Immediate Family The closest family unit of a person is termed as the Immediate Family which includes parents, siblings, spouse, and children.
Laissez-Faire Leadership Laissez-Faire Leadership is a type of supervision in which the manger avoids power and responsibility by giving assignments and support but
Flexible manufacturing systems (FMS) Flexible manufacturing systems (FMS) refer the use of computers to change from one production process to another in order to produce
Utmost good faith Utmost good faith is a higher degree of honesty is imposed on both Utmost good faith is a higher degree of honesty is imposed on both parties to an insurance contract than is imposed on parties to other contracts.
Reinsurance facility Reinsurance facility refers pool for placing high-risk automobile drivers that arranges for an insurer to accept all applicants for
Pure no-fault plan Pure no-fault plan is the injured person cannot sue at all, regardless of the seriousness of the claim, and no payments are made for pain
Modified no-fault plan Modified no-fault plan is an injured person has the right to sue a negligent driver only if the bodily injury claim exceeds the dollar or
Liability without fault Liability without fault is a principle on which worker’s compensation is based, holding the employer absolutely liable for occupational injuries or disease suffered by workers, regardless of who is at fault.
Factory mutual Factory mutual is an insurance company insuring only properties that meet high underwriting standards;emphasizes loss prevention.
Facultative reinsurance Facultative reinsurance is an optional, case-by-case method of reinsurance used when the ceding company receives an application for insurance that exceeds
Definition
[ n.]