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Definition
unplanned, unforeseen event which occurs accidently |
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| replacement value minus depreciation |
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Definition
| contract offered on a "take-it-or-leave-it" basis by the insurer. Insured can only accept or reject contract-no negotiation |
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Definition
| insurance company authorized and licensed to transact business in a particular state |
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Definition
| tendency of risks with higher probability of loss to purchase insurance more often than risks with lower probability |
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Definition
| Individual licensed to sell, negotiate, or effect insurance contracts on behalf of company |
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Definition
| Contract in which there is an exchange of unequal amounts. |
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Definition
| Insurance compnay that is incorporated outside of the U.S. |
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