Tort, Unintentional
Individual action or failure to act as a reasonably prudent person would under similar circumstances, resulting in harm to another. Also called negligence. A reasonably prudent person is defined by the standards of the profession that are followed, and the level of expertise expected of a person with like training. An example is a CPA who fails to complete tax returns on behalf of a client according to generally accepted accounting principles.
Popular Insurance Terms
Requirement of state approval of property insurance rates and policy forms before they can be used. Individual states regulate insurers and approve their rates. There are three methods of ...
Payment to the seller over the seller's life expectancy for the sale of the seller's assets. This procedure provides for the immediate removal of assets that have appreciated from the ...
Protects a cedent against an aggregate amount of claims over a period, in excess of a specified percentage of the earned premium income. Stop loss reinsurance does not cover individual ...
Insurance coverage sold by a broker as contrasted with insurance coverage sold by an agent. ...
One named under provisions of the employee retirement income security act of 1974 (erisa) for a terminated pension plan with an unfunded liability for its benefits. ...
Circumstance which increases the probability of loss because of an applicant's personal habits or morals; for example, if an applicant is a known criminal. ...
Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
Small business retirement plans created by the Small Business Job Protection Act of 1996. These plans permit small business owners who have fewer than 100 employees to establish an employee ...
a contract in life insurance that includes elements of whole life and term insurance. in pensions, a combined life insurance policy and a side (auxiliary) fund to enhance the amount of a ...

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