Definition and meaning of NUCLEAR INSURANCE :

NUCLEAR INSURANCE: Covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.

(Source: Insurance Information Institute )

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Definition and meaning of POLLUTION INSURANCE :

POLLUTION INSURANCE: Policies that cover property loss and liability arising from pollution-related damages, for sites that have been inspected and found uncontaminated. It is usually written on a claims-made basis so policies pay only claims presented during the term of the policy or within a specified time frame after the policy expires. (See Claims-made policy)

(Source: Insurance Information Institute )

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Definition and meaning of RENTERS INSURANCE :

RENTERS INSURANCE: A form of insurance that covers a policyholderÕs belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or her dwelling is repaired. It also can include coverage for property improvements. Possessions can be covered for their replacement cost or the actual cash value that includes depreciation.

(Source: Insurance Information Institute )

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Definition and meaning of INSURABLE INTEREST :

INSURABLE INTEREST*: In insurance, a person exhibits an insurable interest in a potential loss if that person will suffer a genuine economic loss if the event insured against occurs. Without the presence of insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is not a valid contract.

(Source: Insurance Information Institute )

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Definition and meaning of INSURABLE RISK :

INSURABLE RISK: Risks for which it is relatively easy to get insurance and that meet certain criteria. These include being definable, accidental in nature, and part of a group of similar risks large enough to make losses predictable. The insurance company also must be able to come up with a reasonable price for the insurance.

(Source: Insurance Information Institute )

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Definition and meaning of INSURANCE POOL :

INSURANCE POOL: A group of insurance companies that pool assets, enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. Pools may be formed voluntarily or mandated by the state to cover risks that canÕt obtain coverage in the voluntary market such as coastal properties subject to hurricanes. (See Beach and windstorm plans; Fair access to insurance requirements plans / FAIR plans; Joint underwriting association / JUA)

(Source: Insurance Information Institute )

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Definition and meaning of INSURANCE SCORE :

INSURANCE SCORE: Insurance scores are confidential rankings based on credit information. This includes whether the consumer has made timely payments on loans, the number of open credit card accounts and whether a bankruptcy filing has been made. An insurance score is a measure of how well consumers manage their financial affairs, not of their financial assets. It does not include information about income or race.

Studies have shown that people who manage their money well tend also to manage their most important asset, their home, well. And people who manage their money responsibly also tend to handle driving a car responsibly. Some insurance companies use insurance scores as an insurance underwriting and rating tool.

(Source: Insurance Information Institute )

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Definition and meaning of INSURANCE-TO-VALUE :

INSURANCE-TO-VALUE: Insurance written in an amount approximating the value of the insured property.

(Source: Insurance Information Institute )

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Definition and meaning of HACKER INSURANCE :

HACKER INSURANCE: A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.

(Source: Insurance Information Institute )

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Definition and meaning of INTERNET INSURER :

INTERNET INSURER: An insurer that sells exclusively via the Internet.

(Source: Insurance Information Institute )

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Definition and meaning of LIABILITY INSURANCE :

LIABILITY INSURANCE: Insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person.

(Source: Insurance Information Institute )

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Definition and meaning of MORTGAGE INSURANCE :

MORTGAGE INSURANCE: A form of decreasing term insurance that covers the life of a person taking out a mortgage. Death benefits provide for payment of the outstanding balance of the loan. Coverage is in decreasing term insurance, so the amount of coverage decreases as the debt decreases. A variant, mortgage unemployment insurance pays the mortgage of a policyholder who becomes involuntarily unemployed. (See Term insurance)

(Source: Insurance Information Institute )

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Definition and meaning of MARINE INSURANCE :

MARINE INSURANCE: Coverage for goods in transit, and for the commercial vehicles that transport them, on water and over land. The term may apply to inland marine but more generally applies to ocean marine insurance. Covers damage or destruction of a shipÕs hull and cargo and perils include collision, sinking, capsizing, being stranded, fire, piracy, and jettisoning cargo to save other property. Wear and tear, dampness, mold, and war are not included. (See Inland marine insurance; Ocean marine insurance)

(Source: Insurance Information Institute )

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Definition and meaning of MALPRACTICE INSURANCE :

MALPRACTICE INSURANCE: Professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients.

(Source: Insurance Information Institute )

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Definition and meaning of LIFE INSURANCE :

LIFE INSURANCE: See Ordinary life insurance; Term insurance; Variable life insurance; Whole life insurance

(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 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 GROUP INSURANCE :

GROUP INSURANCE: A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependents. Coverage occurs under a master policy issued to the employer or association.

(Source: Insurance Information Institute )

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Definition and meaning of GAP INSURANCE :

GAP INSURANCE: An automobile insurance option, available in some states, that covers the difference between a carÕs actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company. Mainly used for leased cars. (See Actual cash value)

(Source: Insurance Information Institute )

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Definition and meaning of GLASS INSURANCE :

GLASS INSURANCE: Coverage for glass breakage caused by all risks; fire and war are sometimes excluded. Insurance can be bought for windows, structural glass, leaded glass and mirrors. Available with or without a deductible.

(Source: Insurance Information Institute )

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Definition and meaning of FLOOD INSURANCE :

FLOOD INSURANCE: Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy. (See Adverse selection)

(Source: Insurance Information Institute )

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Definition and meaning of FRATERNAL INSURER :

FRATERNAL INSURER*: A nonprofit organization that is operated solely for the benefit of its members and that provides its members with social and insurance benefits. Also known as fraternal benefit society.

(Source: Insurance Information Institute )

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