Perpetual Insurance
Coverage on real property written to have no time limit. A single deposit premium pays for insurance for the life of the risk. The insurer earns enough investment income on the deposit to cover losses and costs. Upon cancellation, the insured is entitled to return of the initial deposit premium. Perpetual insurance, first issued in the U.S. in Philadelphia in 1752, is still used for fire and home owner's insurance.
Popular Insurance Terms
Trade association of commercial insurance brokers whose objective is to further the interests of these brokers through education, lobbying, and adherence to professional ethics. ...
Same as term Deviated Rate: rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates ...
Entitlement of an employee to benefits immediately upon entering a retirement plan. As benefits are earned, they are credited to the employee's account. These "portable" future benefits can ...
Addition to the homeowners INSURANCE POLICY AND COMMERCIAL PACKAGE POLICY that provides liability and medical coverage for damages resulting from the operation of motor boats too large to ...
Health insurance that provides coverage for physicians' fees for all services, with the exception of surgeons' fees. ...
Series of payments made on either a FIXED DOLLAR ANNUITY basis or VARIABLE DOLLAR ANNUITY basis. ...
Important 1944 U.S. Supreme Court ruling that the insurance business constituted interstate commerce and was thus subject to the SHERMAN antitrust act. This decision came in U.S. v. ...
Insurance policy under which the value equals the benefits to be paid to the plan participants (employees) at normal retirement age, assuming that (1) their rate of earnings remains the ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
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