Dictionary of Insurance Terms by Harvey W. Rubin Ph.D.

By Harvey W. Rubin Ph.D.

A useful quick-reference fact-finder for brokers, agents, actuaries, underwriters, and usual shoppers, this instruction manual defines nearly 4,500 keyword phrases utilized in the coverage undefined. Definitions practice to existence, well-being, estate, and casualty assurance, in addition to to property owners' and tenants' coverage, expert legal responsibility assurance, pension plans, and person retirement debts. buy of policies constitutes an enormous lifetime expenditure for the common buyer, and an enormous functionality of this ebook is to assist non-experts comprehend what they want and precisely what they're deciding to buy once they buy assurance. writer Harvey Rubin, a Chartered existence Underwriter and Chartered estate and Casualty Underwriter, opens with an outline of the coverage that issues out the numerous monetary tools to be had from insurance firms to companies, pros and ordinary shoppers. He devotes the rest of this e-book to definitions, descriptions, and examples that translate technical coverage terminology into transparent, understandable English. this is an enlightening and available enterprise advisor that merits a spot on each domestic bookshelf. the recent York instances calls this ebook ". . . invaluable, really for worker gain and retirement issues."

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Certainly, the wounds would not have come into contact if the accident had not occurred. (b) the activation of a previously dormant AIDS virus (as discussed above, the virus may ''immortalize" itself by lying dormant within the host genome while remaining capable of producing new viral organisms at a future time) in an injured party, with the injured party bringing suit against the driver whose acts and/or omissions are deemed to be negligent by a court of law. Had the catalyst accident not occurred, the AIDS virus would have remained dormant.

Premiums and length of time they are to be paid can be increased or decreased. Unscheduled premiums can be paid on a lump sum basis. Premiums paid on an adjusted basis can either lengthen or shorten the time the protection element will be in force, as well as Page 13 lengthen or shorten the period for making premium payments. For example, assume that John, who is 28, buys a $100,000 adjustable term life policy to age 65 with an annual premium of $1250. As his career prospers, he finds at age 32 that he can double the annual premium payment to $2500.

This maximum can be on an occurrence basis, or for the life of the policy. The following are examples. 1. Health insurance. The insured was billed $107,000 for a serious illness, but the aggregate limit of the policy was $100,000 for the life of the policy, so the most that the insured could be reimbursed is $100,000. The insured would have to pay $7000. Any medical expenses arising from future illness would now have to be paid by the insured. 2. Liability insurance. The insured is at fault in an automobile accident (single occurrence) causing injury to four individuals of $100,000, $150,000, $85,000 and $115,000, respectively, a total of $450,000.

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