Insured Event

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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 ?
An online system to improve insurance market will lead to the significant simplification of the work process for insured persons in case of insured events and shorten the time of working with officials when receiving necessary documents.
- administration of insurance contracts, assistance in the settlement of insured events
According to Gareth Bateman, product director for SIR, enhanced product provides cover for 19 additional insured events, with a focus on business integrity risks such as bribery and corruption, embezzlement, and financial statement fraud.
If lending conditions provide for a contract of insurance, they should give borrowers information about the insurance company, subject of the contract, insured events stipulated in the contract and exceptions, insurance premiums, contract terms and payment procedure.
Azad Javadov, head of ADIF, said, 'To date, ADIF has paid nearly AZN93 million to the three banks, where insured events occurred.
Risk of inflated claims--With pressure on management to produce results in line with prior years' budgets--meaning before the financial crisis--losses caused by insured events may create an opportunity to blame the performance of the organization completely on the insured event.
K&R policies also cover a wide range of expenses related to the insured events. It is frequently the types of expenses that are paid that set one policy apart from another.
Those insurers could have to pay up to $877.5 million in claims, rather than $1.76 billion, had the catastrophe been found to have been two insured events.
A typical home insurance policy includes as insured events:
The most commonly insured events are discrimination, sexual harassment and wrongful termination, and are the specified perils for most policies.
The online system implies significant simplification of the work process for insured persons in case of insured events and shortening of the time of working with medical institution workers when receiving necessary documents.