Supplemental Liability Insurance
Broad excess protection for liability over the level of primary coverage or self insurance. Umbrella policies are written for both business and personal liability. For example, a personal umbrella policy might add $1 million in liability coverage for an insured's negligent use of a car, boat, and all other property, over and above regular coverage. For a business, its applications would be even broader, including workers compensation, general liability, and all other coverage. Policyholders must have a certain minimum level of primary insurance before they can buy this supplemental coverage. For a personal policy the minimum might be $100,000 in homeowners liability insurance and $500,000 per accident for bodily injury in an auto policy.
Popular Insurance Terms
Determination of (1) a future property or liability insurance or reinsurance rate or (2) a premium for a specified future period of time. It is based on the loss experience of a specified ...
Portion of a premium paid by an insured that has been allocated to the insurance company's loss experience, expenses, and profit year to date. ...
Group of plans (to include section 401(k) plans and section 403(b) plans) that permit in-service withdrawals to fund a college education if a hardship exists. ...
Coverage for dental services under a group or individual policy. ...
Language in the insurance policy that can be considered unclear or subject to different interpretations. Under these circumstances, the courts have generally ruled in favor of insured ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
Table used in calculating various nonforfeiture values for industrial life insurance policies. These tables give the minimum values that must be generated to the policyowner. The insured's ...
Coverage outside an insured's home for personal items usually carried or worn while traveling. Protection is for personal property (apparel and jewelry), not for real property or property ...
Clause in an insurance policy that provides for the payment of a monetary sum to the individual (s) who incurred the loss. ...
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