Indemnity Insurance Definition

Indemnity Insurance Definition

The Indemnity Insurance Definition is the broad type of marine legal liability coverage. hull marine insurance is limited to an insured ship. With the addition of a running down clause, a policy can be extended to cover liability in case of collision with another ship. But many ship-owners desire the much broader coverage offered by protection and indemnity insurance since it covers the ship operator for liability to crew members and other people on board, damage to fixed objects like docks, and other miscellaneous claims.

Insurance Definition of Casualty

Insurance Definition of Casualty

The Insurance Definition of Casualty is the coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party. However, the term is an elastic one that traditionally has included such property insurance as aviation insurance, boiler and machinery insurance and glass and crime insurance.

Insurance Definitions Canada

Insurance Definitions Canada

The Insurance Definitions Canada Institute of Actuaries is the membership organization representing professional actuaries in all insurance fields in Canada including life and health, casualty, consulting and fraternal actuaries. A member must reside in Canada and belong to an approved actuarial organization, including the Society of Actuaries (SA).

Insurance Definition of Flood

Insurance Definition of Flood

The Insurance Definition of Flood is the federally subsidized hazard insurance protecting home owners against property damage from flooding. Coverage is mandatory when lenders make federally insured or guaranteed mortgages to home buyers purchasing property in designated flood hazard areas. Flood insurance coverage, obtained from private insurers, is available only to residents of communities participating in the National Flood Insurance Program, administered by the Federal Emergency Management Agency.

Insurance Definition of Collision

Insurance Definition of Collision

The Insurance Definition of Collision in the automobile insurance, coverage providing protection in the event of physical damage to the insured's own automobile (other than that covered under comprehensive insurance ) resulting from collision with another inanimate object.

Insurance Definition of Dependent

Insurance Definition of Dependent

The Insurance Definition of Dependent is the coverage under life and health insurance policies for dependents of a named insured to include a spouse and unmarried children under a specified age. Under some life insurance policies an insured's spouse and dependent children, unmarried and under age 21, can be added at favorable rates. Health insurance policies cover the same dependent individuals at a far cheaper rate than the cost of separate policies for them.

Insurance Definition of Totaled

Insurance Definition of Totaled

Insurance Definition of Totaled is to wreck completely; demolish: survived the crash but totaled the car.

Insurance Definition of Theft

Insurance Definition of Theft

The Insurance Definition of personal theft is the coverage on an all risks basis for loss due to theft or mysterious disappearance of personal property; damage to premises and property within resulting from theft; and vandalism and malicious mischief to the interior of the premises as well as to other property of an insured that is away from the insured's premises. Sublimit is in effect on specialty property that is particularly susceptible to theft, such as money, securities, paintings, coins, and jewelry. This insurance is most often found in Part I Coverage C of the homeowner’s insurance policy and is expressed as a percentage of the home's structure.

Insurance Definition of Risk

Insurance Definition of Risk

Insurance Definition of Risk is the coverage for exposures that exhibit a possibility of financial loss.

Insurance Definition Accident Year

Insurance Definition Accident Year

Insurance Definition Accident Year is the record of losses and premiums received for accident coverage within a 12-month period. These statistics show the percentage of each premium received that is being paid out in claims and enables the establishment of a basic premium reflecting the pure cost of protection. The trend line generated by the record of losses is an important statistical tool for predicting future losses.