Simplified Earnings Form
Addition to a business property insurance policy to cover loss of earnings, subject to a monthly limit, in the event that property of an insured is destroyed and a business cannot continue. The property insurance policy pays only in the event that property of an insured is destroyed and a business cannot continue. The property insurance policy pays only for direct loss of income-producing property. A building destroyed by fire represents a direct loss. Lost income resulting from the shutdown of a manufacturing facility housed in the burned building represents an indirect loss that would be covered by business interruption insurance, which is written on a number of separate forms.
Popular Insurance Terms
New pension-accounting rule (Employers Accounting for Post retirement Benefits Other Than Pensions) which mandates that employers that provide post retirement benefits to include life ...
Membership organization of individuals especially trained in the application of property and casualty insurance to personal and business situations. Membership is achieved by passing a ...
Maximum dollar amount of coverage in force under a health insurance policy, a property damage policy, or a liability policy. This maximum can be on an occurrence basis, or for the life of ...
Insurance or annuity contract used in pension plans to purchase increments of retirement benefits through contributions for each employee paid into a fund. Benefits are guaranteed to ...
Remedy imposed by a court of law, usually in the form of a monetary award, as compensation to the insured party for the civil wrong incurred. A civil action is initiated by the injured ...
Appreciation in the unsold assets' value. When assets are sold, their capital gain (loss) is shown on the insurance company's income statement; any unrealized gain or loss is not included ...
Coverage for an advertiser's negligent acts and/or omissions in advertising (both oral and written) that may result in a civil suit for libel, slander, defamation of character, or copyright ...
Life insurance payment that is constant from year to year. The premium may be paid throughout the life of an insured or may be limited to a maximum number, such as 30 annual premiums. The ...
Application of conventional terms and conditions to the reinsurance of a risk. Contrast with non-traditional REINSURANCE. ...
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