Casualty insurance

Casualty insurance

Casualty insurance, often equated to liability insurance, is used to describe an area of insurance not directly concerned with life insurance, health insurance, or property insurance. It is mainly used to describe the liability coverage of an individual or organization's for negligent acts or omissions.[1] However, the "elastic" term has also been used to describe property insurance for aviation insurance, boiler and machinery insurance, and glass and crime insurance.[1] It may include marine insurance for shipwrecks or losses at sea or fidelity and surety insurance. It may also include earthquake, political risk insurance, terrorism insurance, fidelity and surety bonds.

One of the most common kinds of casualty insurance today is automobile insurance. In its most basic form, automobile insurance provides liability coverage in the event that a driver is found "at fault" in an accident. This can cover medical expenses of individuals involved in the accident as well as restitution or repair of damaged property, all of which would fall into the realm of casualty insurance coverage.[2]

If coverage were extended to cover damage to one's own vehicle, or against theft, the policy would no longer be exclusively a casualty insurance policy.

The state of Illinois includes vehicle, liability, worker's compensation, glass, livestock, legal expenses, and miscellaneous insurance under its class of casualty insurance.[3]

In 1956, in the preface to the fourth edition of Casualty Insurance Clarence A. Kulp wrote:

It has never been possible really to define casualty insurance. Broadly speaking, it may be defined as a list of individual insurances, usually written in a separate policy, in three broad categories: third party or liability, disability or accident and health, material damage. One of the results of comprehensive policy-writing .... is to raise the question of the usefulness of the traditional concept of casualty insurance ... some insurance men predict that the casualty insurance of the future will include liability and disability lines only.

Later in Chapter 2 the book states that insurance was traditionally classified under life, fire-marine, and casualty. Since multiple-line policies began to be written (insurance contracts covering several types of risks), the last two began to merge. Fire-marine and casualty were "portmanteau" terms. When the NAIC approved multiple underwriting in 1946, casualty insurance was defined as a blanket term for legal liability except marine, disability and medical care, and some damage to physical property.[4]

See also

References

  1. ^ a b AllBusiness. Casualty Insurance.
  2. ^ Casualty Insurance Agent Career Information
  3. ^ Illinois Insurance Code.
  4. ^ Kulp CA, Hall JW. (1968) [1928]. Casualty Insurance. The Ronald Press Company.

External links


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • casualty insurance — Insurance protecting a firm or homeowner against loss of property, damage, and other liabilities ( liability). Bloomberg Financial Dictionary * * * casualty insurance casualty insurance ➔ insurance * * * casualty insurance UK US noun [U] ►… …   Financial and business terms

  • casualty insurance — insurance providing coverage against accident and property damages, as automobile, theft, liability, and explosion insurance, but not including life insurance, fire insurance, or marine insurance. [1900 05] * * * Provision against loss to persons …   Universalium

  • Casualty Insurance — A broad category of coverage against loss of property, damage or other liabilities. Casualty insurance includes vehicle insurance, liability insurance, theft insurance and elevator insurance. An important type of casualty insurance for businesses …   Investment dictionary

  • casualty insurance — Literally, this term is inclusive of insurance of all kinds except life insurance. In the insurance business, however, it has been a trade term applied with considerable variation as between insurance companies, often as a catch all for new types …   Ballentine's law dictionary

  • casualty insurance — noun : insurance against loss from accident (as automobile, burglary, liability, accident and health, and workmen s compensation insurance and corporate suretyship) consisting in the United States of all forms of insurance written commercially… …   Useful english dictionary

  • General Casualty Insurance — Infobox Company company name = General Casualty Insurance company company type = company slogan = unknown foundation = 1925 location = Sun Prairie, Wisconsin key people = Peter Christen, President and Chief Executive Officer industry = insurance… …   Wikipedia

  • Life and Casualty Insurance Company of Tennessee — The Life and Casualty Insurance Company of Tennessee was a life insurance company based in Nashville, Tennessee, founded in 1903 by A. M. Burton, great grandfather of singer Amy Grant.Burton was a regional manager for the Western and Southern… …   Wikipedia

  • casualty — ca·su·al·ty / ka zhəl tē, ka zhə wəl / n pl ties 1: an unfortunate occurrence; esp: a serious and often disastrous accident conversion of property...arising from fire, storm, shipwreck, or other casualty Internal Revenue Code 2: something lost,… …   Law dictionary

  • insurance — in·sur·ance /in shu̇r əns, in ˌshu̇r / n 1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a: the business of insuring persons or …   Law dictionary

  • Casualty — may refer to:*Casualty (person), a person who is killed or injured in a war or disaster * The emergency department of a hospital, also known as a casualty department (chiefly British) *Casualty (TV series), the world s longest running emergency… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”