What is the Definition of Municipal Liability Insurance?

What is the Definition of Municipal Liability Insurance?

Liability insurance for governments and government agencies. Coverages range from general liability to public officials er   rors and omissions to environment liability.

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

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What is the Definition of Municipal Liability Insurance?

What is the Definition of Municipal Liability Insurance?

You can find random definition and meaning of insurance terms below:


Meaning of Adjustable Life Insurance in Insurance Terms

A form of life insurance that allows policy owners to vary the type of coverage provided by their policies as their insurance needs change.


Meaning of Admitted Assets in Insurance Terms

Assets recognized and accepted by state insurance laws in determining the solvency of insurers and reinsurers. To make it easier to assess an insurance company’s financial position, state statutory accounting rules do not permit certain assets to be included on the balance sheet. Only assets that can be easily sold in the event of liquidation or borrowed against, and receivables for which payment can be reasonably anticipated, are included in admitted assets. (See Assets)


Meaning of Adverse Selection in Insurance Terms

The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. Insurers react either by charging higher premiums or not insuring at all, as in the case of floods. (Flood insurance is provided by the federal government but sold mostly through the private market.) In the case of natural disasters, such as earthquakes, adverse selection concentrates risk instead of spreading it. Insurance works best when risk is shared among large numbers of policyholders.


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