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
Deliberate act or omission. These torts include trespass an individual enters property owned or in the possession of another without permission; conversion an individual exerts control and ...
Termination of a plan. Under federal tax law, a plan can only be terminated for reasons of business necessity. Otherwise, prior employer tax deductible contributions under the plan are ...
Transfer of highly individualized loss exposures that is not based on the usual pooling principles of insurance such as risk identification and classification selection. Rather than setting ...
Type of individual retirement account (IRA) allowed by the employee retirement income security act of 1974 (ERISA), in which contributions are paid into the bank's interest-bearing ...
Percentage of life insurance or other insurance policies remaining in force; percentage of policies that have not lapsed. The higher the percentage, the greater the persistency. Since it is ...
Insurance company program in which the beneficiary of an insurance policy is encouraged to leave the death proceeds in an account on deposit with the insurance company instead of receiving ...
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
Addition to a homeowners insurance policy, or other personal or business property policies, to provide extra coverage for listed articles. The standard policy has dollar limits on certain ...
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