Coverage - Page 2 - Law Dictionary

underinsurance

underinsurance 1 : insufficient insurance 2 : insurance coverage protecting usually against uninsured or underinsured motorists by compensating the insured if the tortfeasor's liability policy limits fall short of the insured's losses : insurance providing uninsured motorist coverage ...

mortgage life and disability insurance

mortgage life and disability insurance term life insurance bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability. The amount of coverage decreases as the principal balance declines. There are many different terms of coverage determining amounts of payments and when payments begin and end. Source: U.S. Department of Housing and Urban Development ...

life insurance

life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...

comprehensive insurance

comprehensive insurance Insurance coverage that reimburses you for damage to your own car from causes other than a collision, upset, or general wear and tear. Comprehensive insurance may provide coverage for hail, flood, theft, mischief, damage from animals, falling objects, explosions, earthquakes, and many other events. ...

bodily injury liability

bodily injury liability Insurance coverage that applies when you are legally liable for injuring other people in an auto accident. Bodily injury liability provides payments to those injured individuals and pays your legal defense costs as well. Such coverage can be combined with property damage liability, as it often is, and be called "liability insurance." ...

short rate

short rate 1 : an insurance premium charge for less than a year of coverage that is more than a pro rata part of the annual premium 2 : an insurance policy written for less than one year called also short term ...

occurrence policy

occurrence policy : an insurance policy that provides coverage for an event occurring within the policy period even if the discovery or claim is made later compare claims made policy ...

omnibus clause

omnibus clause 1 : a clause in a will, decree, or security agreement that stipulates the disposition or status of property not specifically named 2 : a clause in a vehicle insurance policy that provides coverage for those who use the vehicle with the express or implied permission of the insured see also statutory omnibus clause ...

overinsurance

overinsurance : insurance (as from two or more policies) that exceeds the value of the thing covered [ may lead to fraud by the insured] ;broadly : excessive insurance (as from needlessly duplicative coverage) ...

pro rata clause

pro rata clause : a clause in an insurance policy limiting an insurer's liability for a loss to a proportionate share in relation to coverage collectible from other insurers for the same loss called also pro rata liability clause standard other insurance clause ...

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