Variable Limit
In property insurance coverages, provision whereby the limit of the policy automatically increases at each policy anniversary date, subject to the insured's rejection of such an increase. The objective of the variable limit is to increase the amount of coverage in tandem with the annual increase in the inflation rate so as to prevent less than adequate coverage in the event of a loss.
Popular Insurance Terms
method of gaining illegal entry to perform a criminal act. If a policyholder makes a claim for loss of jewelry or rugs under a homeowners policy, or if a business owner makes a claim for ...
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Financial instrument such as a fixed dollar annuity or bond that pays a minimum periodic income at a minimum guaranteed rate of interest. ...
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