Personal Contract
Agreement concerning an insured individual, not the insured's property. A property and casualty insurance contract cannot be assigned, since it follows the insured, not the property. For example, a HOMEOWNERS INSURANCE POLICY cannot be transferred with the home upon its sale because the insured no longer has an insurable interest (expectation of monetary loss) in the home. But a LIFE INSURANCE contract can be assigned (for example, to secure a line of credit for a business). Banks use the American Bankers Form for the assignment of life insurance policies pledged as security for a loan
Popular Insurance Terms
Statistics (such as health data from physical examination of employees or other insureds) used as a benchmark from which deviations and comparisons of expected losses, as well as future ...
Income paid to a worker who is temporarily disabled by an injury or sickness that is not work related. Compare with workers compensation benefits, which are available only to workers ...
Rating method for commercial fire insurance according to a predetermined schedule. Published by A. F. Dean in 1902, this method was the first comprehensive qualitative analysis procedure to ...
Same as term Coinsurance: ...
Life insurance company or property and casualty insurance company licensed by a particular state to conduct business there. The company is subject to the state insurance code governing such ...
Policy that provides coverage through four parts: Commercial property coverage is provided under the BUILDING AND PERSONAL PROPERTY COVERAGE FORM (BPPCF), divided into three major ...
Coverage following the same structure as group term, the significant difference being that premiums go toward the purchase of permanent insurance instead of term insurance. The employee has ...
Life insurance policy in which the cash value and in some circumstances the death benefit will vary according to the investment performance of an underlying portfolio usually comprised of ...
Contractual agreement between two parties in which they agree to exchange a stream of interest payments on either a fixed rate for a floating rate or a floating rate for a fixed rate. The ...
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