The Maturity Date on which an endowment Master Policy Insurance face amount will be paid to the policy owner if the life insured is still living.
Material Representation
Written or oral statements made during the negotiations for a contract are termed”representations”. Some of these statements will be about material facts and others will not. Those which are material must be substantially true or true to the best of the knowledge or belief of the proposer.
Physical Damage
Direct physical damage and/or loss suffered by the property caused by insured perils which include; (1) Fire (2) Theft (3) Accidental damage etc. However, it does not include losses consequent upon material damage namely; loss of profit and other consequential losses. Maturity is the date at which the endowment amount of a life policy becomes due.
Medical Malpractice
This sort of insurance is designed to protect the legal liability of health or medical service providers namely; (1) Physician (2) Hospital (3) Clinic (4) Diagnostic Center,(5) Dispensation of the wrong prescription, etc. arising out of their professional negligence, error an omission.
Misrepresentation of the fact would have altered the underwriting decision of the application to accept or reject the application. It deals with the mental attitude of the insured where there is a likelihood.
Wrong Material
He/she may act dishonestly in either providing wrong material facts or submitting fraudulent or inflated claims or becoming non-cooperative with the insurer at the time of claim investigation. Mortality is the probable number of policyholders who will die from year to year in the future. The ratio of the number of deaths in a given group in a year.
Mortality Table and Profit
If the actual strain is greater than the expected strain, there will be a loss. Natural Premium increases yearly as the chance of death increases with the increase in the insured’s age. Under such a premium system, the insurer must ensure. That each year’s claims are covered by each year’s premium. Net Tonnage gross less the machinery, boiler, bunker, crew, and storage spaces.
Premium Reserves
Prospectively, net premium reserves are calculated as the EVP of future benefits, less the EVP of future net premiums. Retrospectively, net premium reserves are calculated as the accumulated value of past net premiums, less the accumulated value of past claims.
The net premium is the amount of premium required to meet the expected cost of the assurance or annuity benefits under a contract, given mortality and interest assumptions.
New For Old Basis Insurance
This is a special condition applied to Home Owner’s insurance. This particularly relates to home contents or household goods. According to this condition, in the event of destruction, loss, and/or damage to furniture. For the other household goods caused by an insured peril, the insurer settles claims based on the new replacement value of goods rather than on the depreciated value of such items.
Re-insurance Premium
It is the gross written premium less the re-insurance premium paid out to the re-insurer(s). A non-disclosure will arise and give grounds for avoidance of claim by the second party (insurer) where(1) A fact is within the knowledge of the first party (Insured) (either actual or presumed by law)enter the(2) A fact which is not known to or deemed to be known to the second party (Insurer)(3) A fact calculated, if disclosed, to induce the second party either not to contract at all, or else only to enter it at better terms.
Non-Forfeiture Benefit
The benefit prevents a life insurance policy that has built up a cash value from lapsing due to non-payment of premiums by the policy owner. The maximum face value of a policy that a given company will issue without the applicant’s taking a medical examination.
Companies Requirement
A written notice is required by insurance companies immediately after an accident or other loss. Part of the standard provisions defines policy but the holder’s responsibilities after a loss. An official certified to take affidavits and depositions from members of the public.
Non-Proportional Reinsurance is a form of reinsurance in which the reinsurer’s liability. Depends on the number and value of claims in a given period of time.
Occupational Hazard
The term occupational hazard is used to describe hazards or risks associated with or linked to various occupations. For example, (1) a player engaged in a polo game may accidentally fall down from the back of the horse and sustain bodily injury or death,(2) a mountaineer may slip while climbing a mountain and sustain bodily injury, (3) a scuba (deep sea) diver may get drowned in the sea (4) a skydiver may die or suffer injury due to his/her parachute not opening in time, etc.
Insurance Claims
Occurrence Policy Insurance pays claims arising out of incidents that occur during the policy period, even if they are filed many years later. But Master Policy Insurance Occupational Disease or sickness suffered by workers/employees in the workplace arising from defective premises/machinery or materials used namely; (1) Asbestosis, (2) Tuberculosis, etc.
Offer and Open Policy
In general Insurance(1) submitting a completed application form to the company is usually considered an offer. In life insurance (2) the application and payment of the initial premium constitute an offer.
The lowest price at which the securities can be sold .which is what the investor has to pay to buy them. Sometimes, called the issue price.
In Master Policy Insurance the charter party specifies neither the kind of cargo nor the ports of destination. An agreement between the underwriter and shipper to insure goods to a certain maximum value.
The goods are to be shipped in one or more vessels to be named later. An option is simply the right but not the obligation to buy or sell. An underlying financial instrument at an agreed price, at or up to a specific time. See more.
Passive War Risks
However, Political uprisings, civil commotions, and overthrowing de facto regimes. The formation of de jure regimes, confiscation of Master Policy Insurance by new regimes, etc. are passive war risks. Such passive war risks are covered by insurers with sub-limits, increased rates, specified exclusions endorsements, etc.
Paid Up Insurance is a non-forfeiture option in life insurance policies. Which insurance exists and no further premium payments are required? But, a lifetime monthly income benefit is paid to an individual who has retired.
Finally
Particular RiskThese types of risks are much more personal in both their cause and effect. Examples of particular risks are (1) Theft of property, (2) Accidental damage to personal effects, (3) Explosion of a boiler, etc.
