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 key phrases utilized in the coverage undefined. Definitions follow to existence, healthiness, estate, and casualty coverage, in addition to to homeowners' and tenants' assurance, specialist legal responsibility assurance, pension plans, and person retirement debts. buy of policies constitutes a huge lifetime expenditure for the typical buyer, and a major functionality of this e-book is to aid 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 summary of the assurance that issues out the numerous monetary tools to be had from insurance firms to companies, pros and standard shoppers. He devotes the rest of this ebook to definitions, descriptions, and examples that translate technical coverage terminology into transparent, understandable English. here's an enlightening and obtainable enterprise consultant that merits a spot on each domestic bookshelf. the recent York instances calls this e-book ". . . valuable, fairly for worker profit and retirement issues."
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The figures later prove fallacious and not according to GENERALLY ACCEPTABLE ACCOUNTING PRINCIPLES (GAAP). The accountant could be found liable for his professional actions, and would be covered by this policy. However, if the accountant ran over someone or damaged property with a car, this policy would not provide coverage. ACCOUNTANTS REPORT see STATEMENT OF OPINION (ACCOUNTANTS REPORT, AUDITORS REPORT). ACCOUNT CURRENT financial statement, issued by the INSURANCE COMPANY on a monthly basis to its agents, showing for each agent his or her commissions earned, premiums written, policy cancellations, and any policy endorsements.
ACCIDENTAL DEATH INSURANCE coverage in the event of death due to accident, usually in combination with dismemberment insurance. If death is due to accident, payment is made to the insured's beneficiary; if bodily injury is the result of an accident (such as the loss of a limb), the insured receives a specified sum. See also ACCIDENTAL DEATH CLAUSE. ACCIDENTAL MEANS unexpected, unforeseen event not under the control of the insured that results in bodily injury. ACCIDENT AND HEALTH INSURANCE coverage for accidental injury, accidental death, or sickness; also called Accident and Sickness Insurance.
Also, for dividend paying policies the AIDS patient could use the dividends to automatically purchase paid-up additions to his or her policy without having to take a physical or answer any medical-related questions (in essence, this is GUARANTEED INSURABILITY). Once again, the insurer has no control over these events or distributions. For life insurance policies already in existence, AIDS-related questions were not asked on the APPLICATION. Thus, many companies have huge blocks of business that may be susceptible to the effects of the AIDS epidemic.