An account into which payment is made for particular expenses to assure that money will be available. An example is a special account the homeowner's attorney establishes for advance funds he receives in connection with the sale of property....

Statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached....

Hazard covered under catastrophe reinsurance. This form of excess of loss reinsurance protects the ceding company for loss above the retention limit caused by multiple catastrophic events. ...

Coverage for defense costs incurred in defending a company from an unfriendly takeover attempt. Hostile takeovers have been one of the hottest business topics in recent years. Vulnerable companies have responded in a variety of ways including changing the corporate bylaws, selling off their most att...