Power Of Attorney
Legal instrument whereby an individual is given the right to act on behalf of another individual. For example, the right to buy and sell stock and to sign all brokerage papers relating to buying and selling in a stockholder's account is given by the stockholder to another individual through power of attorney. Or the right to decide which settlement option is to be used under a life insurance policy may be given by a policy owner to another individual. Experts often advise extreme care in assigning a power of attorney since that person becomes free to make financial decisions that can enhance or ruin an individual represented.
Popular Insurance Terms
Statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached. ...
Wrongful conduct causing false arrest, invasion of privacy, libel, slander, defamation of character, and bodily injury. The injury is against the person in contrast to property damage or ...
Crime against the state for which an officer of the state can bring legal action. Society is harmed by an individual breaking the laws of the state. Usually there is no statue of ...
Coverage for liability for damage to property of others from untimely discharge of fire-fighting sprinkler systems. This coverage is available as an endorsement to broad-form comprehensive ...
Payment to an insurance agent in addition to commissions. Expense allowances, that differ from company to company, vary with the amount of business agents place with that company and the ...
Life insurance contract that combines TERM LIFE INSURANCE with WHOLE LIFE INSURANCE. The term portion of the contract expires after a stipulated time period. If the insured dies during this ...
Method of depreciating an asset in which its useful life is divided into an appropriate number of years (or other periods), the final salvage value is deducted, and the asset is written off ...
One of four SEC divisions that administers the procedure through which public companies must disclose all relevant material in order that a potential investor might make an informed ...
Applicable rate, in property insurance, of each location multiplied by the value of the real and/or personal property at that location, all of which is divided by the total value of all ...
Have a question or comment?
We're here to help.