Coverage for bodily injury and/or death resulting from accidental means (other than natural causes).
Asset-Backed Securities (ABS) are financial instruments backed by loan paper or accounts receivable originated by banks, credit card companies, or other providers of credit, often enhanced by a bank letter of credit or by insurance coverage from a third party.
A health insurance policy providing broad coverage for an insured's medical expenses, except those explicitly excluded. This type of policy is highly advantageous for insured individuals as any non-excluded medical expenses are automatically covered.
Business Interruption Insurance provides indemnification for the loss of profits and continuing fixed expenses when a disaster, such as a fire, prevents business operations.
A comprehensive insurance package that provides protection for a business's property against damage or destruction caused by perils such as fire, smoke, and vandalism, as well as liability coverage if the actions (or non-actions) of the business's representatives result in bodily injury or property damage.
Casualty insurance provides coverage primarily for the liability of an individual or organization resulting from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party.
Comprehensive Personal Liability Insurance offers protection against personal liability claims arising from personal acts and omissions by the insured and residents of the insured's household. This coverage includes a range of activities, from sports and pet-related incidents to unique occurrences like someone tripping in the insured's cemetery plot.
Compulsory insurance refers to insurance coverage mandated by law. It requires individuals or businesses to possess a minimum amount of insurance to cover specific risks and liabilities, ensuring financial protection and compliance with regulatory standards.
Convertible Term Life Insurance is a type of life insurance coverage that can be converted into permanent insurance regardless of the insured's physical condition, and without a medical examination.
Directors' and Officers' Liability Insurance (D&O Insurance) offers coverage for the personal liabilities of corporate directors and officers arising from their actions or decisions made on behalf of the company. This insurance provides protection against legal judgments and the associated costs of defense such as legal fees and court costs.
Duplication of Benefits refers to the situation where an individual has coverage for the same insured loss under two or more health insurance policies. In such cases, the policies either pay proportionate shares of the loss or one policy is designated as primary and the other as secondary.
Duration of benefits refers to the period over which disability income insurance provides financial support to an eligible policyholder following an illness or injury causing disability.
Elevator liability insurance provides coverage when a liability suit is brought against an insured for bodily injury incurred by a plaintiff as the result of using an elevator on the insured's premises.
The period immediately following employment during which one may sign up for insurance coverage. If an employee decides later to secure coverage, he or she must wait for a period of time or for an open enrollment period.
A type of insurance coverage designed to provide a safety net for inner-city business owners or homeowners who are unable to purchase property insurance through conventional means.
Fraudulent misrepresentation refers to a dishonest statement made by an applicant to induce an insurance company to issue coverage. If the company knew the truth, it would not accept the applicant. This gives a property and casualty insurance company grounds to terminate a policy at any time.
The term 'gap' in finance refers to the amount of financing need for which provision has not yet been made. It can pertain to various scenarios such as funding gaps in project finance or coverage gaps in insurance.
Insurance cover against the occurrence of certain specified events. The most common examples of general insurance relate to the risks of fire, automobile damage or loss, and theft.
Hostile fire refers to fire that is not contained within its intended environment, causing unintended damage to property. Insurance policies often provide coverage for such incidents, protecting against fortuitous loss.
Individual life insurance provides coverage for a single life, as opposed to group life insurance, which covers multiple lives collectively. This type of insurance offers personalized policies tailored to the specific needs and circumstances of the individual.
An attachment to a property insurance policy that automatically adjusts its coverage according to the construction cost index in a community.
A provision in property insurance policies that extends coverage to conditions inherently associated with explosions.
An independent broker who searches for the best insurance coverage at the lowest cost for the client. Insurance brokers do not work for insurance companies but for the buyers of insurance products.
Insurance coverage refers to the total amount and type of insurance a policyholder possesses. It encompasses various forms covering different risks, safeguarding individuals and businesses against potential losses.
Coverage for actual or attempted robbery of money, securities, or other property within a mercantile (commercial) establishment.
A personal property floater provides insurance coverage for all personal property, regardless of the insured's location and extends to household residents, including children away at school.
Portability in the context of employee benefits, such as pension and insurance coverage, refers to the characteristic that allows employees to retain their benefits even when they leave their current job to take up a new one with a different employer.
A premium rate refers to the price per unit of insurance coverage or, in finance, the premium fee applied to certain stocks when borrowed for trading activities such as short selling.
A provision in many property insurance policies that automatically distributes coverage over insured property at various locations in proportion to their value.
Insurance coverage protecting future profits or commissions from a manufacturer's inventory loss due to insured perils like fire.
An overview of the Special Multiperil Policy (SMP), which offers comprehensive insurance coverage for large businesses across property, liability, crime, and boiler/machinery.
Comprehensive coverage designed for small mercantile establishments, providing protection against losses from burglary, robbery, and related crimes.
Coverage that stays effective for a specified, limited period. If the insured dies within that period, the beneficiary receives the death payments. If the insured survives the term, the policy ends and no payment is made.
Umbrella Liability Insurance is excess liability coverage that provides additional protection beyond the limits of a basic business liability insurance policy such as the Owners, Landlords, and Tenants Liability Policy.
An individual who has insufficient insurance coverage to fully compensate for losses in the event of life or property damage.
