Definition and meaning of monoline insurer :

monoline insurer: An insurer that writes only financial guaranty insurance.

(Source: Bank of America )

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Definition and meaning of mortgage insurance :

mortgage insurance: There are actually two types of mortgage insurance. Usually, people mean private mortgage insurance, or PMI, which protects a mortgage company against a defaulted loan. PMI does not benefit the homeowner. If you bought your home with a down payment of less than 20 percent of its value, your bank probably made you take out PMI. At some point, you wonÕt have to pay for PMI any more, but donÕt expect the bank to let you know when that is. Mortgage insurance can also mean a type of life insurance, which pays off the balance of a mortgage when the policyholder dies or, in some cases, becomes disabled. As a homeowner, you want to get rid of the first type as soon as you can. You might want to consider the second type.

(Source: Bank of America )

Also see these pages: mortgage insurance , Insurance, Insurance Sitemap, Insurance Dictionary - M

Definition and meaning of multiline insurer :

multiline insurer: An insurer that writes financial guaranty and property/casualty insurance.

(Source: Bank of America )

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Definition and meaning of individual insurance :

individual insurance: A policy that provides protection to a policyholder and/or his or her family; sometimes called personal insurance as distinct from group and blanket insurance.

(Source: Bank of America )

Also see these pages: individual insurance , Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of term insurance :

term insurance: A plan of insurance that covers the insured for only a certain period of time (term), not for his or her entire life. The policy pays death benefits only if the insured dies during the term.

(Source: Bank of America )

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Definition and meaning of title insurance :

title insurance: Title insurance protects against the various financial losses associated with having the title on your home challenged, including court costs and loss of the property. For a one-time fee, most title insurers will investigate public records to make sure that your property is free of title defects. This coverage can benefit either the homeowner or the mortgage company, so you should know which kind youÕre paying for.

(Source: Bank of America )

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Definition and meaning of supplemental insurance :

supplemental insurance: Additional insurance protection over the primary insurance coverage. An example is Medigap coverage, which can be purchased as a supplement to Medicare.

(Source: Bank of America )

Also see these pages: supplemental insurance , Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of survivorship insurance :

survivorship insurance: Another name for second-to-die insurance.

(Source: Bank of America )

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Definition and meaning of substandard insurance :

substandard insurance: Insurance issued with an extra premium or special restriction to persons who do not qualify for insurance at standard rates.

(Source: Bank of America )

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Definition and meaning of windstorm insurance :

windstorm insurance: Windstorm coverage pays for losses to your property that result from a windstorm. The coverage acts like a flood or earthquake policy in that it pays for damage to the dwelling, and, in some cases, for damage to your personal property and for living expenses if your home becomes uninhabitable. If you live in a coastal area, youÕll probably need to purchase separate windstorm coverage on your house. In areas where coverage is scarce, states sometime offer market assistance programs or joint underwriting associations to help homeowners find a carrier.

(Source: Bank of America )

Also see these pages: windstorm insurance , Insurance, Insurance Sitemap, Insurance Dictionary - W

Definition and meaning of earthquake insurance :

earthquake insurance: Earthquake policies are similar to regular homeowner's policies but without the liability coverage. You choose a dollar ceiling for the dwelling coverage, and a percentage of this ceiling is then applied to coverage's for personal property and additional living expenses (hotel expenses if your home becomes uninhabitable). Premiums for these policies are usually rather steep in the places where you would need to buy one. Until recently, the only place Californians could buy the coverage was from the California Earthquake Authority, which offered skimpy coverage. But the market is opening up again and some other companies are offering old-fashioned policies with better coverage (at higher rates, of course).

(Source: Bank of America )

Also see these pages: earthquake insurance , Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of disability insurance :

disability insurance: A form of health insurance that pays the policyholder in place of his or her usual income if the policyholder can't work because of illness or accident. Usually, policies begin paying after a waiting period stipulated in the policy, and pay a certain percentage of the policyholder's usual income. Sometimes this is provided by employers, but it's also available as a separate coverage.

(Source: Bank of America )

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Definition and meaning of evidence of insurability :

evidence of insurability: A statement or proof of physical condition and/or other factual information affecting a person's eligibility for insurance. In group insurance, evidence of insurability is required only in specific situations: when a person fails to enroll during the open enrollment period; when a person applies for reinstatement after having previously withdrawn from the plan when receiving an overall maximum benefit; or when a person applies for excess amounts of group life or disability insurance

(Source: Bank of America )

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Definition and meaning of health insurance :

health insurance: Coverage that provides benefits as a result of sickness or injury. Policies include insurance for losses from accident, medical expense, disability, or accidental death and dismemberment.

(Source: Bank of America )

Also see these pages: health insurance , Insurance, Insurance Sitemap, Insurance Dictionary - H

Definition and meaning of guaranteed insurability :

guaranteed insurability: An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.

(Source: Bank of America )

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Definition and meaning of flood insurance :

flood insurance: A regular homeownerÕs policy will not pay for damages caused by flooding. In order to get the coverage, youÕll have to go to some outfit that writes for the National Flood Insurance Program. Outside of fire, flooding is the most widespread natural disaster. If your community participates in NFIPÕs floodplain management program, you should be eligible to buy the coverage. The only people who may have trouble finding flood coverage are residents of "coastal barrier resource system" areas and communities that do not participate in NFIPÕs programs. Flood insurance is also available to renters, condominium owners, and co-op owners.

(Source: Bank of America )

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Definition and meaning of franchise insurance :

franchise insurance: Insurance contracts issued to members of a specific group (such as employees of a common employer or members of an association) under a group-like arrangement in which the employer or the association collects and remits premiums.

(Source: Bank of America )

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Definition and meaning of credit insurance :

credit insurance: Optional coverage that pays off the balance of an outstanding loan in the event you become disabled, unemployed or die. Exact coverage depends on the particular policy. Variations include credit health or disability (pays if you get sick or become disabled) and credit unemployment insurance (pays if you involuntarily lose your job). Usually offered with credit cards, auto loans and mortgages.

(Source: Bank of America )

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Definition and meaning of BLANKET INSURANCE :

BLANKET INSURANCE: Coverage for more than one type of property at one location or one type of property at more than one location. Example: chain store

(Source: Insurance Information Institute )

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Definition and meaning of AVIATION INSURANCE :

AVIATION INSURANCE: Commercial airlines hold property insurance on airplanes and liability insurance for negligent acts that result in injury or property damage to passengers or others. Damage is covered on the ground and in the air. The policy limits the geographical area and individual pilots covered.

(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 )

Also see these pages: CREDIT INSURANCE , Insurance, Insurance Sitemap, Insurance Dictionary - C