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
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 ...
1945 federal legislation in which the Congress declared that the states may continue to regulate the insurance industry. Nevertheless, in recent years Congress has expanded the federal ...
Local life insurance office that sells and services ordinary life insurance as well as other forms of life insurance except debt insurance. ...
Date when an insurance company issues a policy. This date may be different from the date the insurance becomes effective. ...
Federal agency that researches injury and illness arising from workplace hazards and recommends standards for maximum exposures to hazardous substances. ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
Statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company. ...
Unexpected, unforeseen event not under the control of the insured and resulting in a loss. The insured cannot purposefully cause the loss to happen; the loss must be due to pure chance ...
Expectation of a monetary loss that can be covered by insurance. Insurable interest varies according to the type of policy. These relationships give rise to insurable interest: owner of ...
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