Valuation Clause
Provision in a marine insurance policy in which agreement has been reached between the insured and the insurance company concerning the worth of the property that is to be covered under the policy.
Popular Insurance Terms
Adaptation of a standard insurance contract for special needs. Standard forms do not cover all needs but they can be adapted by an underwriter, broker, or an insurance company at the ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
provision in a CASH VALUE INSURANCE policy that an insured will receive the equity in some form even if the insurance is canceled. vested benefit to a retirement plan participant. It is ...
Arbitrator who settles disputes over the amount of loss when an insurer and an insured do not agree. ...
Program enacted in 1965 under Title XVIII of the Social Security Amendments of 1965 to provide medical benefits to those 65 and over. The program has two parts: Part A, Hospital Insurance, ...
Life insurance policy under which there is rapid buildup of cash values due to high initial premiums such that after a given point in time no further premium payments are required (future ...
Company formed and operated without the profit motive as its normal business objective; normally sells and services health insurance policies. ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability. ...
Background information used in life and health insurance underwriting to ascertain the probability of hereditary disease. The purpose is to determine if the disease is of such a nature that ...
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