Definition of "App"
Same as term Application: written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, are used by an insurance company to decide whether or not to insure the risk. Falsification or nondisclosure of information may give the insurance company grounds for rescinding a policy that has been issued. Statements in the application are also used to decide on an applicant's underwriting classification and premium rates.
Popular Insurance Terms
Value of a foregone opportunity, one rejected in favor of a presumably better opportunity. For example, investment of a sum into a mutual fund instead of a variable annuity with a ...
Effective proprietor of a business. Under the tax reform act of 1986, a uniform accrual rule prevents a qualified pension plan from being weighted in favor of the substantial owner of the ...
Same as term cash surrender value: money the policyowner is entitled to receive from the insurance company upon surrendering a life insurance policy with cash value. The sum is the cash ...
Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
Addition to a workers compensation insurance policy to cover payments to injured employees who are not covered by a state's workers compensation law. This endorsement provides employees who ...
Change in the nature of an employer or other organization that sponsors a qualified pension plan. A qualified plan must guarantee vested benefits due to participants in the event of a ...
Risk that premiums and reinsurance, as well as other receivable instruments, will not be collected. ...
Employee's right to transfer pension benefit credits from a former employer to a current employer. ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
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