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Home Dictionary L Liability Insurance Liability insurance provides protection against claims arising from injury and damage to people and/or property. Liability insurance covers legal costs and payments for which the insured party will be liable. Provisions not covered include Intentional Damage, Contractual Obligations and Criminal Prosecution. Liability insurance is often required for auto insurance policies, product manufacturers and anyone involved in medicine or law. Personal liability, workers’ compensation and commercial liability are types of liability insurance. Certificate of Insurance (COI)
September 25, 2022 A certificate of insurance (COI) is issued by an insurance company or broker and confirms the existence of an insurance policy. Indemnity Insurance
September 25, 2022 Indemnity insurance - a type of insurance policy in which the insurance company guarantees compensation for losses or damage incurred by the insured. Joint and Several Liability
September 25, 2022 By law, joint and several liability imposes on all parties in the claim liability for damages within the entire amount awarded. Title Insurance
September 25, 2022 Title insurance protects lenders and buyers from financial loss due to defects in property title. War Damage Insurance
September 25, 2022 War Damage Corporation was a government program launched during World War II to help insure losses caused by the war. Workers' Compensation
September 25, 2022 Workers’ compensation is a form of employers’ insurance coverage that pays benefits to workers who are injured or disabled as a result of their work. Workers' Compensation Coverage A
September 25, 2022 Workers’ Compensation A protects workers under state law. Accidental Death Benefits
September 25, 2022 An accidental death benefit is paid to the beneficiary of the accident insurance policy. Accidental Death and Dismemberment Insurance (AD&D)
September 25, 2022 Accidental death and dismemberment (AD&D) insurance is usually added as an add-on to a life insurance policy. Actuarial Life Table
September 25, 2022 The statistics in the actuarial life table calculate, among other things, the probability of surviving to a certain age. Adjustable Life Insurance
September 25, 2022 Regulated life insurance allows policyholders to make adjustments to their cash value, premiums and death benefits. Aleatory Contract
September 25, 2022 an aleatory contract is an agreement under which the parties are not required to perform certain actions until a certain event occurs. All Risks
September 25, 2022 All risks - a comprehensive insurance policy offered on the property accident insurance market. Allocated Loss Adjustment Expenses (ALAE)
September 25, 2022 Allocation expenses (ALAE) are expenses related to a specific insured event. Assurance
September 25, 2022 A guarantee refers to a financial cover that provides a reward for an event that is bound to happen. Automatic Premium Loan
September 25, 2022 Automatic premium loans allow you to apply the cash value of a permanent life insurance policy to past due premium payments. Bancassurance
September 25, 2022 Bancassurance is an agreement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers. Cash Surrender Value
September 25, 2022 A cash surrender value is the amount of money a life insurance company pays out to a policy or annuity holder if they decide to terminate the plan. Cash Value Life Insurance
September 25, 2022 Permanent life insurance policies, such as life insurance or universal life insurance, can accumulate monetary value over time. CoInsurance
September 25, 2022 Co-payment plans can make it easier for insurers to plan their out-of-pocket costs as it is a fixed amount. Combined Ratio
September 25, 2022 The combined ratio is a measure of profitability used by an insurance company to evaluate how well it performs in its day-to-day operations. Compensatory Damages
September 25, 2022 Compensatory damages represent money awarded to the plaintiff in a lawsuit. Consolidated Omnibus Budget Reconciliation Act (COBRA)
September 25, 2022 The Consolidated Comprehensive Budget Reconciliation Act (COBRA) allows many employees to remain in their employers’ group health plans for a specified period of time after losing their job. Cost, Insurance and Freight (CIF)
September 25, 2022 “Cost, insurance and freight” (CIF) is an international trade term that applies only to goods shipped by water or ocean. Cross-Sell
September 25, 2022 Cross selling is the practice of marketing additional products to existing customers, often practiced in the financial services industry.