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
Found under the "Exceptions and Exclusions Section for All Medical Benefits" in many health insurance policies that exclude: complications arising from elective, nontherapeutic voluntary ...
Agreement by the insurance company to keep the universal life insurance policy in force, even if the cash value becomes zero or less than zero, provided that a specified minimum ...
Amount of uncertainty in a given situation. Probability that actual experience will be different from what is expected. ...
Employee of a state insurance department who audits statements of insurance companies to determine their continued solvency. ...
Compensation in which an insurance agent's fee for the sale of a policy is the same year after year. Most life insurance companies pay a high first year commission and lower commissions in ...
Coverage in which the face amount of a policy remains uniform, neither increasing nor decreasing for as long as the policy is in force. ...
Annual premium expressed on a proportionate basis such as monthly, quarterly, or semiannually. ...
Chart showing rate of death at each age in terms of number of deaths per thousand. ...
Index that reflects changes in industrial output by manufacturers, mines, electric utilities, and natural gas utilities. This is a monthly index published by the Federal Reserve. ...
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