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
Protection of the property of the business that is damaged or destroyed by perils such as fire, smoke, and vandalism; and/or if the actions (or nonactions) of the business' representatives ...
Same as term Canadian Institute of Actuaries: ...
Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...
Coverage on more than one person that pays a benefit after all of the insureds die. This type of joint life policy is significantly cheaper than a regular policy. Survivorship life ...
Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the ...
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. ...
Unallocated funding instrument for pension plans under which premiums are placed on deposit, and are not currently allocated to the purchase of benefits for the employee. At retirement, an ...
Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
Entity with exchange or commercial value, such as the book value of property owned by an insurance company as listed on its balance sheet. ...
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