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
Early type of no-fault automobile insurance developed by two law professors, Robert Keeton and Jeffrey O'Connell. Its basic premise is that for many accidents it is impossible to place the ...
Net profit of a business, less dividends. Reinvestment of retained earnings enables an insurance company to write more business from a stronger capital base. Contributions to retained ...
Pension plan participant's retirement benefit credited for prior years of recognized service with the employer prior to a specific date. ...
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Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Observance of an event occurring on a repeated basis that leads one to believe that a certain probability is attached to the occurrence of that event. For example, if there are a red ball ...
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