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
Regulation set forth by the national association of insurance commissioners (naic) to govern life insurance sales illustrations. Includes the following major provisions: POLICY OWNER must ...
Part of a marine cargo policy that exempts the policyholder from vouching for the seaworthiness of the vessel. For example, while a purchaser of hull marine insurance warrants that a ship ...
Coverage in which premiums are collected monthly on an ordinary life insurance policy. ...
Provision applied as a rider attached to an ordinary life insurance policy for the purpose of meeting estate planning requirements. When the insured dies, the beneficiary is entitled to ...
Classification of occupations according to the degree of risk inherent in that occupation. ...
Analysis of uncertainty of financial loss. This classification can be according to whether a risk is fundamental, particular, pure, speculative, dynamic, or static. In life insurance the ...
Provision in the Federal Tax Code for favorable treatment of an estate. Under the unlimited marital deduction no federal estate tax is imposed on qualified transfers between a husband and ...
Benefits payable under any insurance policy or annuity contract. ...
Plan under which life insurance is substituted for retirement income. Under the plan, a married individual selects a single life annuity payout from the pension plan, which will generate ...
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