Short Rate, Short Term Insurance
Definition of "Short rate, short term insurance"
Coverage for less than one year. Insurers generally charge higher rates for short-term policies than for longer term insurance, such as an annual policy, because of the need to recoup relatively fixed administrative and processing costs over a shorter policy life; and the likelihood of adverse selection, with buyers seeking insurance only at times of the year when they know they face greatest likelihood of loss.
Popular Insurance Terms
Sum of money paid on the principal amount of money invested or loaned. ...
Rules that insurance companies must follow in filing an annual financial statement known as the convention blank, with state insurance departments. The reported financial condition of an ...
Contractor's and Architect's Errors and Omissions Insurance, which also serves as a general liability policy for these professionals. ...
Type of surety bond that is either a fiduciary or a court bond. Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
State law by which insurance companies are permitted to establish deferred tax assets and liabilities subject to maximum limitations. ...
Death from other than accidental means. ...
Personal property insurance that provides all-risks coverage for wedding presents, wherever they may be in the world, until they are permanently located. Because the new owners of wedding ...
Coverage that guarantees that the insurance company will pay the insured business or individual for money or other property lost because of dishonest acts of its bonded employees, either ...
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