Primary Insurance Coverage - Law Dictionary Search Results
Home Dictionary Name: primary insurance coverageprimary insurance coverage
primary insurance coverage : coverage under an insurance policy in which the insurer is immediately liable upon the happening of a covered event ...
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. ...
collision insurance
collision insurance Coverage under a policy which pays for damage to, or loss of, your own automobile from upset or collision with another object or vehicle. Collision insurance does not cover bodily or personal injury, and it may not cover other property damage liability arising out of the collision. ...
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...
first-party coverage
first-party coverage Compensation you receive under your own insurance policy as opposed to receiving payment from someone else's insurance policy, such as the person who caused an accident. Examples of first-party coverage include collision insurance and comprehensive insurance, in which your own insurance company pays you for losses to your own car. ...
qualifying event
qualifying event : an event or condition (as a terminal illness) that permits an acceleration or continuation of benefits or coverage ;esp : an event involving an employee covered by a group health insurance plan that would result in a termination of coverage for the employee or a qualified beneficiary if not for federal provisions for the continuation of such coverage (as for six months) NOTE: Qualifying events for continuation of group health insurance coverage include the death, divorce, or legal separation of the employee, termination from employment for a reason other than gross misconduct, reduction in working hours, and the change in status of a child who ceases to be classified as a dependent under the terms of the plan. An employee is entitled to notice of the right to continuation after a qualifying event occurs. ...
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 ...
Other-insurance clause
Other-insurance clause, means an insurance-policy provision that attempts to limit coverage if the insured have other coverage for the same loss. The three Major other-insurance clauses are the pro rata clause, the excess clause, and the escape clause, Black's Law Dictionary, 7th Edn., p. 1128....
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 ...
um
um Shorthand for "uninsured motorist," or those motorists who do not have any automobile insurance. UM coverage protects insureds, up to the limit of their policies, against bodily injury losses caused by a negligent motorist who has not obtained insurance coverage. ...
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