INSURANCE

insurance. 1. A contract by which one party (the insurer) undertakes to indemnify another party (the insured) against risk of loss, damage, or liability arising from the occurrence of some specified contingency, and usu. to defend the insured or to pay for a defense regardless of whether the insured is ultimately found liable. • An insured party usu. pays a premium to the insurer in exchange for the insurer’s assumption of the insured’s risk. Although indemnification provisions are most common in insurance policies, parties to any type of contract may agree on indemnification arrangements. [Cases: Insurance 1001. C.J.S. Insurance § 2.] 2. The amount for which someone or something is covered by such an agreement. — insure,vb.

“Insurance, or as it is sometimes called, assurance, is a contract by which one party, for a consideration, which is usually paid in money either in one sum or at different times during the continuance of the risk, promises to make a certain payment of money upon the destruction or injury of something in which the other party has an interest. In fire insurance and in marine insurance the thing insured is property; in life or accident insurance it is the life or health of the person.” 1 George J. Couch, Couch on Insurance § 1.2, at 4–5 (2d ed. 1984).

accident and health insurance.See health insurance. accident-based insurance.See occurrence-based liability insurance.

accident insurance.Insurance that indemnifies against bodily injury caused by an accident. • Covered losses may include expenses, time, suffering, or death. Cf. casualty insurance. [Cases:

Insurance 1012. C.J.S. Insurance § 4.]

accounts-receivable insurance. 1. Insurance against losses resulting from the insured’s inability to collect outstanding accounts receivable because of damage to or destruction of records.

2. See credit insurance.

additional insurance.Insurance added to an existing policy.

all-risk insurance.Insurance that covers every kind of insurable loss except what is

specifically excluded.

annuity insurance.An agreement to pay the insured (or annuitant) for a stated period or for

life. [Cases: Annuities 1. C.J.S. Annuities §§ 2–4, 6–9, 21.]

assessable insurance. 1. Insurance in which the insured is liable for additional premiums if a

loss is unusually large. 2. See assessable policy (1) under INSURANCE POLICY.

assessment insurance.A type of mutual insurance in which the policyholders are assessed as losses are incurred; a policy in which payments to an insured are not unalterably fixed, but are dependent on the collection of assessments necessary to pay the amount insured.

automobile insurance.An agreement to indemnify against one or more kinds of loss associated with the use of an automobile, including damage to a vehicle and liability for personal injury. [Cases: Insurance 1015. C.J.S. Insurance § 16.]

aviation insurance.Insurance that protects the insured against a loss connected with the use of an aircraft. • This type of insurance can be written to cover a variety of risks, including bodily injury, property damage, and hangarkeepers’ liability. [Cases: Insurance 2329.]

broad-form insurance.Comprehensive insurance. • This type of insurance usu. takes the form of an endorsement to a liability or property policy, broadening the coverage that is typically available.

bumbershoot insurance. 1. Marine insurance that provides broad coverage for ocean marine risks. 2. See umbrella insurance. • This term derives from the British slang term for umbrella. The term applies esp. to a policy insured through the London insurance market. See umbrella policy under INSURANCE POLICY.

burial insurance.Insurance that pays for the holder’s burial and funeral expenses.

business-interruption insurance.An agreement to protect against one or more kinds of loss from the interruption of an ongoing business, such as a loss of profits while the business is shut down to repair fire damage. [Cases: Insurance 2163, 2179. C.J.S. Insurance §§ 1074, 1114.]

business-partner insurance.See partnership insurance.

captive insurance. 1. Insurance that provides coverage for the group or business that established it. [Cases: Insurance 1192.] 2. Insurance that a subsidiary provides to its parent company, usu. so that the parent company can deduct the premiums set aside as loss reserves.

cargo insurance.An agreement to pay for damage to freight damaged in transit. [Cases:

Insurance 2137(3), 2217. C.J.S. Insurance §§ 403–404, 419.]

casualty insurance.An agreement to indemnify against loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers’ compensation. • The meaning of casualty insurance has become blurred because of the rapid increase in different types of insurance coverage. Cf. accident insurance. [Cases: Insurance 1008; Workers’ Compensation

1061. C.J.S. Insurance §§ 4–5, 7, 15, 17–18; Workmen’s Compensation § 663.]

coinsurance. 1. Insurance provided jointly by two or more insurers. 2. Insurance under which the insurer and insured jointly bear responsibility. • An example is commercial insurance under which only a portion of a property’s value is covered, and the property owner assumes liability for any loss in excess of the policy limits. [Cases: Insurance 2170. C.J.S. Insurance § 1110.]

collision insurance.Automobile insurance that covers damage to the insured’s vehicle resulting from a rollover or collision with any object, but does not cover a personal injury or damage to other property. [Cases: Insurance 2704. C.J.S. Insurance §§ 1020–1025.]

commercial insurance. 1. An indemnity agreement in the form of a deed or bond to protect against a loss caused by a party’s breach of contract. 2. A form of coverage that allows an insurer to adjust the premium rates at will, and does not require the insured to accept the premium or renew the coverage from period to period.

“Commercial insurance is a popular and very elastic term, having reference to indemnity agreements issued in the form of an insurance bond or policy, whereby parties to commercial contracts are, to a designated extent, guaranteed against loss by reason of a breach of contractual obligations on the part of the other contracting party. To this class belong policies of ‘contract,’ ‘credit,’ and ‘title’ insurances.” Thomas Gold Frost, A Treatise on Guaranty Insurance§ 3, at 14 (2d ed. 1909).

comprehensive general-liability insurance.Insurance that broadly covers an insured’s liability exposure, including product liability, contractual liability, and premises liability. — Abbr. CGL insurance.

comprehensive insurance.Insurance that combines coverage against many kinds of losses that may also be insured separately. • This is commonly used, for example, in an automobile-insurance policy.

compulsory insurance.Statutorily required insurance; esp., motor-vehicle liability insurance that a state requires as a condition to registration of the vehicle. [Cases: Automobiles 43. C.J.S.

Motor Vehicles §§ 223–224.]

convertible collision insurance.Collision insurance that carries a low premium until a claim is

made against the policy.

convertible insurance.Insurance that can be changed to another form without further evidence of insurability, usu. referring to a term-life-insurance policy that can be changed to permanent insurance without a medical examination. [Cases: Insurance 1908–1911.]

credit insurance.An agreement to indemnify against loss that may result from the death, disability, or insolvency of someone to whom credit is extended. • A debtor typically purchases this type of insurance to ensure the repayment of the loan. — Also termed accounts-receivable insurance.

credit life insurance.See LIFE INSURANCE.

crime insurance.Insurance covering losses occasioned by a crime committed by someone

other than the insured.

crop insurance.Insurance that protects against loss to growing crops from natural perils such

as hail and fire. [Cases: Insurance 2203–2208. C.J.S. Insurance §§ 60, 413, 1076.]

decreasing term insurance.Insurance that declines in value during the term; esp., life

insurance that lessens in value to zero by the end of the term.

deposit insurance.A federally sponsored indemnification program to protect depositors against the loss of their money, up to a specified maximum, if the bank or savings-and-loan association fails or defaults. [Cases: Banks and Banking 506. C.J.S. Banks and Banking §§ 688,

706.]

directors and officers’ liability insurance.An agreement to indemnify corporate directors and officers against judgments, settlements, and fines arising from negligence suits, shareholder actions, and other business-related suits. — Often shortened to D & O liability insurance; D & O insurance. [Cases: Insurance 2377.]

disability insurance.Coverage purchased to protect a person from a loss of income during a period of incapacity for work. See general-disability insurance; occupational-disability insurance. [Cases: Insurance 1012, 2534–2579. C.J.S. Insurance §§ 4, 1088–1095, 1097, 1102, 1126,

1187–1192.]

double insurance.Insurance coverage by more than one insurer for the same interest and for the same insured. • Except with life insurance, the insured is entitled to only a single indemnity from a loss, and to recover this, the insured may either (1) sue each insurer for its share of the loss, or (2) sue one or more of the insurers for the entire amount, leaving any paying insurers to recover from the others their respective shares of the loss. dread-disease insurance.Health insurance that covers medical expenses arising from the

treatment of any of several specified diseases.

e-commerce insurance.Insurance that covers a business’s computer-related damages and losses caused by computer hackers and Internet viruses. • Covered damages usu. include physical

destruction of or harm to computer circuitry, loss of access, loss of use, loss of functionality, and business interruption.

employers’-liability insurance. 1. An agreement to indemnify an employer against an employee’s claim not covered under the workers’-compensation system. 2. An agreement to indemnify against liability imposed on an employer for an employee’s negligence that injures a third party. [Cases: Insurance 2317.]

employment-practices liability insurance.Insurance that provides coverage for claims arising from an insured’s injury-causing employment practice, such as discrimination, defamation, or sexual harassment. — Abbr. EPL insurance.

endowment insurance.A type of life insurance that is payable either to the insured at the end of the policy period or to the insured’s beneficiary if the insured dies before the period ends. See endowment life insurance under LIFE INSURANCE.

errors-and-omissions insurance.An agreement to indemnify for loss sustained because of a mistake or oversight by the insured — though not for loss due to the insured’s intentional wrongdoing. • For example, lawyers often carry this insurance as part of their malpractice coverage to protect them in suits for damages resulting from inadvertent mistakes (such as missing a procedural deadline). While this insurance does not cover the insured’s intentional wrongdoing, it may cover an employee’s intentional, but unauthorized, wrongdoing. — Often shortened to E &

O insurance. [Cases: Insurance 2383.]

excess insurance.An agreement to indemnify against any loss that exceeds the amount of coverage under another policy. — Also termed excess policy. Cf. primary insurance. See EXCESS

CLAUSE. [Cases: Insurance 2110, 2394.] excess-lines insurance.See surplus-lines insurance.

extended insurance.Insurance that continues in force beyond the date that the last premium

was paid by drawing on its cash value.

extended-term insurance.Insurance that remains in effect after a default in paying premiums, as long as the policy has cash value to pay premiums. • Many life-insurance policies provide this feature to protect against forfeiture of the policy if the insured falls behind in premium payments. family-income insurance.An agreement to pay benefits for a stated period following the death of the insured. • At the end of the payment period, the face value is paid to the designated beneficiary.

fidelity insurance.An agreement to indemnify an employer against a loss arising from the lack of integrity or honesty of an employee or of a person holding a position of trust, such as a loss from embezzlement. — Also termed fidelity guaranty insurance; fidelity and guaranty insurance; surety and fidelity insurance. [Cases: Insurance 1014. C.J.S. Insurance § 8.]

fire insurance.An agreement to indemnify against property damage caused by fire, wind, rain,

or other similar disaster. [Cases: Insurance 1009. C.J.S. Insurance §§ 5, 7.]

first-party insurance.A policy that applies to an insured or the insured’s own property, such as life insurance, health insurance, disability insurance, and fire insurance. — Also termed indemnity insurance; self-insurance.

fleet insurance.Insurance that covers a number of vehicles owned by the same entity.

floater insurance.An agreement to indemnify against a loss sustained to movable property,

wherever its location within the territorial limit set by the policy.

flood insurance.Insurance that indemnifies against a loss caused by a flood. • This type of

insurance is often sold privately but subsidized by the federal government. [Cases: Insurance

2209–2213. C.J.S. Insurance §§ 60, 1077.]

fraternal insurance.Life or health insurance issued by a fraternal benefit society to its

members.

general-disability insurance.Disability insurance that provides benefits to a person who cannot perform any job that the person is qualified for. — Also termed total-disability insurance. Cf. occupational-disability insurance. [Cases: Insurance 2561. C.J.S. Insurance §§ 1089, 1187,

1189.]

government insurance.Life insurance underwritten by the federal government to military

personnel, veterans, and government employees.

group insurance.A form of insurance offered to a member of a group, such as the employees of a business, as long as that person remains a member of the group. • Group insurance is typically health or life (usu. term life) insurance issued under a master policy between the insurer and the employer, who usu. pays all or part of the premium for the insured person. Other groups, such as unions and associations, often offer group insurance to their members.

“ ‘Group Insurance’ refers to a method of marketing standard forms of insurance, such as life insurance, whereby a master policy is issued to the party negotiating the contract with the insurer (frequently an employer), and certificates of participation are issued to the individual insured members of the group (frequently employees).” John F. Dobbyn, Insurance Law in a Nutshell 13 (2d ed. 1989).

guaranty insurance (gar-<<schwa>>n-tee). An agreement to cover a loss resulting from another’s default, insolvency, or specified misconduct. — Also termed surety insurance. [Cases:

Insurance 1014. C.J.S. Insurance § 8.]

“The term ‘guaranty insurance’ is generic in its scope and signification, and embraces within it those subsidiary species of insurance contracts known as ‘fidelity,’ ‘commercial,’ and ‘judicial’ insurances …. In legal acceptation guaranty insurance is an agreement whereby one party (called the ‘insurer’) for a valuable consideration (termed the ‘premium’) agrees to indemnify another (called the ‘insured’) in a stipulated amount against loss or damage arising through dishonesty, fraud, unfaithful performance of duty or breach of contract on the part of a third person … sustaining a contractual relationship to the party thus indemnified.” Thomas Gold Frost, A Treatise on Guaranty Insurance§ 1, at 11 (2d ed. 1909).

health insurance.Insurance covering medical expenses resulting from sickness or injury. — Also termed accident and health insurance; sickness and accident insurance. [Cases: Insurance

1012. C.J.S. Insurance § 4.]

homeowner’s insurance.Insurance that covers both damage to the insured’s residence and

liability claims made against the insured (esp. those arising from the insured’s negligence).

indemnity insurance.See first-party insurance.

inland marine insurance.An agreement to indemnify against losses arising from the transport

of goods on domestic waters (i.e., rivers, canals, and lakes). Cf. ocean marine insurance.

insurance of the person.Insurance intended to protect the person, such as life, accident, and

disability insurance.

interinsurance. See reciprocal insurance. joint life insurance.See LIFE INSURANCE.

judicial insurance.Insurance intended to protect litigants and others involved in the court

system.

“By judicial insurance reference is had to insurance bonds or policies issued, in connection with the regular course of judicial or administrative procedure, for the purpose of securing the faithful performance of duty on the part of court appointees, to guarantee due compliance with the terms of undertakings entered into by parties litigant before the courts, and to secure proper administration of statute law.” Thomas Gold Frost, A Treatise on Guaranty Insurance§ 3, at 14 (2d ed. 1909).

key-employee insurance.See key-employee life insurance under LIFE INSURANCE. last-survivor insurance.See last-survivor life insurance under LIFE INSURANCE.

lease insurance.An agreement to indemnify a leaseholder for the loss of a favorable lease terminated by damage to the property from a peril covered by the policy. • The amount payable is the difference between the rent and the actual rental value of the property, multiplied by the remaining term of the lease.

level-premium insurance.Insurance whose premiums remain constant throughout the life of

the agreement. • Most whole life policies are set up this way.

liability insurance.An agreement to cover a loss resulting from the insured’s liability to a third party, such as a loss incurred by a driver who injures a pedestrian. • The insured’s claim under the policy arises once the insured’s liability to a third party has been asserted. — Also termed third-party insurance; public-liability insurance. [Cases: Insurance 1010. C.J.S. Insurance § 9.] life insurance.See LIFE INSURANCE.

limited-policy insurance.Insurance that covers only specified perils; esp., health insurance that covers a specific type of illness (such as dread-disease insurance) or a risk relating to a stated

activity (such as travel-accident insurance).

Lloyd’s insurance.Insurance provided by insurers as individuals, rather than as a corporation. • The insurers’ liability is several but not joint. Most states either prohibit or strictly regulate this type of insurance. See LLOYD’S OF LONDON. [Cases: Insurance 1220. C.J.S. Insurance §

1709.]

loss insurance.Insurance purchased by a person who may suffer a loss at the hands of another. • This is the converse of liability insurance, which is purchased by potential defendants.

malpractice insurance (mal-prak-tis). An agreement to indemnify a professional person, such as a doctor or lawyer, against negligence claims. See errors-and-omissions insurance. [Cases:

Insurance 2389.]

“Most contemporary lawyers regard malpractice insurance as an expensive, but essential, part of law practice. Its cost, along with other costs of the lawyer’s trade, is ultimately borne by the consumer, the client who pays the lawyer’s fees…. Neither the ABA Code nor the ABA Model Rules impose an ethical obligation to carry adequate malpractice insurance. But contemporary lawyers have found it prudent to do so, both to protect their personal assets and to promote their public image as reliable professionals who are financially responsible.” Mortimer D. Schwartz & Richard C. Wydick, Problems in Legal Ethics 127–28 (2d ed. 1988).

manual-rating insurance.A type of insurance whereby the premium is set using a book that

classifies certain risks on a general basis, rather than evaluating each individual case.

marine insurance.An agreement to indemnify against injury to a ship, cargo, or profits involved in a certain voyage or for a specific vessel during a fixed period, or to protect other marine interests. [Cases: Insurance 2214–2256. C.J.S. Insurance §§ 394, 400–409, 434,

996–1014, 1195–1229.] medigap insurance.See MEDIGAP INSURANCE.

mortgage insurance. 1. An agreement to pay off a mortgage if the insured dies or becomes disabled. [Cases: Mortgages 201. C.J.S. Mortgages §§ 311–314.] 2. An agreement to provide money to the lender if the mortgagor defaults on the mortgage payments. — Also termed private mortgage insurance (abbr. PMI).

mutual insurance.A system of insurance (esp. life insurance) whereby the policyholders become members of the insurance company, each paying premiums into a common fund from which each can draw in the event of a loss.

national-service life insurance.See LIFE INSURANCE.

no-fault auto insurance.An agreement to indemnify for a loss due to personal injury or property damage arising from the use of an automobile, regardless of who caused the accident. [Cases: Insurance 2817–2856. C.J.S. Insurance §§ 928–929, 1587–1589, 1591–1595,

1601–1602, 1609, 1612–1623, 1645–1646.] nonassessable insurance.Insurance in which the premium is set and the insurer is barred from

demanding additional payments from the insured.

occupational-disability insurance.Disability insurance that provides benefits to a person who

cannot perform his or her regular job. [Cases: Insurance 2561(2). C.J.S. Insurance § 1188.]

occurrence-based liability insurance.Insurance that covers bodily injuries or property damage suffered during the policy period. • Each instance of injury or damage is an “occurrence” that may trigger an insured’s entitlement to benefits. The terms of occurrence-based liability insurance policies are usu. broad, limited only by specific exclusions. — Also termed accident-based insurance.

ocean marine insurance.Insurance that covers risks arising from the transport of goods by sea. Cf. inland marine insurance. [Cases: Insurance 2214–2256. C.J.S. Insurance §§ 394, 400–409,

434, 996–1014, 1195–1229.] old-age and survivors’ insurance.See OLD-AGE AND SURVIVORS’ INSURANCE.

ordinary insurance.See ordinary life insurance under LIFE INSURANCE. ordinary life insurance.See LIFE INSURANCE. overinsurance. See OVERINSURANCE. paid-up insurance.Insurance that remains in effect even though no more premiums are due.

participating insurance.A type of insurance that allows a policyholder to receive dividends. • This insurance is invariably issued by a mutual company.

partnership insurance. 1. Life insurance on the life of a partner, purchased to ensure the remaining partners’ ability to buy out a deceased partner’s interest. — Also termed partnership life insurance. 2. Health insurance for a partner, payable to the partnership to allow it to continue to operate while the partner is unable to work due to illness or injury. — Also termed (in both senses) business-partner insurance.

patent insurance (pat-<<schwa>>nt).1. Insurance against loss from an infringement of the insured’s patent. 2.Insurance against a claim that the insured has infringed another’s patent.

3.Insurance that funds a claim against a third party for infringing the insured’s patent.

port-risk insurance.Insurance on a vessel lying in port. Cf. time insurance; voyage insurance.

primary insurance.Insurance that attaches immediately on the happening of a loss; insurance that is not contingent on the exhaustion of an underlying policy. Cf. excess insurance. [Cases:

Insurance 2110.] private mortgage insurance.See mortgage insurance.

products-liability insurance.An agreement to indemnify a manufacturer, supplier, or retailer for a loss arising from the insured’s liability to a user who is harmed by any product manufactured or sold by the insured. [Cases: Insurance 2359.] profit insurance.Insurance that reimburses the insured for profits lost because of a specified

peril.

property insurance.An agreement to indemnify against property damage or destruction. —

Also termed property-damage insurance. [Cases: Insurance 1009. C.J.S. Insurance §§ 5, 7.] public-liability insurance.See liability insurance.

reciprocal insurance.A system whereby several individuals or businesses act through an agent to underwrite one another’s risks, making each insured an insurer of the other members of the group. — Also termed interinsurance. [Cases: Insurance 1204. C.J.S. Insurance §§ 1712, 1720.] reinsurance. See REINSURANCE.

renewable term insurance.Insurance that the insured may continue at the end of a term, but generally at a higher premium. • The insured usu. has the right to renew for additional terms without a medical examination.

replacement insurance.Insurance under which the value of the loss is measured by the current

cost of replacing the insured property. See replacement cost under COST(1). [Cases: Insurance

2184. C.J.S. Insurance §§ 1107, 1238, 1240, 1242–1243.]

retirement-income insurance.An agreement whereby the insurance company agrees to pay an annuity beginning at a certain age if the insured survives beyond that age, or the value of the policy if the insured dies before reaching that age.

self-insurance. A plan under which a business maintains its own special fund to cover any loss. • Unlike other forms of insurance, there is no contract with an insurance company. — Also termed first-party insurance. [Cases: Insurance 1004. C.J.S. Insurance § 2.] sickness and accident insurance.See health insurance.

single-premium insurance.See single-premium life insurance under LIFE INSURANCE.

social insurance.Insurance provided by a government to persons facing particular perils (such as unemployment or disability) or to persons who have a certain status (such as the elderly or the blind). • Social insurance — such as that created by the Social Security Act of 1935 — is usu. part of a government’s broader social policy. See WELFARE STATE. [Cases: Social Security and Public Welfare 121–149.5, 251–751. C.J.S. Social Security and Public Welfare §§ 4–5,

18–32,34–84, 146–191, 209–297.] split-dollar insurance.See split-dollar life insurance under LIFE INSURANCE.

step-rate-premium insurance.Insurance whose premiums increase at times specified in the

policy.

stop-loss insurance.Insurance that protects a self-insured employer from catastrophic losses or unusually large health costs of covered employees. • Stop-loss insurance essentially provides excess coverage for a self-insured employer. The employer and the insurance carrier agree to the amount the employer will cover, and the stop-loss insurance will cover claims exceeding that amount. [Cases: Insurance 2523, 2525(1). C.J.S. Insurance § 930.]

straight life insurance.See whole life insurance under LIFE INSURANCE. surety and fidelity insurance.See fidelity insurance. surety insurance.See guaranty insurance.

surplus-lines insurance.Insurance with an insurer that is not licensed to transact business

within the state where the risk is located. — Also termed excess-lines insurance. [Cases: Insurance

1331.] term life insurance.See LIFE INSURANCE.

terrorism insurance.Insurance that indemnifies against losses sustained because of an act of terrorism. • Terrorism insurance has been available since the 1970s; it was (and is) required for U.S. airports of almost all sizes. In the mid-1980s, terrorism insurance was offered to individuals, originally as a form of travel insurance that provided compensation for terrorism-related cancellations or changes in itinerary when traveling to or in certain countries. See TERRORISM. third-party insurance.See liability insurance.

time insurance.Marine insurance. Insurance covering the insured for a specified period. Cf. voyage insurance.

title insurance.An agreement to indemnify against loss arising from a defect in title to real property, usu. issued to the buyer of the property by the title company that conducted the title search. [Cases: Insurance 1013. C.J.S. Insurance § 19.]

“Title insurance is normally written by specialized companies that maintain tract indexes: companies involved in writing life or casualty usually are not involved in title insurance. Title insurance is an unusual type of insurance in a few respects. For one thing, it is not a recurring policy: There is only a single premium, and a title insurance policy written on behalf of an owner theoretically remains outstanding forever to protect him or her from claims asserted by others. It is more similar to an indemnification agreement than to an insurance policy. For another, title insurance companies generally do not take risks that they know about. If the title search shows that a risk exists, the company will exclude that risk from the coverage of the policy.” Robert W.

Hamilton, Fundamentals of Modern Business 84 (1989).

total-disability insurance.See general-disability insurance.

travel-accident insurance.Health insurance limited to injuries sustained while traveling.

umbrella insurance.Insurance that is supplemental, providing coverage that exceeds the basic or usual limits of liability. — Also termed bumbershoot insurance. [Cases: Insurance 2110,

2394.] underinsurance. See UNDERINSURANCE.

unemployment insurance.A type of social insurance that pays money to workers who are unemployed for reasons unrelated to job performance. • Individual states administer unemployment insurance, which is funded by payroll taxes. — Also termed unemployment

compensation. [Cases: Social Security and Public Welfare 251–751. C.J.S. Social Security and

Public Welfare §§ 146–191, 209–297.] universal life insurance.See LIFE INSURANCE. variable life insurance.See LIFE INSURANCE.

voyage insurance.Marine insurance. Insurance covering the insured between destinations. Cf. time insurance.

war-risk insurance. 1. Insurance covering damage caused by war. • Ocean marine policies are often written to cover this type of risk. [Cases: Insurance 2159, 2223. C.J.S. Insurance §§ 916, 1084.] 2. Life and accident insurance provided by the federal government to members of the armed forces. • This type of insurance is offered because the hazardous nature of military service often prevents military personnel from obtaining private insurance. [Cases: Armed Services 55.

C.J.S. Armed Services § 192.] whole life insurance.See LIFE INSURANCE.

[Blacks Law 8th]