Dictionary of Insurance Terms by Harvey W. Rubin Ph.D.

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By Harvey W. Rubin Ph.D.

A priceless quick-reference fact-finder for brokers, agents, actuaries, underwriters, and traditional shoppers, this instruction manual defines nearly 4,500 key words utilized in the assurance undefined. Definitions follow to lifestyles, health and wellbeing, estate, and casualty coverage, in addition to to house owners' and tenants' assurance, specialist legal responsibility assurance, pension plans, and person retirement bills. buy of policies constitutes a tremendous lifetime expenditure for the typical purchaser, and an enormous functionality of this e-book is to aid non-experts comprehend what they want and precisely what they're paying for once they buy coverage. writer Harvey Rubin, a Chartered lifestyles Underwriter and Chartered estate and Casualty Underwriter, opens with an outline of the assurance that issues out the various monetary tools to be had from insurance firms to companies, pros and standard shoppers. He devotes the rest of this e-book to definitions, descriptions, and examples that translate technical coverage terminology into transparent, understandable English. this is an enlightening and obtainable enterprise advisor that merits a spot on each domestic bookshelf. the hot York occasions calls this booklet ". . . invaluable, quite for worker profit and retirement issues."

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The insurance agent may even find the Dictionary to be useful in marketing and servicing insurance products. Many clients have numerous questions concerning the characteristics of the various insurance products on the market, both new and traditional. The Dictionary can be used as a supplement to the sales literature to answer these questions as well as inquiries about servicing. Fast, accurate responses to these questions can sometimes mean the difference between closing and not closing a sale.

AGENCY BY ESTOPPEL see ESTOPPEL. AGENCY BY RATIFICATION confirmation by an insurance company of the acts of its AGENT, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ratifying the agent's acts, the company becomes responsible for consequences arising from these acts. For example, if the insurance company, with full knowledge of the agent's misdeeds in soliciting the application and the premium from the PROSPECT, accepts the premium for the policy from the agent, this acceptance constitutes ratification of the act of the agent.

All insurance contracts have been deemed by courts to be contracts of adhesion. AD INFINITUM continuing on an indefinite basis. ADJACENT that which adjoins. Most property insurance policies such as the HOMEOWNERS INSURANCE POLICY provide structural coverage on an adjacent building on the same basis as the primary building. ADJOINING see ADJACENT. ADJUSTABLE LIFE INSURANCE coverage under which the face value, premiums, and plan of insurance can be changed at the discretion of the policyowner in the following manner, without additional policies being issued: 1.

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