item coverage English definition, grammar, pronunciation, synonyms and examples
With just a few clicks you can look up the GEICO Insurance Agency partner your Business Owners Policy is with to find policy service options and contact information. Our experienced agents can help you with any paperwork and to manage your policy. The capital adequacy ratio is defined as a measurement of a bank’s available capital expressed as a percentage of a bank’s risk-weighted credit exposures. Full BioMichael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. The actual cost of replacing damaged or destroyed property with new property, in contrast to Actual Cash Value . “Work” refers to a vehicle that is primarily used for commuting to and from work or school.
Termination of an insurance contract before the end of the policy period, by the insured or insurer. Coverage ratios come in several forms and can be used to help identify companies in a potentially troubled financial situation, though low ratios are not necessarily an indication that a company is in financial difficulty. Many factors go into determining these ratios, and a deeper dive into a company’s financial statements is often recommended to ascertain a business’s health.
What Is Scheduled Personal Property?
Unearned Premium Reserve – all premiums received for coverage extending beyond the statement date; appears as a liability on the balance sheet. Total Revenue – premiums, revenue, investment income, and income from other sources. Total Liabilities – total money owed or expected to be owed by the insurance company.
Renewable Term Insurance – insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination. Risk Based Capital Ratio – ratio used to identify insurance companies that are poorly capitalized. Calculated by dividing the company’s capital by the minimum amount of capital regulatory authorities have deemed necessary to support the insurance operations. Rate – value of insured losses expressed as a cost per unit of insurance.
Adding Insurance Rider Coverage for Contents or High-Value Items
Medicaid – policies issued in association with the Federal/State entitlement program created by Title XIX of the Social Security Act of 1965 that pays for medical assistance for certain individuals and families with low incomes and resources. Loss of Use Insurance – policy providing protection against loss of use due to damage or destruction of property. https://www.globalcloudteam.com/ Lifetime Disability Benefit – a provision in some disability income policies to recoup lost wages for the term of disability or remainder of insured’s life in case of permanent disability. Joint Underwriting Association – a loss-sharing mechanism combining several insurance companies to provide extra capacity due to type or size of exposure.
For example not taking proper care to protect insured property because the insured knows the insurance company will replace it if it is damaged or stolen. Medical Only – line of business that provides medical only benefits without hospital coverage. An example would be provider-sponsored organizations where there is no coverage for other than provider (non-hospital) services. Does not include self-insured business, FEHBP, Medicare and Medicaid programs, or dental only business.
Coverage
A solvency ratio is a key metric used to measure an enterprise’s ability to meet its debt and other obligations. Coverage available for other vehicles you own that are not automobiles, definition of coverage item such as motorcycles, recreational vehicles, boats, snowmobiles, and all-terrain vehicles. Optional coverage for when you need a tow, run out of gas or have a flat tire.
Its purpose is to insure against the risk that any one claim will exceed a specific dollar amount or that an entire plan’s losses will exceed a specific amount. Fire Legal Liability – coverage for property loss liability as the result of separate negligent acts and/or omissions of the insured that allows a spreading fire to cause bodily injury or property damage of others. An example is a tenant who, while occupying another party’s property, through negligence causes fire damage to the property.
How Much Are Personal Belongings Insured For?
An auto insurance quote is an estimate of how much car insurance will cost you. No exam life insurance policies allow you to skip the medical exam but you may pay higher premium costs. Insurance coverage refers to the amount of risk or liability that is covered for an individual or entity by way of insurance services. Whole Life Insurance – life insurance that may be kept in force for the duration of a person’s life and pays a benefit upon the person’s death. Underwriting – the process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for coverage provided. Title Insurance – coverage that guarantees the validity of a title to real and personal property.
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- Retrospective Rating – the process of determining the cost of an insurance policy based on the actual loss experience determined as an adjustment to the initial premium payment.
- Optional coverage that helps pay rental vehicle costs when your insured vehicle is disabled as the result of a covered accident or loss.
- Jewelry is a common type of valuable item that may require extra insurance protection.
Include all Medicare Part D Prescription Drug Coverage, whether sold on a stand-alone basis or through a Medicare Advantage product and whether sold directly to an individual or through a group. Notional Value – the principal value upon which future payments are based in a derivative transaction as at a specific period in time (the “as of” reporting date) in the reporting currency. Mortgage-Backed Securities – a type of asset-backed security that is secured by a mortgage or collection of mortgages. These securities must also be grouped in one of the top two ratings as determined by an accredited credit rating agency, and usually pay periodic payments that are similar to coupon payments. Furthermore, the mortgage must have originated from a regulated and authorized financial institution. Medical & Hospital Expenses – total expenditures for health care services paid to or on behalf of members.
Identity theft coverage
Because of higher vandalism rates, thefts and accidents, urban drivers pay higher premiums than those living in small towns or rural areas. Other factors varying among states include the cost and frequency of litigation, medical care and repair costs, the prevalence of auto insurance fraud, and weather trends. Underinsured Motorist Coverage – policy option for bodily injury or property losses caused by a motorist with coverage insufficient to cover total dollar amount of losses. Compensation for the injured party is equal to the difference between the losses incurred and the liability covered by the motorist at fault.
Collateral Loans – unconditional obligations for the payment of money secured by the pledge of an investment. Collar – an agreement to receive payments as the buyer of an Option, Cap or Floor and to make payments as the seller of a different Option, Cap or Floor. Centers for Medicare & Medicaid Services – U.S. governmental agency responsible for the licensing of federally qualified HMOs. Bodily Injury – physical injury including sickness or disease to a person. Authorized Reinsurance – reinsurance placed with a reinsurer who is licensed or otherwise allowed to conduct reinsurance within a state. Asset Risk – in the risk-based capital formula, risk assigned to the company’s assets.
What Is Insurance Coverage?
Your agent or broker will be able to go over your specific circumstances and make sure you have the coverage you need. If you own high-value possessions, valuable items coverage can provide the extra protection and peace of mind you need to protect your precious possessions. Valuable items coverage provides reimbursement for the actual value of your items, as determined by an appraisal. This ensures that you are adequately compensated for your loss or damage, and can replace your valuable item with a similar one.