Payment of an amount of money related to the amount of the loss to or on behalf of the Insured, upon the occurrence of a defined loss.
Payment of an amount of money related to the amount of the loss to or on behalf of the Insured, upon the occurrence of a defined loss.
A risk, or subject of insurance, with insurable qualifications below the standard of risks on which the premium for the coverage was based. For example, a Life Insurance prospect with heart disease would be an impaired risk. See Substandard Risk. Contrast with Standard Risk.