Life insurance

Life insurance

Industry: Insurance

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Life insurance

Coinsurance

Insurance; Life insurance

In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss. For health insurance, it is a ...

Collision insurance

Insurance; Life insurance

Covers physical damage to the insured's automobile (other than that covered under comprehensive insurance) resulting from contact with another inanimate object.

Combined ratio after policyholder dividends

The sum of the loss, expense and policyholder dividend ratios not reflecting investment income or income taxes. This ratio measures the company's overall underwriting profitability, and a combined ...

Commercial lines

Insurance; Life insurance

Refers to insurance for businesses, professionals and commercial establishments.

Commission

Insurance; Life insurance

Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer and the marketing methods.

Voluntary reserve

Insurance; Life insurance

An allocation of surplus not required by law. Insurers often accumulate such reserves to strengthen their financial structure.

Waiver of premium

Insurance; Life insurance

A provision in some insurance contracts which enables an insurance company to waive the collection of premiums while keeping the policy in force if the policyholder becomes unable to work because of ...