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
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Insurance policy that combines the elements of a deferred annuity with the elements of DECREASING TERM LIFE INSURANCE. This policy was originally designed to act as a funding instrument for ...
Stated fixed payment for maternity costs regardless of the actual costs. ...
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Insurance contract under which a policy owner cannot be assessed for adverse loss and expense experience of the insurance company. ...
Settlement of a dispute that arises when two or more insurers cover a single loss, and there is a question concerning the amount each is responsible to pay. The companies are bound by the ...
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Trust to which a donor transfers assets and that distributes income to finance a predetermined situation. After the trust expires, any remaining assets are donated to the qualified charity ...
Facility that provides short periods of stay for a terminally ill person in a homelike setting for either direct care or respite. A "terminally ill" person has a life expectancy of six ...
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