A term which refers to the differences between the face amount of a policy and the reserve or cash value which has been built up under that policy.
A term which refers to the differences between the face amount of a policy and the reserve or cash value which has been built up under that policy.
An event that results in an Insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected nor intended by the Insured.