Insurance Policy - Law Dictionary Search Results
Home Dictionary Name: insurance policy Page: 2first-party coverage
first-party coverage Compensation you receive under your own insurance policy as opposed to receiving payment from someone else's insurance policy, such as the person who caused an accident. Examples of first-party coverage include collision insurance and comprehensive insurance, in which your own insurance company pays you for losses to your own car. ...
insurance certificate
insurance certificate 1 : a certificate issued by an insurer to a shipper as evidence that a shipment of merchandise is covered under a marine insurance policy 2 : a certificate issued in place of an insurance policy by an insurer to one insured as evidence of membership in an insurance or pension plan ...
Policies of Insurance, Court of
Policies of Insurance, Court of. It was erected in pursuance of 43 Eliz. c. 12, which enabled the Lord Chancellor yearly to grant a standing commission to the Judge of the Admiralty, the Recorder of London, two doctors of the civil law, two common lawyers, and eight merchants; any three of whom, one being a civilian, or a barrister, were thereby, and by 13 & 14 Car. 2, c. 23, empowered to determine in a summary way all causes concerning policies of insurance in London, with an appeal by way of bill to the Court of Chancery. It had been long wholly disused in Blackstone's time, and both the above Acts were repealed by (English) Stat. Law Rev. Act, 1863....
lapse
lapse : a termination or failure due to events, neglect, or time: as a : the failure of a bequest (as because the intended recipient dies before the testator) compare anti-lapse statute b : the termination of an insurance policy because of nonpayment of premiums or nonrenewal vb lapsed laps·ing vi : to terminate, become ineffective, or fail [the bequest lapsed when the son died before the father] [allowed the insurance policy to ] vt : to cause (as a policy) to lapse [the company lapsed the policy] ...
life insurance
life insurance : insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance : whole life insurance in this entry straight life insurance : whole life insurance in this entry term life insurance : life insurance that provides coverage for a set term and does not accumulate cash surrender value universal life insurance : life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the account universal variable life insurance : variable universal life insurance in this entry variable life insurance : life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuity variable univer...
coverage
coverage 1 : protection or indemnification by an insurance policy [the policy provides extensive against burglary] 2 : a risk assumed by the terms of an insurance contract [the policy lists four s: liability, medical payments, uninsured motorists, and physical damage] ...
umbrella
umbrella : being or relating to a supplemental insurance policy that extends the coverage of an underlying policy on the same risk [an policy] [ liability insurance] ...
claims made policy
claims made policy : an insurance policy providing coverage only for claims that are filed during the policy period called also discovery policy compare occurrence policy ...
Average
Average, a medium, a mean proportion used in various senses:-(1) A service which a tenant owes to his lord by doing work with his avers.(2) A shipping or insurance term. (a) Average, or more fully general average, is where any damage or loss has been properly and voluntarily incurred in respect of a ship or cargo for its safety, e.g., goods thrown overboard in a storm to lighten the ship. Such loss by maritime law is shared proportionately between the shipowners and the owners of the cargo, according to value. This risk is almost always covered by insurance. An Average Bond is a bond entered into by the consignees of a cargo with the shipowners, when a general average loss has been sustained by the ship, binding the former to pay their proportion as soon as ascertained. (b) Particular average is damage, or loss to a ship, or cargo, other than a general average loss. Such a loss rests where it falls, that is to say, is borne by the owner of the thing lost or damaged, or by his insurer, ...
Life insurance fund
Life insurance fund, The life insurance fund as defined in s. 10(2) is an absolute security of the life policy-holders and cannot be used in any manner. The words 'life insurance fund' have a definite meaning under the Insurance Act under s. 10(2), read with s. 11 and form D of the Insurance Act, Life Insurance Corporation of India v. Crown Life Insurance Co., AIR 1965 SC 1985 (1987): (1965) 3 SCR 474. [Life Insurance Corporation Act, 1956]...
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