The section of a property and casualty insurance contract containing such information as the name, description, and location of insured property; the name and address of the insured; the period for which the policy is in force; premiums payable; and the amount of coverage.
An insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other relevant factors.
The amount that must be paid out of pocket by the insured for covered losses before the insurance company pays a claim.
A written document conveying title of property, mostly commonly used when transferring legal title to real estate from one party to another.
A loan with no set maturity date that can be called for repayment when the lender chooses. Interest on these loans is usually billed at fixed intervals.
The annual deduction allowed to recover the cost of business property with a useful life of more than one year, such as machinery and equipment. The deduction does not apply to stock in trade, inventories, land, or personal assets and is reported as an expense that when subtracted from revenue, reduces the company's taxable income.
"All-risks" policy that covers other perils not insured by basic property insurance contracts, supplemental to and excluding the coverage provided by underlying contracts.
The rate of interest banks must pay when they borrow funds from the Federal Reserve to meet their reserve requirement. Domicile The place an individual resides and that is intended to be the permanent residence. Domicile does not refer to a summer home or a temporary residence. Once a domicile has been established, it will remain so until the individual moves to a different location with the intent of making that location the permanent residence.
An insurance policy for liability covering a building's structure and usually its contents when the building is used as a dwelling. This type of coverage is normally purchased when the building can't be covered under a homeowner's policy (for example, when the individual does not own a home).