Group Annuities – Deferred variable – an annuity contract that provides an accumulation-based fund whose accumulation varies based on the policyholder`s chosen performance on the underlying investment portfolio. Must include at least one accumulation option to vary based on the policyholder`s chosen performance on the underlying investment portfolio and may include at least one option so that the series of payments varies based on the policyholder`s chosen performance on the underlying investment portfolio. This pension contract provides for the initiation of payments at a certain later date. Subrogation – a situation in which an insurer, on behalf of the insured, has the right to bring an action for liability against a third party who has caused damage to the insured. The insurer reserves the right to claim compensation for damage suffered by the insurer through the fault of a third party. Company car – coverage for motor vehicles, with the exception of those in the workshop activity, which are engaged in trade. Business car registrations include, individually or in combination, coverages such as: motor vehicle liability, PIP, MP, uninsured motorist and/or underinsured motorist (EUTM/UIM); Reported causes of loss, global and collision. Agent – A person who sells, serves or negotiates insurance policies, either on behalf of a business or independently. If you are able to understand these 7 principles, you will get the tools you need to defend your rights. Accrual period – The insurance period must incur eligible medical expenses at least equal to the amount of the deductible to establish a benefit period under a major medical or comprehensive medical expense insurance policy. Derivatives – securities valued according to the value of other financial instruments such as commodity prices, interest rates, stock prices, foreign or foreign exchange rates. Named risk coverage – insurance for damage explicitly defined in the insurance contract.
Allied Lines – coverage typically purchased with property insurance, such as glass, tornado, storm and hail; sprinklers and water damage; explosions, riots and civil unrest; crop cultivation; High tide; Rain; and damage caused by aircraft and vehicles, etc. Reported Losses – Includes planned payments for claims related to insured events that have occurred and have been reported to the insurance company but have not yet been paid. For example, imagine that you have two insurance policies for your used Lamborghini, so that you are fully covered in all situations. Let`s say you have a policy with Allstate that covers $30,000 in property damage and a State Farm policy that covers $50,000 in property damage. If you end up in a wreck that causes $50,000 worth of damage to your vehicle. Then, about $19,000 will be covered by Allstate and $31,000 by State Farm. Personal Injury Civil Liability – Civil liability coverage for persons who have been discriminated against, wrongfully arrested, unlawfully detained, defamed, maliciously persecuted, defamed, suffered identity theft, psychological torment or alienation of affection, or whose privacy rights have been violated. Preferred Risk – An insured or insurance applicant whose probability of risk is lower than that of the standard claimant. Flood – coverage that protects the insured against loss or damage to real or personal property caused by flooding. (Note: If flood coverage is offered as an additional risk to a property insurance policy, file it under the appropriate property insurance code.) Financial security – a suretyship, insurance policy or indemnity agreement (if issued by an insurer) or similar types of coverage where the loss is payable to an insured claimant, creditor or indemnified by reason of non-performance of a financial obligation or other authorized product defined or designed as financial security insurance, on proof of the occurrence of a financial loss. Whole life – Life insurance that can remain in effect for a person`s lifetime and pays a benefit upon the person`s death whenever this may be the case. Industrial Life Insurance – Industrial life insurance, also known as “debit” insurance, is insurance where premiums are paid monthly or more frequently, the nominal amount of the policy does not exceed a certain amount, and the words “industrial policy” are printed in conspicuous characters on the front of the policy.
Credit insurance – insurance taken out unilaterally by the creditor who is the named insured after the date of the credit transaction and providing coverage against loss, cost or property damage resulting from fire, theft, collision or any other risk of loss that would harm the interests of a creditor or affect the value of the guarantee. “Creditor-placed dwelling” means “Creditor-placed insurance” for homes, mobile homes and other property. “Creditor Placed Auto” means insurance for cars, boats or other vehicles. This is a fundamental and essential principle of insurance contracts, since the nature of the service is that the insurance company offers a certain level of security and solidarity to the life of the insured. However, the insurance company should also pay attention to anyone who is looking for a way to scam them into free money. It is therefore expected that each party will behave in good faith. In the event of an accident, it is always important to keep in touch with the insurance company. Make sure all accidents are reported to the insurer in a timely manner and inform the insurer if there needs to be a settlement or legal action. If a settlement takes place outside the normal subrogation procedure between the two parties in court, it is often legally impossible for the insurer to assert subrogation against the party at fault. Indeed, most regulations involve a waiver of subrogation. Provisions – Contingent liabilities described in an insurance policy.
Hazard – a circumstance that tends to increase the likelihood or severity of damage. Medical malpractice – Insurance coverage that protects a licensed health care provider or health care facility from legal liability arising from the death or injury of a person due to the insured`s misconduct, negligence or incompetence in providing or failing to provide professional services. Adverse selection – a social phenomenon in which people with an above-average probability of loss seek better insurance coverage than people with lower risk. Federal Flood Insurance – Coverage for eligible residents and businesses in flood-prone areas through the National Flood Insurance Act, a government-subsidized flood insurance program enacted in 1968. Loss of use insurance – a policy to protect against loss of use due to damage or destruction of property. Credit health insurance – a policy that assigns the creditor as the beneficiary of a debtor`s insurance, whereby the balance is transferred to the creditor in the event that the debtor becomes disabled. Combinations – a special form of lump sum policy, consisting of personal car insurance and home insurance. Excess and liability – liability coverage of an insured person above a certain amount, which is specified in a basic policy issued by the primary insurer; or a self-insurer for losses in excess of a specified amount; or an insured person or self-insurer for known or unknown gaps in basic coverage or self-insured commitment. GAP Personal Insurance – credit insurance that insures the excess of the unpaid debt over primary property insurance benefits in the event of a total loss of the value of the guarantee.