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
Cost computation form that assumes retirement and commencement of annuity payments on the first day of the month nearest the birthday when a retiree reaches normal retirement age. Most ...
Health insurance contract sold to an individual to provide coverage for medical expenses. Contrast with group health insurance. ...
The space created between the total death benefit and the cash value of a universal life insurance policy. An automatic increase in the death benefit results when the cash value approaches ...
Clause in an insurance policy that describes the administration and submission of claims procedure. ...
Rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates because it feels they are more ...
Insurance company that is organized under the state laws by which the company is licensed and that is called a domestic insurer. Also, this insurance company may be chartered and licensed ...
Wording in life insurance policies to determine the order of deaths when the insured and the beneficiary die in the same accident. For example, if the insured is deemed to have died first, ...
Obligation of the insured to report losses from a covered peril to the insurance company or its representative as soon after its occurrence as possible. ...
Settlement choice under a life insurance policy whereby a beneficiary may elect to have the death proceeds paid in the form of a joint and survivor annuity. ...
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