Casualty Insurance

Definition

• Insurance that is primarily used to combat losses due to the personal injury and liability from injury and/or damage to the personal property of others. Casualty insurance is a broad term, and is used for workers' compensation insurance, homeowners insurance, vehicle insurance, theft insurance, liability insurance, and many others.

Synonyms
injured, death, life insurance

Related Terms and Acronyms

• Casualty — Definition,
  • A liability or loss that results from an incident or accident.
• Casualty and Theft Loss — Definition,
  • A loss caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or unusual. You can deduct a portion of personal casualty or theft losses as an itemized deduction.
• Chartered Insurance Professional (CIP) — Acronym, Canada, Very Important,
  • A designation for professionals working in the casualty and property insurance industry.
  ➥ See also Fellow, Chartered Insurance Professional (FCIP).
• Employers Liability Insurance (ELI) — Acronym,
  • Insurance purchased to cover businesses for liability from workplace accidents.
• Face Value — Definition,
  • The value of an asset, or the size of an insurance benefit.
• Fixed Premium — Definition,
  • Insurance or annuity premiums that stay level for a specific period of time.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Institute of America (IIA) — Company,
  • An organization in America for developing curriculums, administrating examinations and providing certification programs for professionals in various insurance industries.
• Insurance Institute of Canada (IIC) — Company Est. 1899, Canada,
  • A group of insurance professionals who work together to provide education and training programs, professional development, and networking for students and insurance professionals.
• Insurance Proceeds — Definition,
  • The benefits received by an individual after a claim has been verified.
• Life Insurance — Definition, Very Important,
  • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥ CanEquity offers life insurance.
• Own-Occupation Provision — Definition,
  • Insurance that triggers when a policyholder is unable to work in his or her own occupation due to disablement.
• Personal Lines — Definition,
  • Property and/or casualty insurance policies of individuals or whole families.
• Policy — Definition,
  • A set of rules or guidelines.
  • An insurance contract.
• Tuition Insurance — Definition,
  • Insurance that covers tuition costs if a student is required to leave school in the middle of a semester.
• Utilization — Definition,
  • How frequently a policyholder makes use of their insurance policy.