Insured Event

Insured Event

Any event that would cause an insurer to pay a claim. For example, in car insurance, an insured event may be a car accident because it would cause the insurance company to compensate the policyholder for property damage and/or medical bills. Insurance companies base their premiums on the likelihood that an insured event may happen. For example, a younger driver may pay a higher premium than an adult because younger drivers may be statistically more likely to cause an accident.
References in periodicals archive ?
Nevertheless, an insured event occurred or not, the applicant, who insured crops and / or plants from frost and / or drought, when prohibited from more than 30%.
The imposition of the moratorium on meeting the bank's creditor claims by the Bank of Russia is an insured event as stipulated by the Federal Law 'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by law.
Indemnity is payable to the bank up to outstanding principal amount of the borrowers if insured event happen.
The agency indicates that with this type of coverage, an institution will receive benefits up to the limit of insurance for a loss that is a direct result of cancellation, abandonment, curtailment, postponement or relocation of the insured event to which this insurance applies.
We also investigate the value of delayed premium payment, and the importance of the associated problem of reneging if the insured event does not occur, under a range of conditions.
This USA Cycling sanctioned and insured event will start at 3:00 PM, and will feature a race for all levels of bike riders.
Business interruption cover will protect loss of gross profit if an insured event prevents the business from trading normally.
By far the largest insured event in 2010 was the February earthquake in Chile, causing about $8.
But not all travel insurers are paying out compensation to policyholders who were caught up in the travel chaos, as problems caused by volcanic ash are not stated as an insured event under most policies.
Depending on the type of business involved, past results may not accurately indicate what the future would have been had the insured event not occurred.
He explained that in the event of a claim following a fire or other insured event, underinsured policyholders could have their settlement reduced.