casualty insurance


casualty insurance
insurance providing coverage against accident and property damages, as automobile, theft, liability, and explosion insurance, but not including life insurance, fire insurance, or marine insurance.
[1900-05]

* * *

Provision against loss to persons and property, covering legal hazards as well as those of accident and sickness.

Major classes include liability, theft, aviation, workers' compensation, credit, and title. Liability insurance contracts may cover liability arising from use of an automobile, operation of a business, professional negligence (malpractice insurance), or property ownership. Credit insurance may cover the risk of bad debts from insolvency, death, and disability, the risk of loss of savings from bank failure, and the risk of loss of export credit due to commercial or political changes.

* * *

      provision against loss to persons and property, covering legal hazards as well as those of accident and sickness. Major classes of casualty insurance include liability, theft, aviation, workers' compensation, credit, and title.

       liability insurance contracts may cover liability arising out of the use of an automobile, the operation of a business, professional negligence (malpractice insurance), or the ownership of property. The insurer agrees to pay on behalf of the insured all sums that the insured is obligated to pay. The insurer also agrees to conduct a court defense of the insured.

      Theft-insurance contracts cover losses from burglary, robbery, and other theft. Aviation insurance usually covers physical damage to the aircraft and legal liability arising out of its ownership and operation. workers' compensation insurance, financed by employers' contributions, compensates workers for losses suffered as a result of work-related injuries; compensation may include medical benefits, temporary incapacity benefits, permanent disability benefits, and, in an increasing number of countries, retraining benefits.

      The numerous forms of credit insurance include coverage of the risk of bad debts from insolvency, death, and disability; the risk of loss of savings from bank failure; and the risk of loss of export credit from commercial or political causes. Title insurance guarantees the purchaser of real estate against loss from undiscovered defects in the title to property purchased.

* * *


Universalium. 2010.

Look at other dictionaries:

  • Casualty insurance — Casualty insurance, often equated to liability insurance, is used to describe an area of insurance not directly concerned with life insurance, health insurance, or property insurance. It is mainly used to describe the liability coverage of an… …   Wikipedia

  • casualty insurance — Insurance protecting a firm or homeowner against loss of property, damage, and other liabilities ( liability). Bloomberg Financial Dictionary * * * casualty insurance casualty insurance ➔ insurance * * * casualty insurance UK US noun [U] ►… …   Financial and business terms

  • Casualty Insurance — A broad category of coverage against loss of property, damage or other liabilities. Casualty insurance includes vehicle insurance, liability insurance, theft insurance and elevator insurance. An important type of casualty insurance for businesses …   Investment dictionary

  • casualty insurance — Literally, this term is inclusive of insurance of all kinds except life insurance. In the insurance business, however, it has been a trade term applied with considerable variation as between insurance companies, often as a catch all for new types …   Ballentine's law dictionary

  • casualty insurance — noun : insurance against loss from accident (as automobile, burglary, liability, accident and health, and workmen s compensation insurance and corporate suretyship) consisting in the United States of all forms of insurance written commercially… …   Useful english dictionary

  • General Casualty Insurance — Infobox Company company name = General Casualty Insurance company company type = company slogan = unknown foundation = 1925 location = Sun Prairie, Wisconsin key people = Peter Christen, President and Chief Executive Officer industry = insurance… …   Wikipedia

  • Life and Casualty Insurance Company of Tennessee — The Life and Casualty Insurance Company of Tennessee was a life insurance company based in Nashville, Tennessee, founded in 1903 by A. M. Burton, great grandfather of singer Amy Grant.Burton was a regional manager for the Western and Southern… …   Wikipedia

  • casualty — ca·su·al·ty / ka zhəl tē, ka zhə wəl / n pl ties 1: an unfortunate occurrence; esp: a serious and often disastrous accident conversion of property...arising from fire, storm, shipwreck, or other casualty Internal Revenue Code 2: something lost,… …   Law dictionary

  • insurance — in·sur·ance /in shu̇r əns, in ˌshu̇r / n 1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness) 2 a: the business of insuring persons or …   Law dictionary

  • Casualty — may refer to:*Casualty (person), a person who is killed or injured in a war or disaster * The emergency department of a hospital, also known as a casualty department (chiefly British) *Casualty (TV series), the world s longest running emergency… …   Wikipedia