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
Method of pricing property and liability insurance. It uses charges and credits to modify a class rate based on the special characteristics of the risk. Insurers have been able to develop a ...
Provision in a life insurance policy that permits the policy owner to name anyone as primary and secondary beneficiaries. The policy owner may change the beneficiaries at any time by simply ...
1969 federal legislation requiring states to treat national banks, including those whose principal offices are out of state, the same way for tax purposes as they treat their own ...
Legal obligation of an individual or business because of negligent acts or omissions resulting in bodily injury and/or property damage or destruction to another party. There are no ...
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
Continuing on an indefinite basis. ...
Form provided for an inspection report. ...
Federal regulation of the money supply through changing commercial bank reserve requirements and interest rates, thereby stimulating the economy or deflating the economy. ...
Actuarial procedure used to determine the annual rate of return at which annual benefits would have to be gained from the cash value life insurance policy in order to equal the annual ...
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