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In electrical and safety engineering, hazardous locations (HazLoc, pronounced haz·lōk) are places where fire or explosion hazards may exist. Sources of such hazards include gases, vapors, dust, fibers, and flyings, which are combustible or flammable. Electrical equipment installed in such locations can provide an ignition source, due to ...
Vehicle insurance in the United States (also known as car insurance or auto insurance) is designed to cover the risk of financial liability or the loss of a motor vehicle that the owner may face if their vehicle is involved in a collision that results in property or physical damage. Most states require a motor vehicle owner to carry some ...
Parametric insurance (also called index-based insurance) is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event. [ 1] Trigger events depend on the nature of the parametric policy and can include environmental triggers such as wind speed and rainfall measurements, business-related triggers such as ...
In order to price policies with high limits of insurance adequately, actuaries may first determine a "basic limit" premium and then apply increased limits factors. The basic limit is a lower limit of liability under which there is a more credible amount of data. [2] For example, basic limit loss costs or rates may be calculated for many ...
Minimum self-insurance requirements. California. $35,000 cash deposit or surety bond. Connecticut. $50,000 cash or its equivalent for first vehicle, $60,000 for the second vehicle, $65,000 for the ...
A Japanese vehicle insurance policy issued by the Mitsui Sumitomo Insurance company. Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from ...
The insurance company will ordinarily pay the judgment, up to the policy limits, once a court determines that an uninsured motorist was at fault. Some states' laws also allow additional insurance coverage to the insured policyholder through policy stacking provisions, whereby a claim may be made against multiple uninsured motorist policies.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy ...