Power Interruption Insurance Endorsement
Definition of "Power interruption insurance endorsement"
Addition to boiler and machinery insurance that covers loss to property or equipment caused by an interruption of power by a public utility. Coverage is available either on an hourly or daily basis for loss of use or for actual loss sustained.
Popular Insurance Terms
Account established and administered by a state agency to finance a mandatory insurance program, for example, workers compensation insurance. ...
Actuarial procedure used to determine the cost of protection of a cash value life insurance policy on an annual basis. This cost of protection is developed by the following steps: Cash ...
Dividend paid in addition to the regular dividend on a participating insurance policy. ...
Extra layer of life insurance coverage. This term is often applied to double indemnity. For example, some life insurance policies provide a death benefit of a multiple of the face value if ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Approach that reflects losses expected. It is a calculation of the pure cost of property or liability insurance protection without loadings for the insurance company's expenses, premium ...
Agency of the federal government formed as the result of bankruptcies of savings and loan associations during the 1930s. Insures deposits of customers up to $100,000 for each account. In ...
Method, developed in 1970 by Dr. William Haddon, Jr., of classifying and preventing damage caused by accidents. The thesis is that accidents are caused by the transfer of energy with such ...
Addition to a basic insurance policy to further explain coverages, add or exclude perils and locations covered, and add or delete positions covered. For example, an endorsement to the ...
Have a question or comment?
We're here to help.