Subrogation, Property And Casualty Insurance
Circumstance where an insurance company takes the place of an insured in bringing a liability suit against a third party who caused injury to the insured. For example, if a third party, through negligence, damages an insured's car and the insured's insurance company pays to restore the car, the insurance company has recourse against the third party for the costs involved. The insured cannot sue the third party for damage, since if successful, the insured could collect twice for the same damage.
Popular Insurance Terms
Arrangement of discretionary income, expenses, and investments in a way that enhances after-tax wealth. Insurance policies can be used to increase after-tax income through the tax-deferral ...
expenses and damages incurred as the result of damage to a ship and its cargo, and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Coverage for damage or destruction of property due to a crime, and property lost due to a burglary, whether successful or attempted. An endorsement provides coverage for robbery and theft ...
Proceeds from a life insurance policy paid on a monthly basis instead of in a lump sum. ...
Same as term: Total Loss: condition of real or personal property when it is damaged or destroyed to such an extent that it cannot be rebuilt or repaired to equal its condition prior to the ...
Coverage provided for the fiduciaries of a retirement plan as well as for the plan itself in the event negligence of the fiduciaries results in losses to the plan and/or liability suits ...
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Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...
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