Group Insurance - Law Dictionary Search Results
Home Dictionary Name: group insurance Page: 2Life micro-insurance product
Life micro-insurance product, means any term insurance contract with or without return of premium any endowment insurance contract or health insurance contract, with or without an accident benefit rider, either on individual or group basis, as per terms stated in Schedule-II appended to these regulations. [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R. 2(e)]...
underwrite
underwrite -wrote [-rōt, -rōt] -writ·ten [-rit-n, -rit-n] -writ·ing 1 a : to assume liability for (a risk) as an insurer [the insurer s individuals, not the group, in franchise health insurance] b : to issue or set the terms of (an insurance policy) 2 : to agree to purchase (all or part of a security issue) usually on a fixed date at a fixed price with the purpose or plan to resell by means of a public offering [was a security brokerage firm which as part of its business underwrote speculative new issues "UFITEC, S.A. v. Carter, 135 Cal. Rptr. 607 (1977)"] 3 a : to put up funds for or guarantee financial support of b : to assess the risk of (as a loan) ...
Family
Family, in relation to a person, includes the ascend-ant and descendant of such person. [Bonded Labour System (Abolition) Act, 1976 (19 of 1976), s. 2(h)]. A group consisting of parents and their children; a group of person connected by blood by affinity, or by law, Black's Law Dictionary, 7th Edn., p. 620.In relation to an occupier, means the individual, the wife or husband, as the case may be, of such individual, and their children, brother or sister of such individual. [Child Labour (Prohibition and Regulation) Act, 1986 (61 of 1986), s. 2 (v)]In relation to an operator, means his wife and dependant children and includes his dependent parents. [Dangerous Machines (Regulation) Act, 1983 (35 of 1983), s. 3 (g)]Means:(i) In the case of a male-subscriber the wife or wives, parents, children, minor brothers, unmarried sisters, deceased son's widow and children and where no parent of the subscriber is alive, a paternal grandparent: Provided that if a subscriber proves that his wife has be...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
annuity
annuity pl: -ities [Medieval Latin annuitas, from Latin annuus yearly] 1 : an amount payable at regular intervals (as yearly or quarterly) for a certain or uncertain period 2 : the grant of or the right to receive an annuity [his will included annuities for several old friends] 3 : a contract (as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over a specified period even if the annuitant dies annuity due pl: annuities due : an immediate annuity in which the payment of the benefits is made at the beginning of each payment interval rather than at the end contingent annuity : an annuity whose starting or ending date depends on the occurrence of an event (as the death of the annuitant) whose date is uncertain con·ven·tion·al annuity : an annuity under which the annuitant receives a specified...
party
party pl: parties 1 a : one (as a person, group, or entity) constituting alone or with others one of the sides of a proceeding, transaction, or agreement [the parties to a contract] [a person who signed the instrument as a to the instrument "Uniform Commercial Code"] accommodated party : a party to an instrument for whose benefit an accommodation party signs and incurs liability on the instrument : a party for whose benefit an accommodation is made accommodation party : a party who signs and thereby incurs liability on an instrument that is issued for value and given for the benefit of an accommodated party secured party : a party holding a security interest in another's property third party : a person other than the principals [insurance against injury to a third party] b : one (as an individual, firm, or corporation) that constitutes the plaintiff or defendant in an action ;also : one so involved in the prosecution or defense of a judicial or quasi-judicial proceeding as t...
agent
agent 1 : someone or something that acts or exerts power : a moving force in achieving some result 2 : a person guided or instigated by another in some action [where the heads of departments are the political…s of the executive, merely to execute the will of the president "Marbury v. Madison, 5 U.S. 137 (1803)"] see also innocent agent 3 a : a person or entity (as an employee or independent contractor) authorized to act on behalf of and under the control of another in dealing with third parties see also agency, fiduciary relationship, subagent compare fiduciary, principal, servant apparent agent : an agent acting under an agency by estoppel bar·gain·ing agent : a labor union that represents the employees in a bargaining unit in negotiating with their employer through collective bargaining business agent : an agent that handles business affairs for another person or organization ;esp : a paid official of a union who carries on union business between the employ...
declaration
declaration 1 : the act of declaring [ of dividends] [ of war] 2 a : the first pleading in a common-law action compare complaint, indictment b : a statement usually not under oath made by a party to a legal transaction [the attorney must later sign an affidavit or stating that he has informed the debtor "J. H. Williamson"] c : a statement not under oath being offered as evidence declaration against interest : a statement made by someone unavailable as a witness that is against that person's own interests (as pecuniary or property interests) or may subject that person to liability compare admission, confession, self-incrimination NOTE: A declaration against interest is an exception to the hearsay rule. A statement that is offered to clear the accused is not admissible without corroborating circumstances under the Federal Rules of Evidence. dy·ing declaration : a statement that is made by a person who firmly believes that he or she is about to die and has no hope of recove...
entitlement
entitlement 1 : the state or condition of being entitled : claim [evidence of victim's to money seized "National Law Journal"] 2 : a right to benefits that is granted esp. by law or contract (as an insurance policy) NOTE: Some courts have held that entitlements are a property interest and therefore subject to procedural due process under the Fifth and Fourteenth Amendments to the U.S. Constitution when denied by federal or state governments. 3 : a government program that provides benefits to members of a group that has a statutory entitlement ;also : the benefits distributed by such a program ...
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