Definition and meaning of EMPLOYERÕS LIABILITY :

EMPLOYERÕS LIABILITY: Part B of the workers compensation policy that provides coverage for lawsuits filed by injured employees who, under certain circumstances, can sue under common law. (See Exclusive remedy)

(Source: Insurance Information Institute )

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Definition and meaning of EMPLOYMENT PRACTICES LIABILITY COVERAGE :

EMPLOYMENT PRACTICES LIABILITY COVERAGE: Liability insurance for employers that covers wrongful termination, discrimination and other violations of employeesÕ legal rights.

(Source: Insurance Information Institute )

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Definition and meaning of ENDORSEMENT :

ENDORSEMENT: A written form attached to an insurance policy that alters the policyÕs coverage, terms, or conditions. Sometimes called a rider.

(Source: Insurance Information Institute )

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Definition and meaning of ELIMINATION PERIOD :

ELIMINATION PERIOD: A kind of deductible or waiting period usually found in disability policies. It is counted in days from the beginning of the illness or injury.

(Source: Insurance Information Institute )

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Definition and meaning of DEMUTUALIZATION :

DEMUTUALIZATION: The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies.

(Source: Insurance Information Institute )

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Definition and meaning of CURRENT ASSUMPTION WHOLE LIFE INSURANCE :

CURRENT ASSUMPTION WHOLE LIFE INSURANCE*: See Interest-sensitive insurance

(Source: Insurance Information Institute )

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Definition and meaning of CROP-HAIL INSURANCE :

CROP-HAIL INSURANCE: Protection against damage to growing crops from hail, fire or lightning provided by the private market. By contrast, multiple peril crop insurance covers a wider range of yield reducing conditions, such as drought and insect infestation, and is subsidized by the federal government.

(Source: Insurance Information Institute )

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Definition and meaning of DEATH BENEFIT :

DEATH BENEFIT*: (1) For a life insurance contract, the amount of money paid by an insurer to a beneficiary when a person insured under the life insurance policy dies. (2) For an annuity contract, the amount of money paid to a beneficiary if the contract owner dies before the annuity payments begin.

(Source: Insurance Information Institute )

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Definition and meaning of DECLARATION :

DECLARATION: Part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums and supplemental information. Referred to as the Òdec page.Ó

(Source: Insurance Information Institute )

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Definition and meaning of DECLINED RISK CLASS :

DECLINED RISK CLASS*: In insurance underwriting, the group of proposed insureds whose impairments or anticipated extra mortality are so great that an insurer cannot provide insurance coverage to them at an affordable cost. Also known as uninsurable class. Contrast with preferred risk class, standard risk class and substandard risk class.

(Source: Insurance Information Institute )

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Definition and meaning of CRITICAL ILLNESS, CI INSURANCE :

CRITICAL ILLNESS (CI) INSURANCE*: A type of individual health insurance that pays a lump-sum benefit when the insured is diagnosed with a specified illness. Also known as critical diagnosis insurance. Contrast with specified disease coverage.

(Source: Insurance Information Institute )

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Definition and meaning of CRIME INSURANCE :

CRIME INSURANCE: Term referring to property coverages for the perils of burglary, theft and robbery.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT INSURANCE :

CREDIT INSURANCE: Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency. The coverage is geared to manufacturers, wholesalers and service providers who may be dependent on a few accounts and therefore could lose significant income in the event of an insolvency.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT ENHANCEMENT :

CREDIT ENHANCEMENT: A technique to lower the interest payments on a bond by raising the issueÕs credit rating, often through insurance in the form of a financial guarantee or with standby letters of credit issued by a bank.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT LIFE INSURANCE :

CREDIT LIFE INSURANCE: Life insurance coverage on a borrower designed to repay the balance of a loan in the event the borrower dies before the loan is repaid. It may also include disablement and can be offered as an option in connection with credit cards and auto loans.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT RATING :

CREDIT RATING: See Bond rating

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT SCORE :

CREDIT SCORE: The number produced by an analysis of an individualÕs credit history. The use of credit information affects all consumers in many ways, including getting a job, finding a place to live, securing a loan, getting telephone service and buying insurance. Credit history is routinely reviewed by insurers before issuing a commercial policy because businesses in poor financial condition tend to cut back on safety, which can lead to more accidents and more claims. Auto and home insurers may use information in a credit history to produce an insurance score. Insurance scores may be used in underwriting and rating insurance policies. (See Insurance score)

(Source: Insurance Information Institute )

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Definition and meaning of DECREASING TERM LIFE INSURANCE :

DECREASING TERM LIFE INSURANCE*: Term life insurance that provides a death benefit that decreases in amount over the policy term. Contrast with increasing term life insurance.

(Source: Insurance Information Institute )

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Definition and meaning of DEDUCTIBLE :

DEDUCTIBLE: The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.

(Source: Insurance Information Institute )

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Definition and meaning of DIFFERENCE IN CONDITIONS :

DIFFERENCE IN CONDITIONS: Policy designed to fill in gaps in a businessÕs commercial property insurance coverage. There is no standard policy. Policies are specifically tailored to the policyholderÕs needs.

(Source: Insurance Information Institute )

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Definition and meaning of DERIVATIVES :

DERIVATIVES: Contracts that derive their value from an underlying financial asset, such as publicly traded securities and foreign currencies. Often used as a hedge against changes in value.

(Source: Insurance Information Institute )

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Definition and meaning of DIMINUTION OF VALUE :

DIMINUTION OF VALUE: The idea that a vehicle loses value after it has been damaged in an accident and repaired.

(Source: Insurance Information Institute )

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