The willful or intentional damage to or destruction of another’s
property. Coverage for malicious mischief is usually combined
with the vandalism peril in insurance policies.
Coverage afforded to a professional practitioner, such as
a doctor or a lawyer, against liability claims for damages
resulting from alleged negligence in the performance of the
A book published by an insurance company, rating association
or bureau, containing its rates, classifications and rules
for rating a policy.
See Inland Marine Insurance and Ocean
Insurance against damage to a vehicle or boat itself. It
includes automobile comprehensive, collision, fire and theft.
damage and physical damage are terms that are often used
The date at which the endowment amount of a life policy becomes
Federal law signed in 1945 in which Congress declared that
states would continue to regulate the insurance business.
Grants insurers a limited exemption from federal antitrust
Nonbinding procedure in which a third party attempts to resolve
a conflict between two other parties.
Medical Payments Automobile Insurance:
Coverage in non-no-fault states, which pays medical and hospital
expenses and the expense of funeral services resulting from
an automobile accident, regardless of the liability of the
insured. This is a first-party coverage.
Mine Subsidence Coverage:
An endorsement to a homeowners insurance policy, available
in some states, for losses to a home caused by the land under
a house sinking into a mine shaft. Excluded from standard
homeowners policies, as are other forms of earth movement.
(1) A basic type of life insurance or disability insurance
purchased for the specific purpose of paying off any mortgage
balance outstanding at death or paying mortgage payments
the insured is disabled. (2) ”Private mortgage insurance“ offers
a method of providing minimum down payment residential mortgages
by insuring mortgage lenders against losses in the
event of borrower default.
A package policy that provides protection against a number
of separate perils. Multi-peril policies are not necessarily
multiple-line policies, since the combined perils may be
within one insurance line, such as property. (See Multiple-Line
A company that writes a variety of basic or traditional lines
of insurance known as property and casualty (liability) insurance,
such as auto, boat owners, homeowners, commercial, etc.
A package policy which combines coverages from both the traditional
property and liability insurance lines.
Municipal Bond Insurance:
Coverage that guarantees bondholders timely payment of interest
and principal even if the issuer of the bonds defaults.
Offered by insurance companies with high credit ratings,
the coverage raises the credit rating of a municipality
offering the bond to that of the insurance company. It
allows a municipality to raise money at lower interest
rates. A form of financial guarantee insurance. (See Financial