Definition of "Removal"
Insured peril in some property insurance policies that encompasses any accidental damage to insured property while being removed to safety from the immediate threat of damage by another peril covered by that policy. For example, if an insured removes a chair from a burning home, puts it on the lawn, and then rain damages the chair, the loss insured would be covered by fire insurance on the furnishings of the home.
Popular Insurance Terms
Uneven quality of a product made by the same manufacturer. A manufacturer is responsible for producing products of similar quality, and can be held liable for those that deviate materially ...
Coverage provided by the pension benefit guaranty corporation (pbgc) that guarantees participants a certain level of pension benefits even if the plan terminates without assets. The PBGC ...
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...
Ratio of the insurance company's investment in common stocks dividend to its adjusted surplus account. This ratio shows how vulnerable the company's surplus is to the stock market ...
Securement of funds from outside sources such as by borrowing or by attracting equity control. Use of leverage to improve the profitability of a business. Achievement of an investment ...
Types of insurance coverage under which health care benefits are provided to the covered individuals instead of monetary reimbursement for health care expenses. ...
Organization that develops and administers educational materials and examinations for the life insurance industry. It awards the fellow, life management institute (FLMI) designation to ...
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this ...
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