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
Excess liability coverage above the limits of a basic business liability insurance policy such as the owners, landlords and tenants liability policy. For example, if a basic policy has a ...
Method of comparing the costs of a set of cash value life insurance policies that takes into account the time value of money. The true costs of alternative cash value policies with the same ...
Automatic reinsuring of individual risks by an insurer with a reinsurer. The insurer must transfer the risks to its reinsurer and its reinsurer must accept this transfer. ...
Same as term General Characteristics: attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
Initial premiums on all insurance policies in force (those policies that have not been cancelled or expired). ...
Health maintenance organization that provides medical services to the HMO members through an exclusive contract with specific physicians and hospitals. These selected physicians and ...
Time frame during which an annuitant makes premium payments to an insurance company. The obligations of the company to the annuitant during this period depend on whether a pure annuity or ...
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