A policy designed to provide coverage under a single limit for two or more items (e.g. building and/or
contents), two or more locations, or a combination of items and/or locations. – Blanket Insurance
Period between the subscription date of an insurance–cum–pension policy and the time at which the first
installment of pension is received is called as deferment period. – Deferment Period
An insurance contract that provides an annuity for a certain number of years, irrespective of whether the
insured is alive or dead. – Annuity Certain
The premiums on all policies which a company has issued in some period of time. – Written Premiums
Insurers that are created and wholly–owned by one or more non–insurers, to provide owners with coverage.
A form of self-insurance. – Captives
A broad commercial policy that covers all liability exposures of a business that are not specifically excluded.
Coverage includes product liability, completed operations, premises and operations, and independent
contractors. – Commercial general liability (CGL)
Assessed when it is deemed that the defendant acted in a grossly negligent manner and deserves to have an
example made of his or her behaviour so as to discourage others from acting that way. Usually imposed in
addition to other damages. – Punitive damages
