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
Consolidation of a non insurance parent company with its wholly owned subsidiary, thereby creating, allowable under current tax law, a consolidated balance sheet. This consolidation of ...
Action by insurance companies and agents to voluntarily refrain from business conduct that is misleading, fraudulent, and in general would have adverse consequences for the purchaser of the ...
Insurance company that specializes in underwriting casualty insurance. ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
In a liability insurance policy, limit above the minimum amount of coverage for which the policy can be written according to company or legal restrictions. ...
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate ...
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. ...
Measure of the sensitivity of the insurance company's liability for resultant higher mortality rates than charged for in the premium. ...
Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...
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