Settlement Options, Property And Casualty Insurance
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed property and replace it with property of like kind and quality; or repair the property so that it is restored to its structural condition prior to the loss, and return the repaired property to the insured. Usually insurance companies settle losses by a cash payment to the insured.
Popular Insurance Terms
Insurance company that underwrites and sells more than one line of insurance. ...
Types of insurance coverage under which health care benefits are provided to the covered individuals instead of monetary reimbursement for health care expenses. ...
Clause in a disability income insurance policy that will adjust the amount of the monthly income payment upwards according to a stipulated annual percentage for a given number of ...
State of anxiety and distress. One goal of adequate insurance is to eliminate, or alleviate, worry on the part of a policyholder. Many people, for example, are concerned that they would not ...
Mortality table used to calculate the legal reserve and life insurance policy cash surrender values. ...
form of BOILER AND MACHINERY INSURANCE that covers power generating plants. form of BUSINESS INCOME COVERAGE FORM that covers a utility customer's losses resulting from interruption of ...
Statute in most states under which, if no evidence exists in a common disaster (when an insured and beneficiary die within a short time of each other in an accident for which determination ...
Model state law of the NAIC that requires that two interest adjusted cost indices must be illustrated within each life insurance policy issued: NET PAYMENTS INDEX; and SURRENDER COST INDEX. ...
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 ...
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