STIPULATED INSURANCE
\stˈɪpjʊlˌe͡ɪtɪd ɪnʃˈʊ͡əɹəns], \stˈɪpjʊlˌeɪtɪd ɪnʃˈʊəɹəns], \s_t_ˈɪ_p_j_ʊ_l_ˌeɪ_t_ɪ_d ɪ_n_ʃ_ˈʊə_ɹ_ə_n_s]\
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An insurance policy that allows the insurance company to assess an amount on the insured, above the standard premium payments, if the company experiences losses worse than had been calculated into the standard premium. This is a way for both the insurance company and the policy-holder to gamble on the risk, mutually betting on low losses. Also called assessment, mutual assessment or mutual life insurance. Example: A shipping company buys an insurance policy to protect against loss or damage to its cargo. During the first few years, the company never pays more than the low fixed premiums because it suffers no losses. Later, however, the company's luck turns and one of its shipping liners sinks in the Bermuda Triangle. In response to the huge losses, the insurance company assess penalty payments and higher premiums.
By Oddity Software
Word of the day
Procollagen Proline Dioxygenase
- mixed-function oxygenase that catalyzes hydroxylation prolyl-glycyl-containing-peptide, usually in protocollagen, hydroxyprolylglycyl-peptide. The enzyme utilizes molecular oxygen with a concomitant oxidative decarboxylation of 2-oxoglutarate to succinate. EC 1.14.11.2.
Nearby Words
- stipular
- stipulary
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