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
Premiums paid out of funds borrowed from the cash value of a life insurance policy. ...
Organization of over 300 property and casualty insurance companies whose mission is to investigate fraudulent claims and bring to justice those making such claims. ...
Indemnification benefit found in a disability income insurance policy that endeavors to replace the insured wage earner's income with a monetary sum equal to the actual lost income ...
Model law endorsed by the national association of insurance commissioners (naic) giving state regulators broad new powers to deal with financially troubled insurance companies. The act was ...
One of four SEC divisions charged with regulating investment companies, investment advisers, and variable insurance products. The SEC requires variable insurance products to register with ...
Cash carried forward from the previous year, plus gains from operations for the current year, plus any capital gains. ...
Same as term Annuity: contract sold by insurance companies that pays a monthly (or quarterly, semiannual, or annual) income benefit for the life of a person (the annuitant), for the lives ...
Factor applied in retrospective rating in order to increase the basic premium to cover state premium taxes for liability and workers compensation insurance. For example, if a state premium ...
Principle of law recognizing that injured persons may have contributed to their own injury. For example, by not observing the "Don't Walk" sign at a crosswalk, pedestrians may cause ...
Have a question or comment?
We're here to help.