ...
In which at least two insurance policies provide identical coverage for the same risk. ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Coverage in which the investment features, mortality element, and cost factors of a life insurance policy are separated, permitting each part to be independently analyzed. The savings ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
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