Adequate insurance Definition | Law Insider (2024)

  • Adequate Assurance means:

  • Adequate Country means a country or territory that is recognized under EU Data Protection Laws as providing adequate protection for Personal Data;

  • Bond Insurance Policy means the financial guaranty insurance policy issued by the Bond Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein.

  • Medical malpractice insurance means insurance against legal liability incident to the practice and provision of a medical service other than the practice and provision of a dental service.

  • Bail bond insurance means a guarantee that a person will attend court when

  • insurance undertaking means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1);

  • reinsurance undertaking means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Franchise insurance means an individual insurance policy provided through a

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • Insurance Agreement means the insurance and indemnity agreement identified in the Adoption Annex.

  • Blanket insurance policy means a group policy covering a defined class of

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Self-insurance means the licence holder's financial capacity to meet any liability to a third party in respect of which the licence holder does not otherwise have insurance.

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • Reinsurance Agreements means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.

  • Comprehensive agreement means the comprehensive agreement between the private entity and the responsible public entity that is required prior to the development or operation of a qualifying project.

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Adequate security means protective measures that are commensurate with the consequences and probability of loss, misuse, or unauthorized access to, or modification of information.

  • Surplus lines insurance means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. Excess and stop‑loss insurance coverage upon group life, accident, and health insurance or upon a self‑insured’s life, accident, and health benefits program may be approved as surplus lines insurance.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsem*nts thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Bond Insurer means any insurance company which issues a municipal bond insurance policy insuring the payment of principal of and interest on the Refunding Bonds.

  • Policies shall have the meaning specified in Section 6.1(b) hereof.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Adequate insurance Definition | Law Insider (2024)

    FAQs

    Adequate insurance Definition | Law Insider? ›

    Adequate insurance means liability, collision (if cost effective), fire, and theft coverage for a vehicle and, if applicable, its adaptive devices. Sample 1Sample 2. Adequate insurance means the amounts of coverage recommended by our insurance advisors.

    What does adequate mean in insurance? ›

    The adequacy of coverage refers to having enough insurance protection to reduce potential risks and prevent substantial financial loss due to an insured event. In the insurance sector, the phrase refers to the insurance protection necessary to shield the policyholder from financial loss.

    What is the adequacy of insurance cover? ›

    Adequacy of coverage refers to whether insurance or hedging has been used to provide a sufficient level of loss protection for an asset. For example, a business owner takes out flood insurance to provide coverage for his business.

    Why is it important to have adequate insurance? ›

    Adequate insurance acts as a safety net, allowing individuals and businesses to navigate through life's uncertainties with confidence.

    What are the consequences of not having adequate insurance cover? ›

    Many threats could endanger a business that does not have the correct insurance coverage, such as: Financial impact: In the time of a cataclysmic event, such as a fire, flooding, hurricane or major storm, not having the right insurance coverage could be devastating for a business to recover from financially.

    What is the legal definition of adequate? ›

    Black's Law Dictionary defines “adequate” as “sufficient; commensurate; equally efficient; equal to what is required; suitable to the case or occasion; satisfactory.” Black's Law Dictionary 38 (6th ed.

    What is the best definition of adequate? ›

    1. : sufficient for a specific need or requirement. adequate time. an amount of money adequate to supply their needs. also : good enough : of a quality that is good or acceptable.

    What is adequate insurance coverage? ›

    Adequate insurance means liability, collision (if cost effective), fire, and theft coverage for a vehicle and, if applicable, its adaptive devices.

    What is adequacy in policy? ›

    Adequacy means being equal to the requirements of the situation — no more, no less.

    What is an adequate coverage ratio? ›

    A coverage ratio, broadly, is a measure of a company's ability to service its debt and meet its financial obligations. The higher the coverage ratio, the easier it should be to make interest payments on its debt or pay dividends.

    Why is it important to have adequate life insurance? ›

    Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses.

    What are the three important things about insurance? ›

    Key Takeaways

    Life, health, homeowners, and auto are among the most common forms of insurance. The core components that make up most insurance policies are the premium, deductible, and policy limits.

    Why is adequate health insurance important? ›

    Health insurance can help protect you from the high costs of illness or injury. It also helps you get regular health care, such as exams, preventive care and vaccines.

    What are three things that could happen if you are underinsured? ›

    Some risks you may expose yourself to by being underinsured are as follows.
    • The Costs of Emergency Home Repairs Can Add Up. ...
    • You May Not Be Adequately Covered For Flood Damage. ...
    • Your High-Value Items Might Not Be Sufficiently Covered. ...
    • Your Policy May Be Cancelled. ...
    • You May End Up With a High Deductible After An Accident.
    Feb 26, 2019

    Why is having sufficient coverage limits on an insurance policy important? ›

    Your policy's coverage limits are the maximum amount your insurer may pay out for covered claims. If you file a claim with your insurer or have a claim filed against your insurance, and the costs exceed your coverage limit, then you may be responsible for any remaining expenses that aren't covered by your insurance.

    What are 3 reasons that a person might not have health insurance coverage? ›

    One's chances of being uninsured increase if one works in an occupation or in an employment sector where employers are less likely to offer a health benefit, if one is self-employed or works for a small private-sector firm, or if one has too low an income to afford coverage.

    What is adequate consideration in insurance? ›

    Adequate consideration means that the fair market value (FMV) of the property or services received, in exchange for transferred property, approximates the FMV of the property transferred.

    What does adequate mean in medical terms? ›

    Adequate medical records means legible medical records containing, at a minimum, sufficient information to identify the patient, support the diagnosis, describe the treatment, accurately document the results, indicate advice and cautionary warning provided to the patient and provide sufficient information for a ...

    What does adequate compensation mean? ›

    Adequate Compensation means the professionally assessed and certified market value of an interest, right, property and undertaking.

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