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.
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.
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.
One of the distinct features of an insurance contract is that the insurer assumes the risk of an
insured event solely subject to the policyholder's payment of insurance premiums.
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.