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
Procedure in which investment income is paired with each life insurance policy according to the time frame in which the premiums for that particular policy are received. ...
Time interval between the date benefits end under Social Security and the date these benefits resume. For example, survivor benefits are paid only as long as the parent (if less than age ...
Branch of knowledge dealing with the mathematics of insurance, including probabilities. It is used in ensuring that risks are carefully evaluated, that adequate premiums are charged for ...
Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy (pap), that pay medical expenses without regard to fault. ...
Specified limit on the dollar amount of coverage for a given loss. ...
Falsification of a material fact in such a manner that, had the insurance company known the truth, it would not have insured the risk. A material misrepresentation gives an insurance ...
Agreement of two or more insurance companies to provide a product or service. ...
Monetary value of the reputation of a business. Goodwill is an intangible asset and thus may be difficult to measure. ...
Continuing on an indefinite basis. ...
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