Sex Discrimination
Classification of insured life and health risks based on the sex of the proposed insured. Gender has long been one of many factors in classifying, accepting, and rating risks. For example, because experience shows that women live longer than men, life insurance rates for women are lower. By the same token, annuity payments are lower for women because it is expected that they will be paid out for more years. On the other hand, women have sometimes paid lower rates for auto insurance. Insurance rating by sex became an issue in the early 1980s when many women charged that it was discriminatory. They demanded through unisex legislation to be rated no differently. Although insurers have resisted it, individual states have passed laws prohibiting the use of sex in risk classification.
Popular Insurance Terms
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 ...
Representative of an insurance company who sells ordinary and industrial life insurance policies. In an effort to move their field forces into the ordinary life business, many industrial ...
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability ...
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of ...
Inland marine policy that protects an insured against loss for property that is shipped. One policy may be written for a single shipment, as for a family moving household goods, or it may ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
Aggregate of face amount of coverage paid up, or on which premiums are still being paid, as issued by a life insurance company. This is one measure used to rank life insurance companies by ...
Total premiums written by a ceding company minus premiums ceded to its reinsurer. ...
Notice added to the employee retirement income security act (erisa) requiring the employer to disclose the following information concerning the pension plan to the employee: statement ...
Have a question or comment?
We're here to help.