War Damage Insurance Corporation

AAA

DEFINITION of 'War Damage Insurance Corporation'

A government financial protection arm created during World War II to provide coverage for war risks that were not being covered by existing policies. The coverage was provided by the U.S. government and it compensated American nationals who owned property that was damaged by acts of war.

INVESTOPEDIA EXPLAINS 'War Damage Insurance Corporation'

The War Damage Insurance Corporation was established by the War Damage Insurance Act in 1941. It provided for the U.S. government to cover private property war losses that were not fully covered by private insurers. Private insurers often offer limited or no coverage for acts of war because they cannot afford to cover a tremendous number of catastrophic losses in such a short period of time.

RELATED TERMS
  1. War Exclusion Clause

    A clause in an insurance policy that specifically excludes coverage ...
  2. War Risk Insurance

    A policy that provides financial protection against losses sustained ...
  3. War Risk

    1. The possibility that an investment will lose value because ...
  4. War Economy

    The organization of a country's production capacity and distribution ...
  5. Catastrophe Insurance

    Insurance to protect businesses and residences against natural ...
  6. War Babies

    A name given to securities in companies that are defense contractors. ...
Related Articles
  1. War's Influence On Wall Street
    Bonds & Fixed Income

    War's Influence On Wall Street

  2. The History Of Insurance
    Home & Auto

    The History Of Insurance

  3. How An Insurance Company Determines ...
    Home & Auto

    How An Insurance Company Determines ...

  4. 15 Insurance Policies You Don't Need
    Insurance

    15 Insurance Policies You Don't Need

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center