Supplementary Payments
Definition of "Supplementary payments"
In a liability insurance policy, provision for the payment of the insured's expenses as stated in the policy in three areas above the policy limit of liability: legal fees resulting from defending the insured, expenses incurred by the insured as the result of legal actions taken against him or her as the result of requests by the insurance company, and premium payments for bonds required by the insured.
Popular Insurance Terms
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Combination of coverages from property and liability policies. ...
Accident policy that covers a traveler for a single trip on an airplane or other common carrier. The name comes from its origin as part of the ticket or ticket stub, but these policies are ...
Break in commercial activities due to the occurrence of a peril. Coverage against business interruption by various named perils can be obtained through insurance. ...
Limitation under a contributory pension plan of an employee's right to receive vested benefits. The employee can withdraw contributions to the pension plan only according to stated ...
In a pension plan that an employer is required to make against future contributions (other than a cash basis as required by the IRS). Such credits may arise when an employee leaves an ...
Coverage against flooding for personal and business property under the National Flood Act of 1968, which encourages participation by private insurers in the program through an industry ...
In life insurance, single payment instead of a series of installments. ...
Accrediting body for the ACAS (Associate of the Casualty Actuarial Society) designation and the FCAS (Fellow of the Casualty Actuarial Society) designation. To earn these designations, ...
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