Special Building Form
Endorsement to the special multiperil insurance (smp) policy that provides all risks damage coverage for real property. This special form provides only minimum cover, leaving the option for adding forms to the policyholder. The policyholder has a choice of the general building form, which provides named peril coverage, or the special building form for the broader all-risks coverage.
Popular Insurance Terms
Arrangement in which an unused deduction (credit carryover) to a profit sharing plan can be added to an employer's future contribution on a tax deductible basis. It occurs when the ...
Contract guaranteeing that a person licensed by a city, county, or state agency will perform activities for which the bond was granted, according to the regulations governing the license. ...
in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
Coverage if an insured can not collect on property damage or destruction losses from the hired transporter. For example, a truck transporting furniture of the insured is involved in an ...
Reinsurance clause that stipulates that the reinsurer will be subject to the same fate as the ceding company. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Pricing of the insurance product below the necessary premium rate to reflect the costs of expected losses. The thesis of this pricing strategy is to obtain large sums of money to invest and ...
Peril that occurs when personal property of two or more people is mixed to such an extent that any one owner can no longer identify his or her property. ...
Have a question or comment?
We're here to help.