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 ?
The cash surrender value is the sum of money an insurance company pays to a policyholder, or an annuity contract owner in the event that his or her policy is voluntarily terminated before its maturity or an insured event occurs.
In the event of an insured event, the amount of the insurance indemnity for the beneficiary shall not exceed the amount of the loss incurred during the insured event.
The cover also includes a new, fourth trigger, which responds on the 'allegation' of an insured event having occurred.
The cancellation of a banking licence is an insured event as stipulated by Federal Law 'On the Insurance of Household Deposits with Russian Banks' in respect of the bank's retail deposit obligations, as defined by law.
The upper level of insurance payment for a particular insured event makes 1.04 million soms.
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.
Based on the policy's definition of an "insured event," the court found that there was no coverage because: (a) the E.
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 $8.5 billion in insured losses--more than the next two highest insured loss events combined.