Occurrence Policy - Law Dictionary Search Results
occurrence policy
Matched in: Term occurrence policy
claims made policy
Matched in: Term claims made policy
Accident occasioned by negligence
and in such circumstances that a person of ordinary prudence would not have taken precautions to prevent its occurrence. In policies of insurance against accident the meaning of 'accident' depends on the context, but includes results brought … such circumstances that a person of ordinary prudence would not have taken precautions to prevent its occurrence. In policies of insurance against accident the meaning of 'accident' depends on the context, but includes results brought about by
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Actus reus
When criminal policy regards such a deed as sufficiently harmful it prohibits it and seeks to prevent its occurrence by imposing a penalty for its commission. It has long been the custom of lawyers to describe a
interest
[a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership … vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or
loss
unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability … or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the
Wager
on an uncertain event; a bet or gamble 2. A promise to pay money or other consideration on occurrence of an uncertain event, Black's Law Dictionary, 7th Edn., p. 1573. At Common Law a wager was a … which the courts were bound to enforce, so long as it was not against morality, decency, or sound policy, Johnson v. Lumley, (1852) 12 CB 468. But by the (English) Gaming Act, 1845, s. 18: All contracts
beneficiary
compare settlor, trustee contingent beneficiary : a beneficiary that may receive proceeds from a trust depending on the occurrence of a specified event (as the death of another beneficiary) income beneficiary : a beneficiary that according to … purpose of the trust. b : the person or entity named by the insured of a life insurance policy to receive the proceeds upon the insured's death contingent beneficiary : a beneficiary named to receive the insurance
condition
condition 1 : an uncertain future act or event whose occurrence or nonoccurrence determines the rights or obligations of a party under a legal instrument and esp. a contract … a state of being [a latent defective ] 3 : one of the rights or obligations of the policyholder or the insurer set forth in an insurance policy conditional adj conditionally adv vt conditioned conditioning : to
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