The Institutes Glossary


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A policy covering pleasure boats that exceed an insurer's size and value guidelines for boatowners policies.
Term life insurance whose term period is one year in length. It may be renewed for an additional one-year period at an increased premium.
When the defense lawyer or law firm agrees to handle every case (within certain guidelines) for the insurer in return for a fixed lump-sum payment. The fee is renegotiated at the end of each year.
A labor agreement prohibited by the Norris-LaGuardia Act, under which an employee, as a condition of employment, is required to promise not to join a union.
See Rate of return.
A graphical representation of the relationship between yields at different maturities.
The difference in yield between securities.
The effect on a bond’s price of the overall pattern of interest rates, including the coupon rate, current interest rates, and inflation.
A measure of the total rate of return a bondholder will earn over the life of the bond if it is held to maturity.
International provisions that govern the adjustment of general average.
As defined in the BPP, personal property owned by the named insured and, in some cases, personal property owned by others (such as leased property and improvements and betterments).
Any vehicle shown in the declarations, including acceptable autos acquired during the policy period.