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Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
(1) The time between the first premium payment and the first benefit payout under a deferred annuity; (2) A specified period of time, such as 90 days, during which the insured person must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy.
The replacement cost of property damaged or destroyed at the time of loss, with deduction for depreciation. Actual Cash Value cannot exceed the applicable liability limits shown in the declarations of the policy, nor the amount it would cost to repair or replace such property with material of like kind and quality within a reasonable amount of time after a loss.
The tendency of persons who present a poorer-than-average risk, to apply for, or continue, insurance to a greater extent than do persons with average or better-than-average expectations of loss. An insurance company that experiences adverse selection will also experience poor financial results.
Where you live may affect your coverage options. Our reference guide will assist you in finding plans available in your state.
From "absolute liability" to "written premiums," we've done the work for you to define commonly used insurance terms.
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