Definition and meaning of Insurance Contract :

 Determines what insurance coverage is in place and determines the legal framework under which the content of an insurance policy is enforced.

(Source Lloyd's )

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Definition and meaning of Liability insurance :

An insurance which covers the insured against third party claims or, in the case of employerÕs liability insurance ,claims by employees, subject to specified terms and conditions.

(Source Lloyd's )

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Definition and meaning of Life insurance :

A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number of years, depending on the terms of the policy. Life insurance policies may be for fixed or indefinite term. See term life as regards fixed term policies.

(Source Lloyd's )

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Definition and meaning of Certificate of insurance :

Depending on the context this term may refer to:

 (a) A document which evidences the existence of insurance cover but which does not detail all its terms which are contained in a separate policy of insurance. Certain certificates are required as a matter of law in the United Kingdom, for example for motor insurance.

 (b)A document that is issued by a coverholder which evidences the existence of insurance cover and details the terms of such cover. No policy of insurance is issued where such a certificate is issued.

(Source Lloyd's )

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Definition and meaning of Fidelity insurance :

A type of insurance which is designed to protect a firm from losses caused by the dishonest acts of its employees.

(Source Lloyd's )

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Definition and meaning of TITLE INSURANCE :

TITLE INSURANCE: Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title.

(Source: Insurance Information Institute )

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Definition and meaning of TRAVEL INSURANCE :

TRAVEL INSURANCE: Insurance to cover problems associated with traveling, generally including trip cancellation due to illness, lost luggage and other incidents.

(Source: Insurance Information Institute )

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Definition and meaning of WEATHER INSURANCE :

WEATHER INSURANCE: A type of business interruption insurance that compensates for financial losses caused by adverse weather conditions, such as constant rain on the day scheduled for a major outdoor concert.

(Source: Insurance Information Institute )

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Definition and meaning of SELF-INSURANCE :

SELF-INSURANCE: The concept of assuming a financial risk oneself, instead of paying an insurance company to take it on. Every policyholder is a self-insurer in terms of paying a deductible and co-payments. Large firms often self-insure frequent, small losses such as damage to their fleet of vehicles or minor workplace injuries. However, to protect injured employees state laws set out requirements for the assumption of workers compensation programs. Self-insurance also refers to employers who assume all or part of the responsibility for paying the health insurance claims of their employees. Firms that self insure for health claims are exempt from state insurance laws mandating the illnesses that group health insurers must cover.

(Source: Insurance Information Institute )

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Definition and meaning of primary insurance :

primary insurance: The insurance of an individual mortgage.

(Source: Bank of America )

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Definition and meaning of primary insurer :

primary insurer: An insurer that directly assumes liabilities by issuing an insurance policy to the insured.

(Source: Bank of America )

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Definition and meaning of pool insurance :

pool insurance: The insurance of pools of 'A' or 'prime' mortgages. The coverage is a percentage of the original aggregate unpaid balance of the pool. There are two types of pool insurance: traditional and modified. Traditional pool insurance pays 100% of all losses on individual defaulted mortgages after the equity in the home and any primary insurance is exhausted until the aggregate pool coverage amount is reached. Modified pool insurance pays 25%. Insurers offer GSE pool insurance, a thin layer of coverage between the equity in the mortgage and any primary insurance and the GSEs' guarantee.

(Source: Bank of America )

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Definition and meaning of participating insurance :

participating insurance: Insurance on which the policyholder is entitled to share in the surplus earnings of the company through policy dividends that reflect the difference between the premium charged and the cost to the company of providing the insurance.

(Source: Bank of America )

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Definition and meaning of self-insurance :

self-insurance: A program financed entirely by the employer for insuring employees instead of purchasing coverage from a commercial carrier.

(Source: Bank of America )

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Definition and meaning of insurable interest :

insurable interest: A financial reliance you have on someone (such as a spouse) that can be covered by insurance. For example, you need an "insurable interest" in someone in order to buy a life insurance policy on that person's life.

(Source: Bank of America )

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Definition and meaning of insurable risk :

insurable risk: The conditions that make a risk insurable are (1) the peril insured against must produce a definite loss not under the control of the insured, (2) there must be a large number of homogeneous exposures subject to the same perils, (3) the loss must be calculable and the cost of insuring it must be economically feasible, (4) the peril must be unlikely to affect all insureds simultaneously, and (5) the loss produced by a risk must be definite and have a potential to be financially serious

(Source: Bank of America )

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Definition and meaning of insurance examiner :

insurance examiner: The representative of a state insurance department assigned to participate in the official audit and examination of the affairs of an insurance company.

(Source: Bank of America )

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Definition and meaning of Insurance in force :

Insurance in force: The aggregate unpaid balance of loans insured.

(Source: Bank of America )

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Definition and meaning of insuring clause :

insuring clause: Stipulation in an insurance policy that states the type of loss the policy covers and lists the parties to the contract.

(Source: Bank of America )

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Definition and meaning of nonprofit insurers :

nonprofit insurers: Corporations organized under special state laws to provide medical benefits on a not-for-profit basis (for example, Blue Cross Blue Shield and Dental Service Corporations).

(Source: Bank of America )

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Definition and meaning of no-fault insurance :

no-fault insurance: No-fault insurance (sometimes known as PIP) is designed to pay for the financial losses associated with minor accidents as quickly as possible. Under a no-fault system, your own insurance company will pay medical expenses and lost wages caused by an accident, regardless of who was at fault. In the long run, this system saves time and money that would otherwise be spent litigating petty claims. Usually, that means less expensive auto insurance. In exchange, no-fault systems limit the right to sue under certain circumstances. Not every state has of-fault, and systems vary quite a bit from state to state. In Michigan, there is no limit to the amount that you can collect under no-fault. In other states, you may only be able to collect $5,000. Once no-fault runs out, motorists can turn to their uninsured motorist/underinsured motorist coverage to make up the difference.

(Source: Bank of America )

Also see these pages: no-fault insurance , Insurance, Insurance Sitemap, Insurance Dictionary - N