Insurance comes in several types based on the type of insurance policy which may be health insurance, property insurance, life insurance, vehicle insurance, and others. However, in all the insurance policies, the major core components include policy limit, age, and premium. Types of Insurance pol...
A contract that protects against the loss of burglary tools, for example, is contrary to public policy and thus unenforceable. Insurable Interest To qualify for an insurance policy, the insured must have an insurable interest, meaning that the insured must derive some benefit from the continued ...
NOUNan insurance policy(=an insurance agreement)Thi Examples from the Corpus insurance•Many Americans cannotaffordhealthinsurance. claim (for) something on your insurance•And they can't beclaimed back on your insuranceif it's afalsealarm. ...
Such policy or policies shall insure against all risks of direct physical loss or damage (except the perils of flood and/or earthquake), including coverage for debris removal and the enforcement of any Applicable Requirements requiring the upgrading, demolition, reconstruction or replacement of any po...
premiumn．保险费 insurancevalue保险金额premiumrate保险费率 MoreTerms totalloss全部损失actualtotalloss实际损失constructivetotalloss推定全损partialloss部分损失average海损generalaverage共同海损particularaverage单独海损freefromparticularaverage平安险 MoreTerms additionalextrarisks...
10% premium credit available for ABC or BOC-accredited facilities, as well as discretionary credits available for being claim-free, risk management courses, and longevity in business Broad Coverage: Property protection for your building is on an ‘agreed value’ basis, meaning no co-insurance penal...
Premium – The payment you’re required to make in exchange for your policy. Primary beneficiary – The person you’ve designated to receive the death benefit paid by the life insurance company when you die. Contingent beneficiary/beneficiaries – The person or people (most commonly your children...
Life Insurance Policyhas the meaning given in Section 6.11. Blanket insurance policymeans a group policy covering a defined class of Bond Insurance Policymeans the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds...
A home insurance quote is anestimateof how much you’ll pay for a policy based on details about your home, credit score, claims history, and coverage limits. All insurance companies have their own way of calculating quotes, so premium estimates can vary widely across insurers. ...
However, sometimes the reinsurerdefaultson a ceded policy, meaning they can't cover the claim due to financial distress. As a result, the ceding company may still have a liability and may need to pay for the claims, despite ceding the policy to the reinsurer. ...