Volunteer Protection Laws
Definition of "Volunteer protection laws"
laws enacted by all of the 50 states whose purpose it is to reduce or eliminate the volunteer's civil liability exposure. An ideal law would exclude the volunteer from civil liability resulting from actions taken within the volunteer's official capacity unless the damage and/or injury caused was the result of a willful act by the volunteer.
Popular Insurance Terms
Certain fixed payment made in addition to the regularly scheduled premium. ...
Threatening act, physical and/or verbal, which causes a person to reasonably fear for life or safety. For example, if a boxing champion said he was going to hit someone, this would probably ...
Same as term Commercial Package Policy (CPP): insurance policy that is commercial lines in orientation and is composed of two or more of the following coverages: commercial property, ...
Property damage resulting from aircraft traveling faster than the speed of sound. Although the vibrations caused by such high speed can cause damage, it is excluded on most property forms. ...
Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, ...
Reinsurance: total of the limits of liability of all reinsurance policies that a reinsurer has outstanding on a single risk. The total of all such limits includes all ceding contracts from ...
Termination of a plan. Under federal tax law, a plan can only be terminated for reasons of business necessity. Otherwise, prior employer tax deductible contributions under the plan are ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...
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