Respondeat Superior
Latin for "Let the superior reply." That is, an employer is liable for the torts of employees that result from their employment. For example, an insurance company (the master) acts through its agent (servant); because of this master-servant relationship, any wrongs the agent commits are deemed to have been committed by the insurance company, which must accept responsibility.
Popular Insurance Terms
Organization of home office underwriters of life insurance companies. HOLUA offers educational material and national examinations for home office life underwriters, the individuals who ...
Same as term Yield on Assets: annual or other periodic rate of return on investments. Because life insurance companies act as custodians of premiums for many years, until money must be ...
Federal legislation giving an insurance applicant the right to contact a reporting organization doing a credit check and be advised of information contained in the applicant's file showing ...
Insurance coverage that protects a company's and/or individual's assets against financial loss resulting from acts of confiscation, expropriation, or nationalization by a foreign ...
Same as term Arbitration Clause: rovision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each ...
Syndicate or association of insurance companies or reinsurance companies organized to underwrite a particular risk, usually with high limits of exposure. Each member shares in premiums, ...
Premium that remains unchanged over time, regardless of any change in the nature of the risk. ...
Legislation designed to provide the structural reform necessary to strengthen the thrift industry after the bailout of the insolvent Federal Savings and Loan Insurance Corporation (FSLIC) ...
Insurance for owners and operators of private, municipal, or commercial airports, as well as fixed-base operators, against claims resulting from injuries to members of the general public or ...
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