Statutory Profit

Provision in property insurance that waives, under specified circumstances, the requirement for an inventory of undamaged property when a damage claim is filed. A coinsurance clause in a ...

Same as term Captive Insurance Companies Association (CICA): trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the ...

Latin expression meaning "let the buyer beware." The purchaser buys a product or service at his or her own risk. This principle has been modified significantly as it relates to an insurance ...

Insured sum paid regularly to a married partner (usually a wife but sometimes a husband) of a retired worker. There are several forms: The Federal Retirement Equity Act mandates a spouse's ...

Liability policy that covers all liability exposures for a large group that has something in common. For example, wrap-up insurance can be written for all the various businesses working ...

Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...

Method used to determine the policyholder's return on premiums paid into a life insurance policy. This method is illustrated in two ways:.Surrender of Policy Approach calculation of the ...

Termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums must be returned. If ...

Stipulation that no claim will be paid until a loss exceeds a flat dollar amount or a given percentage of the amount of insurance in force. After the loss exceeds this dollar amount or ...