Definition and meaning of Alienated :

Alienated: In insurance, this term describes property that an insured no longer owns or holds title to. Generally a Public Liability policy will cover the insured's liability for premises alienated by him. 

(Source: InsWeb)

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Definition and meaning of Carrier :

Carrier: Sometimes used to designate the insurer. The term "insurer" is preferred because of the possible confusion of "carrier" with transportation. See also Insurer.

(Source: InsWeb)

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Definition and meaning of Carrier :

Carrier: Sometimes used to designate the insurer. The term "insurer" is preferred because of the possible confusion of "carrier" with transportation. See also Insurer.

(Source: InsWeb)

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Definition and meaning of Binder :

Binder: An agreement executed by an agent or insurer (usually the latter) putting insurance into force before the contract has been written or the premium paid. This term is not usually used in Life Insurance. See also Cover note.

(Source: InsWeb)

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Definition and meaning of Binder :

Binder: An agreement executed by an agent or insurer (usually the latter) putting insurance into force before the contract has been written or the premium paid. This term is not usually used in Life Insurance. See also Cover note.

(Source: InsWeb)

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Definition and meaning of Protection :

Protection: (1) A term used interchangeably with "coverage" to denote insurance provided under the terms of a policy. (2) The fire-fighting facilities in the area in which a risk is located.

(Source: InsWeb)

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Definition and meaning of Protection :

Protection: (1) A term used interchangeably with "coverage" to denote insurance provided under the terms of a policy. (2) The fire-fighting facilities in the area in which a risk is located.

(Source: InsWeb)

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Definition and meaning of Offer :

Offer: The terms of a contract proposed by one party to another. In Property and Casualty Insurance, submitting an application to the company is usually considered an offer. In Life Insurance, the application plus the initial premium constitutes an offer.

(Source: InsWeb)

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Definition and meaning of Pilferage :

Pilferage: Petty theft, particularly theft of articles in less than package lots. This term is associated with the insuring of cargo under an Inland Marine Insurance form.

(Source: InsWeb)

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Definition and meaning of Pilferage :

Pilferage: Petty theft, particularly theft of articles in less than package lots. This term is associated with the insuring of cargo under an Inland Marine Insurance form.

(Source: InsWeb)

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Definition and meaning of Offer :

Offer: The terms of a contract proposed by one party to another. In Property and Casualty Insurance, submitting an application to the company is usually considered an offer. In Life Insurance, the application plus the initial premium constitutes an offer.

(Source: InsWeb)

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Definition and meaning of Assets :

Assets: The items on the balance sheet of the insurer which show the book value of property owned. Under state regulations, not all property or other resources can be admitted in the statement of the insurer. This gives rise to the term "nonadmitted assets." See also Nonadmitted Assets.

(Source: InsWeb)

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Definition and meaning of Pyramiding :

Pyramiding: (1) A term sometimes applied to an alleged practice of some consumer credit organization under which lenders add new credit insurance coverage for consolidation loans without canceling the old, thus producing a situation of overinsurance for the amount of the loan outstanding. (2) The term also applies to Liability Insurance where the limits of liability in several policies may apply, and, in effect, "pyramid" into higher amounts of insurance being available than was originally intended.

(Source: InsWeb)

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Definition and meaning of Pyramiding :

Pyramiding: (1) A term sometimes applied to an alleged practice of some consumer credit organization under which lenders add new credit insurance coverage for consolidation loans without canceling the old, thus producing a situation of overinsurance for the amount of the loan outstanding. (2) The term also applies to Liability Insurance where the limits of liability in several policies may apply, and, in effect, "pyramid" into higher amounts of insurance being available than was originally intended.

(Source: InsWeb)

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Definition and meaning of Long-Term Care :

Long-Term Care: The continuum of broad-ranged maintenance and health services to the chronically ill, disabled, or retarded. Services may be provided on an inpatient (rehabilitation facility, nursing home, mental hospital), outpatient, or at-home basis.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Overinsured :

Overinsured: A term used to describe the condition that exists when an insured has purchased coverage for more than the actual cash value or replacement cost of a subject of insurance. It is also used to describe a situation where so much insurance is in force as to constitute a moral or morale hazard, such as having so much Disability Income Insurance in force that it becomes profitable to be disabled.

(Source: InsWeb)

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Definition and meaning of Overinsured :

Overinsured: A term used to describe the condition that exists when an insured has purchased coverage for more than the actual cash value or replacement cost of a subject of insurance. It is also used to describe a situation where so much insurance is in force as to constitute a moral or morale hazard, such as having so much Disability Income Insurance in force that it becomes profitable to be disabled.

(Source: InsWeb)

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Definition and meaning of Adhesion :

Adhesion: This is a characteristic of a unilateral contract which is offered on a "take it or leave it" basis. Most insurance policies are contracts of "adhesion," because the terms are drawn up by the insurer and the insured simply "adheres." For this reason ambiguous provisions are often interpreted by courts in favor of the insured. Contrast with Manuscript Policy. 

(Source: InsWeb)

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Definition and meaning of Contract :

Contract: (1) An agreement entered into by two or more persons under which one or more of them agree, for a consideration, to do or refrain from doing acts in accordance with the wishes of the other party(s). (2) In insurance, the agreement by which an insurer agrees, for a consideration, to provide benefits, reimburse losses or provide services for an insured. A "policy" is the written statement of the terms of the contract. (3) An agreement under which an agency or agent does business with an insurer.

(Source: InsWeb)

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Definition and meaning of Contract :

Contract: (1) An agreement entered into by two or more persons under which one or more of them agree, for a consideration, to do or refrain from doing acts in accordance with the wishes of the other party(s). (2) In insurance, the agreement by which an insurer agrees, for a consideration, to provide benefits, reimburse losses or provide services for an insured. A "policy" is the written statement of the terms of the contract. (3) An agreement under which an agency or agent does business with an insurer.

(Source: InsWeb)

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Definition and meaning of TERM CERTAIN ANNUITY :

TERM CERTAIN ANNUITY: An form of annuity that pays out over a fixed period rather than when the annuitant dies.

(Source: Insurance Information Institute )

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Term life insurance - Theory of decreasing responsibility. Term insurance should be purchased with the Theory of Decreasing responsibility in mind. This theory assumes that the insured realizes all financial responsibilities are temporary and insurance should be purchased to offset those responsibilities. Term life insurance - Buy term invest the difference. Buy term and invest the difference is a concept that grants the insured unlimited flexibility in investing their money and should be used in combinatio ...

See also:

Term life insurance, Term life insurance - Concepts, Term life insurance - Theory of decreasing responsibility, Term life insurance - Buy term invest the difference, Term life insurance - Annual renewable term, Term life insurance - Level term, Term life insurance - Payout likelihood, Term life insurance - Conversion privileges

Read more here: » Term life insurance: Encyclopedia II - Term life insurance - Concepts