Health insurance that provides a stipulated daily, weekly, or monthly payment to an insured person during hospital confinement, without regard to the actual confinement expense.
A policy that provides protection to a policyholder and/or his or her family; sometimes called personal insurance as distinct from group and blanket insurance.
Insurance coverage that repays the outstanding balance on loans in default beyond a specified period, regardless of the cause of default
One name for life insurance policies sold to middle and low-income customers in small policy amounts with weekly or monthly premium collection at the policy owner`s home.
Risks faced by insurer as a consequence of offering insurance. For example, insurers risk experiencing losses on their portfolio if claims or administration costs exceed expectations or if premium revenues fall below expected levels.
A financial reliance you have on someone (such as a spouse) or something that can be covered by insurance. For example, you need an “insurable interest” in someone in order to buy a life insurance policy on that person`s life.
The conditions that make a risk insurable are (1) the peril insured against must produce a definite loss not under the control of the insured, (2) there must be a large number of homogeneous exposures subject to the same perils, (3) the loss must be calculable and the cost of insuring it must be economically feasible, (4) the peril must be unlikely to affect all insureds simultaneously, and (5) the loss produced by a risk must be definite and have a potential to be financially serious.