Definition of "Acts"
Performance of a deed or function. Certain acts are prohibited from coverage in insurance. For example, if the insured commits a felony, the insured's beneficiary cannot collect under the accidental death provision of a life insurance policy. Intentional destruction of an insured's property by the insured or someone hired by an insured to destroy the property is a prohibited act under property insurance, and an insurance policy will not indemnify the insured for losses incurred.
Popular Insurance Terms
Procedure for examining the total financial position of the insurance company over future time periods under various changing scenarios of uncertainty involving interest rates, mortality ...
Holding company established by a mutual insurance company. The mutual insurance company has 100% ownership of the holding company. ...
Provide mainstream coverage to their members that include corporations, public entities, and professionals. These facilities were originally established and capitalized by organizations and ...
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 ...
Life insurance company agency that sells ordinary life insurance and industrial life insurance. ...
Compensation payable to the owner of a ship detained for reasons beyond his or her control who incurs a loss of earnings because of the delay. Detainment can be caused by a delay in the ...
Covers losses resulting from the malfunction of boilers and machinery. Most property insurance policies exclude these losses, which is why a separate boiler and machinery policy or a ...
Fund that contains the portion of the premium that has been paid in advance for insurance that has not yet been provided. For example, if a business pays an annual premium of $1000 on ...
Future benefits to be paid to the policyholders and beneficiaries, assigned surpluses, and miscellaneous debts. These primary liabilities take the form of reserves, which must be listed on ...
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