What is the Definition of House Year?
Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.
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 Annuity?
What is the Definition of House Year?
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Meaning of Life Income With Refund Annuity in Insurance Terms
A type of annuity contract that guarantees specified periodic income payments throughout the lifetime of a named individual—the annuitant—and guarantees that a refund will be made if the annuitant dies before the total of the periodic payments made equals the amount paid for the annuity. Also known as refund annuity. (See Life annuity)
Meaning of Life Insurance in Insurance Terms
Protection against the death of a policyholder in the form of a payment to a beneficiary. (See Ordinary life insurance; Term insurance; Variable life insurance; Whole life insurance)
Meaning of Liquidation in Insurance Terms
Enables the state insurance department as liquidator or its appointed deputy to wind up the insurance company’s affairs by selling its assets and settling claims upon those assets. After receiving the liquidation order, the liquidator notifies insurance departments in other states and state guaranty funds of the liquidation proceedings. Such insurance company liquidations are not subject to the Federal Bankruptcy Code but to each state’s liquidation statutes.
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