A hurricane is a low pressure cyclonic storm system which forms over the oceans. It is caused by evaporated water which comes off of the ocean and becomes a storm. The Coriolis Effect causes the storms to spin, and a hurricane is declared when this spinning mass of storms attains a wind speed greater than [...]
The amount of insurance written on property is approximately equal to its value. An insured most always wants to insure all property to value.
An insurance and annuity provision that limits the time within which the insurer has the right to avoid the contract on the ground of material misrepresentation in the application for the policy.
insured losses that have occurred but have not been reported to a primary insurance company.
The total number of claims associated with insured events/situations occurring during a given time period.
The total dollar amount of losses associated with insured events/situations occurring during a given time period. A portion of incurred claims and losses represent insurers’ estimates of the final costs of pending claims that are still open during the reporting period, as well as estimates of losses associated with claims that have yet to be [...]
The interest an insurance policy owner has in the risk that is insured. The owner of a life insurance policy has an insurable interest in the insured when the policy owner is likely to benefit if the insured continues to live and is likely to suffer some loss or detriment if the insured dies.
The amount of insurance written on property is approximately equal to its value. An insured most always wants to insure all property to value.
A life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured’s lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary’s consent.
A disaster closely related to an avalanche, but instead of occurring with snow, it occurs involving actual elements of the ground, including rocks, trees, parts of houses, and anything else which may happen to be swept in.
