Rain Insurance
Business interruption insurance in which the insured is indemnified for loss of earnings and payment of expenses resulting from adverse weather conditions. For example, the raining out of a fair, horse race, or boxing match can cause a substantial loss of money for a promoter who may have spent huge sums in advance of the event for rental, advertising, and site conditioning. However, the policy does not cover damage to property because of rain.
Popular Insurance Terms
Publication that lists premiums charged for products sold by an insurance company. A manual also has underwriting guidelines for agents. A life insurance rate manual includes minimum ...
Projections of future accidental losses based on analyses of historical loss patterns. A projected loss picture is used to determine the pure cost of protection and the resultant basic ...
Professional designation conferred by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. In addition to professional business ...
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...
Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...
Authority that administers state laws regulating insurance and licenses insurance companies and their agents. ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Situation in which several liability insurance policies are in force to cover the same risk, thereby resulting in higher limits of coverage than is required to adequately insure the risk. ...
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
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