Definition and meaning of DREAD DISEASE COVERAGE :

DREAD DISEASE COVERAGE*: See Specified disease coverage

(Source: Insurance Information Institute )

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Definition and meaning of EARTHQUAKE INSURANCE :

EARTHQUAKE INSURANCE: Covers a building and its contents, but includes a large percentage deductible on each. A special policy or endorsement exists because earthquakes are not covered by standard homeowners or most business policies.

(Source: Insurance Information Institute )

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Definition and meaning of ECONOMIC LOSS :

ECONOMIC LOSS: Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property and legal expenses. It does not include noneconomic losses, such as pain caused by an injury.

(Source: Insurance Information Institute )

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Definition and meaning of EARNED PREMIUM :

EARNED PREMIUM: The portion of premium that applies to the expired part of the policy period. Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires.

(Source: Insurance Information Institute )

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Definition and meaning of DISABILITY :

DISABILITY*: In disability insurance, the inability of an insured person to work due to an injury or sickness. Each disability policy has a definition of disability that must be satisfied in order for the insured to receive the policyÕs benefits. (See Residual disability; Total disability)

(Source: Insurance Information Institute )

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Definition and meaning of ELECTRONIC COMMERCE / E-COMMERCE :

ELECTRONIC COMMERCE / E-COMMERCE: The sale of products such as insurance over the Internet.

(Source: Insurance Information Institute )

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Definition and meaning of DISABILITY INCOME INSURANCE :

DISABILITY INCOME INSURANCE*: A type of health insurance designed to compensate an insured person for a portion of the income lost because of a disabling injury or illness. Benefit payments are made either weekly or monthly for a specified period during the continuance of an insuredÕs disability. (See income protection insurance)

(Source: Insurance Information Institute )

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Definition and meaning of DIVIDEND :

DIVIDEND: Money returned to policyholders from an insurance companyÕs earnings. Considered a partial premium refund rather than a taxable distribution, reflecting the difference between the premium charged and actual losses. Many life insurance policies and some property/casualty policies pay dividends to their owners. Life insurance policies that pay dividends are called participating policies.

(Source: Insurance Information Institute )

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Definition and meaning of DIVIDEND ACCUMULATIONS OPTION :

DIVIDEND ACCUMULATIONS OPTION*: See Accumulation at interest option.

(Source: Insurance Information Institute )

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Definition and meaning of DOMESTIC INSURANCE COMPANY :

DOMESTIC INSURANCE COMPANY: Term used by a state to refer to any company incorporated there.

(Source: Insurance Information Institute )

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Definition and meaning of DOUBLE INDEMNITY BENEFIT :

DOUBLE INDEMNITY BENEFIT*: An accidental death benefit that is equal to the face amount of a life insurance policyÕs basic death benefit and is paid when the insuredÕs death is the result of an accident as defined in the policy. (See Accidental death benefit/ADB)

(Source: Insurance Information Institute )

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Definition and meaning of ENVIRONMENTAL IMPAIRMENT LIABILITY COVERAGE :

ENVIRONMENTAL IMPAIRMENT LIABILITY COVERAGE: A form of insurance designed to cover losses and liabilities arising from damage to property caused by pollution.

(Source: Insurance Information Institute )

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Definition and meaning of ERRORS AND OMISSIONS COVERAGE / E&O :

ERRORS AND OMISSIONS COVERAGE / E&O: A professional liability policy covering the policyholder for negligent acts and omissions that may harm his or her clients.

(Source: Insurance Information Institute )

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Definition and meaning of EQUITY :

EQUITY: In investments, the ownership interest of shareholders. In a corporation, stocks as opposed to bonds.

(Source: Insurance Information Institute )

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Definition and meaning of ESCROW ACCOUNT :

ESCROW ACCOUNT: Funds that a lender collects to pay monthly premiums in mortgage and homeowners insurance, and sometimes to pay property taxes.

(Source: Insurance Information Institute )

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Definition and meaning of EXCESS AND SURPLUS LINES :

EXCESS AND SURPLUS LINES: Property/casualty coverage that isnÕt available from insurers licensed by the state (called admitted insurers) and must be purchased from a nonadmitted carrier.

(Source: Insurance Information Institute )

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Definition and meaning of EXCESS OF LOSS REINSURANCE :

EXCESS OF LOSS REINSURANCE: A contract between an insurer and a reinsurer, whereby the insurer agrees to pay a specified portion of a claim and the reinsurer to pay all or a part of the claim above that amount.

(Source: Insurance Information Institute )

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Definition and meaning of DIRECTORS AND OFFICERS LIABILITY INSURANCE/D&O :

DIRECTORS AND OFFICERS LIABILITY INSURANCE/D&O: Directors and officers liability insurance (D&O) covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in suits against the company. There are a variety of D&O coverages. Corporate reimbursement coverage indemnifies directors and officers of the organization. Side-A coverage provides D&O coverage for personal liability when directors and officers are not indemnified by the firm. Entity coverage, for claims made specifically against the company, is also available. D&O policies may be broadened to include coverage for employment practices liability.

(Source: Insurance Information Institute )

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Definition and meaning of ENDOWMENT INSURANCE :

ENDOWMENT INSURANCE*: Life insurance that provides a policy benefit payable either when the insured dies or on a stated date if the insured is still alive on that date.

(Source: Insurance Information Institute )

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Definition and meaning of EMPLOYEE RETIREMENT INCOME SECURITY ACT / ERISA :

EMPLOYEE RETIREMENT INCOME SECURITY ACT / ERISA: Federal legislation that protects employees by establishing minimum standards for private pension and welfare plans.

(Source: Insurance Information Institute )

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Definition and meaning of EMPLOYEE DISHONESTY COVERAGE :

EMPLOYEE DISHONESTY COVERAGE: Covers direct losses and damage to businesses resulting from the dishonest acts of employees. (See Fidelity bond)

(Source: Insurance Information Institute )

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