Insurance Policy - Law Dictionary Search Results
cash surrender value
surrender value : the amount of money an insurer will pay the insured upon surrender of a life insurance policy usually calculated as the reserve held by the insurer against the policy less a charge for surrender and
incident of ownership
ownership :any of several rights (as the right to change beneficiaries) that may be exercised over a life insurance policy which are used as criteria for the inclusion of the value of a policy in a decedent's gross
declaration
statement of information (as year, make, and model) regarding the subject (as a car) and coverage of an insurance policy 4 : a statement creating or giving notice of the creation of a legal entity, relationship, or status
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incontestability clause
incontestability clause : a clause in an insurance policy that forbids the insurer from disputing the policy (as on the ground that the insured made false statements)
insuring agreement
insuring agreement : the part of an insurance policy setting out in basic terms what the policy covers
net valuation premium
net valuation premium : a premium for a life insurance policy set after a determination of the amount needed to cover liabilities and maintain policy reserves
personal injury protection (pip)
personal injury protection (pip) That part of an insurance policy, in many cases a no-fault policy, which provides protection against personal injury and related losses, as opposed to
sublimit
sublimit : a liability limit in an insurance policy for a particular risk (as loss of jewelry by theft) that is below the aggregate liability limit of
subject
subject : the person upon whose life a life insurance policy is written and upon whose death the policy is payable : insured compare beneficiary, policyholder
pro rata clause
pro rata clause : a clause in an insurance policy limiting an insurer's liability for a loss to a proportionate share in relation to coverage collectible from other
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