Property Depreciation Insurance
Definition of "Property depreciation insurance"
Coverage that provides for replacement of damaged or destroyed property on a new replacement cost basis without any deduction for depreciation. This is equivalent to replacement cost property insurance.
Popular Insurance Terms
Fiduciary named in a will to settle an estate of a deceased person. The executor must act as a reasonably prudent man in safeguarding that property in his care, custody, and control. ...
Failure of an insurance company to offer similar insurance coverages at comparable premium rates to all individuals or groups with the same underwriting characteristics. Such discriminatory ...
Indemnification for the loss of profits and the continuing fixed expenses. Business interruption insurance is available in these forms: contingent business interruption FORM, EXTRA EXPENSE ...
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 ...
Exceptions to coverage. There is no obligation for an insurance company to pay a claim if: the loss is not covered by a policy, or a particular person is not included in the definition of ...
Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
Coverage that guarantees bond holders against default by a municipality. This form of financial guarantee was introduced in the early 1970s and became a runaway success. Municipalities ...
Unexpected claims occurring above the expected claims for which a contingency reserve is maintained. ...
Coverage for the expenses incurred by a business resulting from the recall of products, whether defective or not. ...
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