What is the Definition of Terrorism Insurance?

What is the Definition of Terrorism Insurance?

Included as a part of the package in standard commercial insurance policies before September 11 virtually free of charge. Terrorism coverage is now generally offered separately at a price that more adequately reflects the risk. The Terrorism Risk Insurance Act (TRIA) was created by Congress in 2002, and renewed for two years in December 2005, to provide a temporary backstop for incurred losses resulting from certain acts of terrorism.

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 Terrorism Insurance?

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What is the meaning of Medicare

a state assistance program, passed under Title XVIII of the Social Security Amendments of 1965, to provide hospital and medical expense insurance to those over 65 years of age.

What is the meaning of Medicare + Choice

a major initiative in the Balanced Budget Act of 1997 (also called Medicare Part C), under which Medicare beneficiaries may select from among several managed care options or a Medicare system.

What is the meaning of Medicare Advantage Plan

an HMO, PPO, or Private Fee-For Service Plan that contracts with Medicare Advantage Prescription Drug Plan also includes drug benefits. The plan may provide extra coverage such as vision, hearing, dental, and/or health and wellness programs. Medicare pays a fixed amount for insured's care every month to the companies offering Medicare Advantage plans.

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