Taft-hartley Act

Provision that holds a re-insurer liable for its share of losses even if the ceding company becomes insolvent before paying these losses. For example, XYZ Insurance Co. writes a fire policy ...

General arrangement of a contract between an insurer and an insured. The policy defines the insured and the type of coverage, lays out what the insurer must do, lists exceptions and ...

Flat dollar amount that is added to the pure premium for an insured risk that is smaller than that of the lowest experience rating band. This dollar amount serves the purpose of generating ...

Unexpected, unforeseen event not under the control of the insured and resulting in a loss. The insured cannot purposefully cause the loss to happen; the loss must be due to pure chance ...

Relationship of gains from investments (including realized capital gains) resulting from insurance operations to earned premiums. ...

Smallest number of individuals for which an insurance company will issue a policy. A minimum number is required because the fixed expenses of placing a policy on the books exist regardless ...

Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...

Government group that provides reinsurance for private insurers that write riot and civil commotion insurance. Riot losses in major cities in the 1960s caused insurers to stop writing this ...

An annuity is a long-term, interest-paying contract offered through an insurance company or financial institution. An annuity can be \"deferred\" as a means of accumulating income while ...

A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better no worse. ...

Insurance will cover any homemade or custom-built system, but you will need to have proof of ownership of each of the individual parts within the computer to file a claim. ...

Your motor home can be both your transportation and your home away from home. So like your auto and your home, you need to safeguard it with the proper insurance protection. Consider the ...

Depending upon the coverage being applied. Review the policy provision with your agent for additional information. ...

First of all, you need to understand the different types of life insurance and what each type of life insurance covers. Life insurance is very important and purchasing one is in both yours ...

You need an insurance policy that is tailored in your needs in mind. Take liability for example. Guest passenger liability helps protect you bodily injury to a passenger on your motorcycle ...

Commercial insurance is designed to help protect many of the risks your business can face, including: damage or destruction to your business vehicles certain liability exposures resulting ...