What is the Definition of Aviation Insurance?
Commercial airlines hold property insurance on airplanes and liability insurance for negligent acts that result in injury or property damage to passengers or others. Damage is covered on the ground and in the air. The policy limits the geographical area and individual pilots covered.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Aviation Insurance?
Check out other definition of insurance terms below:
What is the Meaning of KEY PERSON INSURANCE In Insurance Terms?
Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
What is the Meaning of KIDNAP/RANSOM INSURANCE In Insurance Terms?
Coverage up to specific limits for the cost of ransom or extortion payments and related expenses. Often bought by international corporations to cover employees. Most policies have large deductibles and may exclude certain geographic areas. Some policies require that the policyholder not reveal the existence of the coverage.
What is the Meaning of L-SHARE VARIABLE ANNUITIES In Insurance Terms?
A form of variable annuity contract usually with short surrender periods and higher mortality and expense risk charges.
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