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Insurance Dictionary | A Wisdom Archive on Insurance Dictionary | | Insurance Dictionary A selection of articles related to Insurance Dictionary | |
| We recommend this article: Insurance Dictionary - 1, and also this: Insurance Dictionary - 2. |
| | Insurance Dictionary | | | | Top | » Page 9 « Page 10 Page 11 Page 12 Page 13 More » | |
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| ARTICLES RELATED TO Insurance Dictionary | | | | | |  Insurance Dictionary:
Insurance Glossary Dictionary IV - ACCELERATED DEATH BENEFITS
Definition
and meaning of
ACCELERATED DEATH BENEFITS :
ACCELERATED DEATH BENEFITS: A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insuredÕs death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.
(Source: Insurance Information Institute
)
Also see these pages: ACCELERATED DEATH BENEFITS , Insurance, Insurance Sitemap,
Insurance
Dictionary - A
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Insurance Glossary Dictionary IV - ALEATORY CONTRACT
Definition
and meaning of
ALEATORY CONTRACT :
ALEATORY CONTRACT*: A contract in which one party provides something of value to another party in exchange for a conditional promise, which is a promise that the other party will perform a stated act upon the occurrence of an uncertain event. Insurance contracts are aleatory because the policyowner pays premiums to the insurer, and in return the insurer promises to pay benefits if the event insured against occurs. Contrast with commutative contract.
(Source: Insurance Information Institute
)
Also see these pages: ALEATORY CONTRACT , Insurance, Insurance Sitemap,
Insurance
Dictionary - A
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Insurance Glossary Dictionary IV - ADMITTED ASSETS
Definition
and meaning of
ADMITTED ASSETS :
ADMITTED ASSETS: Assets recognized and accepted by state insurance laws in determining the solvency of insurers and reinsurers. To make it easier to assess an insurance companyÕs financial position, state statutory accounting rules do not permit certain assets to be included on the balance sheet. Only assets that can be easily sold in the event of liquidation or borrowed against, and receivables for which payment can be reasonably anticipated, are included in admitted assets. (See Assets)
(Source: Insurance Information Institute
)
Also see these pages: ADMITTED ASSETS , Insurance, Insurance Sitemap,
Insurance
Dictionary - A
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Insurance Glossary Dictionary IV - ADVERSE SELECTION
Definition
and meaning of
ADVERSE SELECTION :
ADVERSE SELECTION: The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. Insurers react either by charging higher premiums or not insuring at all, as in the case of floods. (Flood insurance is provided by the federal government but sold mostly through the private market.) In the case of natural disasters, such as earthquakes, adverse selection concentrates risk instead of spreading it. Insurance works best when risk is shared among large numbers of policyholders.
(Source: Insurance Information Institute
)
Also see these pages: ADVERSE SELECTION , Insurance, Insurance Sitemap,
Insurance
Dictionary - A
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Insurance Glossary Dictionary IV - AUTO INSURANCE POLICY
Definition
and meaning of
AUTO INSURANCE POLICY :
AUTO INSURANCE POLICY: There are basically six different types of coverages. Some may be required by law. Others are optional. They are: 1. 1. Bodily injury liability, for injuries the policyholder causes to someone else.: 2. 2. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholderÕs car.: 3. 3. Property damage liability, for damage the policyholder causes to someone elseÕs property.: 4. 4. Collision, for damage to the policyholderÕs car from a collision.: 5. 5. Comprehensive, for damage to the policyholderÕs car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft.: 6. 6. Uninsured motorists coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.:
(Source: Insurance Information Institute
)
Also see these pages: AUTO INSURANCE POLICY , Insurance, Insurance Sitemap,
Insurance
Dictionary - A
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Insurance Glossary Dictionary IV - CATASTROPHE REINSURANCE
Definition
and meaning of
CATASTROPHE REINSURANCE :
CATASTROPHE REINSURANCE: Reinsurance for catastrophic losses. The insurance industry is able to absorb the multibillion dollar losses caused by natural and man-made disasters such as hurricanes, earthquakes and terrorist attacks because losses are spread among thousands of companies including catastrophe reinsurers who operate on a global basis. InsurersÕ ability and willingness to sell insurance fluctuates with the availability and cost of catastrophe reinsurance. After major disasters, such as Hurricane Andrew and the World Trade Center terrorist attack, the availability of catastrophe reinsurance becomes extremely limited. Claims deplete reinsurersÕ capital and, as a result, companies are more selective in the type and amount of risks they assume. In addition, with available supply limited, prices for reinsurance rise. This contributes to an overall increase in prices for property insurance.
(Source: Insurance Information Institute
)
Also see these pages: CATASTROPHE REINSURANCE , Insurance, Insurance Sitemap,
Insurance
Dictionary - C
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