Restoration Premium
Definition of "Restoration premium"
Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim either to the insured business or to a third party on behalf of the insured business.
Popular Insurance Terms
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Model state law of the NAIC that stipulates minimum non forfeiture values, minimum valuation of assets requirements, and specific minimum policy provisions in universal life insurance ...
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Type of guaranteed investment contract (GIC) under which a series of payments are made into an account (usually monthly to reflect the frequency of the employee's salary) of an insurance ...
In insurance, independent advisor who specializes in pension and profit sharing plans. Usually a licensed insurance agent. ...
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