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109 Terms found - Page: 1 » 2 ... 4

AHCPR [244]
US Agency for Health Care Policy and Research

alternate beneficiary [1701]
A person, organization or institution that receives property through a will , trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims ) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.

Anniversary Date [846]
Stated in the policy declarations as the date of policy issue, expiration and renewal.

annuity [1707]
A purchased policy that pays a fixed amount of benefits every year -- although most annuities actually pay monthly -- for the life of the person who is entitled to those benefits. In a simple life annuity, when the person receiving the annuity dies, the benefits stop; there is no final lump sum payment and no provision to pay benefits to a spouse or other survivor. A continuous annuity pays monthly installments for the life of the retired worker, and also provides a smaller continuing annuity for the worker's spouse or other survivor after the worker's death. A joint and survivor annuity pays monthly benefits as long as the retired worker is alive, and then continues to pay the worker's spouse for life.

Apportionment [37]
A method for determining how much will be contributed by each company toward a loss covered under more than one policy. A typical apportionment clause provides that the company will pay no more than the same proportion of the loss that its policy limit bears to the total amount of insurance.

ARAR [902]
Applicable or Relevant and Appropriate Requirements CERCLA compliance policy which specifies that Superfund remediations meet any federal standards, requirements, criteria or limitations that are determined legally to be applicable or relevant and appropriate requirements.

at will employment [1732]
The right of employers to fire employees for any reason, or for no reason at all. It also gives employees the legal right to quit their jobs at any time for any reason. Despite this legal doctine, employers may not fire employees in a way that discriminates, violates public policy or conflicts with written or implied promises they make concerning the length of employment or grounds for termination.

Basic Extended Reporting Period [1502]
An automatic "tail" for reporting claims after expiration of a "claims-made" liability policy. It is provided without charge and consists of two parts: a mini-tail covers claims made within 60 days after the end of the policy; a midi-tail covers claims made within five years after the end of the policy period arising out of occurrences reported not later than 60 days after the end of the policy.

Binder [48]
An oral or written statement providing immediate insurance protection, valid for a specified period. Designed to provide temporary coverage until a policy can be issued or denied.

binding insurance coverage [3156]
Insurance coverage effective on a temporary basis until the permanent policy is issued.

Boiler and Machinery Cov [51]
Insurance which covers the insured against losses, liability and physical damage, arising out of the use of a monoline policy or as part of the Commercial Package policy.

Broad Form Property Damage Endorseme [1506]
An endorsement to a General Liability policy that deletes the exclusion referring to property in the care, custody, or control of the insured and replaces it with a less restrictive exclusion.

Builders Risk Insurance [2502]
Insures for damages to buildings under construction. Either can be written on a Completed Value or a Reporting basis. A Completed Value policy insures 100% of the completed value of the building. The Reporting basis policy carries the amount of insurance that corresponds to the stage of construction completion.

Bumbershoot Policy [1507]
A Liability policy similar to the Umbrella policy which includes coverage related to Ocean Marine risks.

Business Interruption Insurance [2496]
Covers losses incurred as a result of a temporary shutdown of an insuredís operations due to physical damage to its property or othersí property. Provides reimbursement for necessary continuing expenses (such as salaries, rents, etc), plus loss of net profits that would have been earned during the interruption, within the policy limits.

Business owner policy BOP [3161]
An insurance policy combining property, liability, and business interruption coverage for various types of small businesses.

Buy-Back Deductible [2477]
At any time during the policy period, the insured has the option of paying extra premium to reduce the amount of the deductible for future losses.

Cancellable insurance policy [3381]
A policy which may be terminated by the company or the insured by proper notification sent to the other party according to the terms set forth in the policy

cash surrender value [1782]
The amount of cash available upon voluntary termination of an insurance policy before the insurance benefits become payable.

Claims Made Coverage [1518]
A policy providing liability coverage only if a written claim is made during the policy period or any applicable extended reporting period.

Claims-made trigger [3167]
A limitation on claims to those made during the time when a policy is in effect, regardless of when the event causing the claim occurred.

Coinsurance Clause [88]
A clause that requires an insured to pay part of a loss if the coverage provide under the policy limits is less than a specified percentage of the value of the property at the time of loss.

Commercial Package Polic [92]
A simplified, easy-to-read commercial package policy introduced by ISO. Includes Commercial General Liability, Commercial Property, Commercial Inland Marine, Commercial Crime, Boiler and Machinery and Commercial Auto. Forms may be used in the package policy or may be used to issue monoline policies.

Commercial Package Policy (CPP) [136]
A simplified, easy-to-read commercial package policy introduced by ISO. Includes Commercial General Liability, Commercial Property, Commercial Inland Marine, Commercial Crime, Boiler and Machinery and Commercial Auto. Forms may be used in the package policy or may be used to issue monoline policies.

Commission [1549]
The insurance agent's commission is typically a percentage of the insurance policy premium.

Comprehensive major medical [3380]
A health insurance policy designed to give the protection offered by both a basic and major medical health insurance policy. It is characterized by a low "deductible" amount, coinsurance feature, and high maximum benefits.

Consideration [101]
A characteristic of a legal contract: The thing of value exchanged for the performance promised in the contract. In insurance, the policy premium is the consideration.

Conversion privilege [3379]
A right granted to group certificate holders, by which they may obtain an individual policy (upon leaving the group) regardless of physical condition

Coverage Trigger [1517]
Determines whether a policy covers a particular claim for loss.

cybersquatting [1854]
Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

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