Insurance Terms of the Week

 In Colorado Insurance Professional

Annuity:

1) An amount of money payable yearly or, at other regular intervals. 2) An agreement by an insurer to make periodic payments that continue for a specified period.

Accident:

An unexpected event, unforeseen and unintended.

Business Insurance:

Life or Health or Disability insurance written to cover business situations such as key person, sole proprietor, partnership, corporations, etc.

Concealment:

The withholding of facts by an applicant for insurance that materially affects an

insurance risk or loss.

Contingent Business Income:

A Time-Element coverage that protects the insured against Indirect Loss that results because of a Direct Loss to a supplier, buyer or leader location.

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