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Insurance Policies
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. Available through HeinOnline. The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer.Wollner KS. (1999). How to Draft and Interpret Insurance Policies. Casualty Risk Publishing LLC. In some cases, however, supplementary writings such as letters sent after t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conglomerate (company)
A conglomerate () is a multi-industry company – i.e., a combination of multiple business entities operating in entirely different industries under one corporate group, usually involving a parent company and many subsidiaries. Conglomerates are often large and multinational. United States The conglomerate fad of the 1960s During the 1960s, the United States was caught up in a "conglomerate fad" which turned out to be a form of speculative mania. Due to a combination of low interest rates and a repeating bear-bull market, conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from the 1960s include Ling-Temco-Vought,. ITT Corporation, Litton Industries, Textron, and Teledyne. The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Umbrella Insurance
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies. When an insured person is liable to someone, the insured's primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy). It is a product available mainly in the United States. Excess versus umbrella Excess insurance is similar in that it pays after an underlying primary policy is exhausted, but the critical difference is that excess policies are normally "follow form" policies that conform exactly to the coverage of the underlying policy, except that they add on their own excess limit which is then stacked on top of the primary policy's limit. Umbrella policies tend to provide broader coverage over one or more primary policies, in that they usually lack "follow form" clauses, their definitions of what is covered ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Directors And Officers Liability Insurance
Directors and officers liability insurance (also written directors' and officers' liability insurance; often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage may extend to defense costs arising from criminal and regulatory investigations or trials as well; in fact, often civil and criminal actions are brought against directors and officers simultaneously. Intentional illegal acts, however, are typically not covered under D&O policies. It has become closely associated with broader management liability insurance, which covers liabilities of the corporation itself as well as the personal liabilities for the directors and officers of the corporation. Background The insurance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Insurance
Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. Additionally, homeowner's insurance provides financial protection against disasters. A standard home insurance policy insures the home itself along with the things kept inside. Overview Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers both da ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Association Of Insurance Services
The American Association of Insurance Services (AAIS) is a national insurance advisory organization in the United States. Among other things, is one of the two major "rating bureaus" in the United States, along with the Insurance Services Office. Rating bureaus publish standardized insurance policy forms and prices that insurance company customers use in their business. This expedites compliance and allows the policyholder customers to compare policy forms more easily. Companies which do not use the standardized form exactly will often use it as a base with subtle modifications. It was founded in the 1930s as the Chicago-based Transportation Insurance Rating Bureau focused exclusively on inland marine insurance Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. This category of insurance includes property coverage for construction e .... In 1975 its name w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Services Office
Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, is a provider of statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace.About ISO Verisk Analytics. Accessed September 1, 2015. Headquartered in , |
Presentation Folder
A presentation folder is a kind of folder that holds loose papers or documents together for organization and protection. Presentation folders usually consist of a sheet of heavy paper stock or other thin, but stiff, material which is folded in half with pockets in order to keep paper documents. Presentation folders function much like that of a file folder for organizational purposes. They can be either printed or plain and can be used, amongst other things, as a tool for business presentations to customers to aid in the sales process. Uses of presentation folders Presentation folders come in many different styles to suit a variety of purposes. Most all are produced by a company to provide marketing for a product (business) and/or service, but they can fulfil other functions. A few examples would be a company producing a new product and wanted to show their customers all the benefits of that product in an organized fashion, or folders used to organise documents for distribution to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boilerplate (text)
Boilerplate text, or simply boilerplate, is any written text (copy) that can be reused in new contexts or applications without significant changes to the original. The term is used about statements, contracts, and computer code, and is used in the media to refer to hackneyed or unoriginal writing. Etymology "Boiler plate" originally referred to the rolled steel used to make boilers to heat water. Metal printing plates (type metal) used in hot metal typesetting of prepared text such as advertisements or syndicated columns were distributed to small, local newspapers, and became known as 'boilerplates' by analogy. One large supplier to newspapers of this kind of boilerplate was the Western Newspaper Union, which supplied "ready-to-print stories hichcontained national or international news" to papers with smaller geographic footprints, which could include advertisements pre-printed next to the conventional content. Boilerplate language In contract law, the term "boilerplate language" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preferred Provider Organization
In U.S. health insurance, a preferred provider organization (PPO), sometimes referred to as a participating provider organization or preferred provider option, is a managed care organization of medical doctors, hospitals, and other health care providers who have agreed with an insurer or a third-party administrator to provide health care at reduced rates to the insurer's or administrator's clients. Overview A preferred provider organization is a subscription-based medical care arrangement. A membership allows a substantial discount below the regularly charged rates of the designated professionals partnered with the organization. Preferred provider organizations themselves earn money by charging an access fee to the insurance company for the use of their network, unlike the usual insurance with premiums and corresponding payments paid either in full or partially by the insurance provider to the medical doctor. They negotiate with providers to set fee schedules and handle disput ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indemnity
In contract law, an indemnity is a contractual obligation of one party (the ''indemnitor'') to compensate the loss incurred by another party (the ''indemnitee'') due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party (the ''guarantor'') to another party to perform the promise of a relevant other party if that other party defaults. Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving ris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tower Of Babel
The Tower of Babel ( he, , ''Mīgdal Bāḇel'') narrative in Genesis 11:1–9 is an origin myth meant to explain why the world's peoples speak different languages. According to the story, a united human race speaking a single language and migrating eastward, comes to the land of Shinar (). There they agree to build a city and a tower with its top in the sky. Yahweh, observing their city and tower, confounds their speech so that they can no longer understand each other, and scatters them around the world. Some modern scholars have associated the Tower of Babel with known structures, notably the Etemenanki, a ziggurat dedicated to the Mesopotamian god Marduk in Babylon. A Sumerian story with some similar elements is told in ''Enmerkar and the Lord of Aratta''. Narrative Etymology The phrase "Tower of Babel" does not appear in the Bible; it is always "the city and the tower" () or just "the city" (). The original derivation of the name Babel (also the Hebrew name for B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
