Political Risk Insurance: Confiscation, Expropriation And Nationalization
Definition of "Political risk insurance: confiscation, expropriation and nationalization"
Insurance coverage that protects a company's and/or individual's assets against financial loss resulting from acts of confiscation, expropriation, or nationalization by a foreign government. Asset protected may be mobile or permanent and include: structures, inventory, bank accounts, prepaid supplies, receivables, vacation homes owned by individuals, and personal belongings of employees on overseas assignment. The coverage may be purchased on a single asset basis or several asset basis worldwide, subject to limits per country and an aggregate policy limit.
Popular Insurance Terms
Arrangement by an employer in which employees share in profits of the business. To be a qualified plan, a predetermined formula must be used to determine contributions to the plan and ...
Actual amount of total losses paid by an insurance company during a specified time interval. ...
Entitlement to pension benefits without a reduction, even though an employee is no longer in the service of an employer at retirement. For example, under the ten year vesting rule, an ...
Under Section 1035 of the Internal Revenue Code, stipulation that the exchange of one life insurance policy for another life insurance policy will generally not result in a recognized gain ...
Coverage for liability exposure resulting from the activities of a business; includes: direct liability acts of the business resulting in damage or destruction of another party's property ...
Association of life insurance companies focusing on legislation and public relations that may affect the life insurance business on federal, state, and local levels. Membership is composed ...
Method of accessing capital by the insurance industry in order to hedge against a future catastrophic occurrence. The mechanism works as follows: Primary insurance company AJAX pays a ...
Annuity contract. If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. If the annuitant lives after the ...
Insurance policy that pays a face amount/ lump sum if the insured is diagnosed with a specified critical illness. This sum is paid directly to the insured regardless of any other sources of ...
Have a question or comment?
We're here to help.