Casualty insurance
Casualty insurance is a defined term[1] which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance.
Casualty insurance is mainly
One of the most common kinds of casualty insurance today is
If coverage were extended to cover damage to one's own vehicle, or against theft, the policy would no longer be exclusively a casualty insurance policy.
Definitions
The state of Illinois includes vehicle, liability, worker's compensation, glass, livestock, legal expenses, and miscellaneous insurance under its class of casualty insurance.[3]
In 1956, in the preface to the fourth edition of Casualty Insurance Clarence A. Kulp wrote:
Broadly speaking, it may be defined as a list of individual insurances, usually written in a separate policy, in three broad categories: third party or liability, disability or accident, and health, material damage. One of the results of comprehensive policy-writing .... is to raise the question of the usefulness of the traditional concept of casualty insurance ... some insurance men predict that the casualty insurance of the future will include liability and disability lines only.
Later in Chapter 2 the book states that insurance was traditionally classified under life, fire-marine, and casualty. Since multiple-line policies began to be written (
When the NAIC approved multiple underwriting in 1946, casualty insurance was defined as a blanket term for the legal liability except for marine, disability and medical care, and some damage to physical property.[4]
See also
- Wiktionary:casualty
- List of finance topics (Insurance)
References
- ^ Wieder JW. (1956). Reviews of Publications. Proceedings of the Casualty Actuary Society. Free full-text.
- ^ a b AllBusiness. Casualty Insurance.
- ^ Illinois Insurance Code.
- ^ Kulp CA, Hall JW. (1968) [1928]. Casualty Insurance. The Ronald Press Company.