Bailment

Same as term Original Age: insured's age at the date a term life insurance policy is issued. An original age or retroactive conversion option permits the insured to convert the term policy ...

In a mercantile open-stock burglary insurance policy, the dollar amount of coverage as required by the COINSURANCE clause. This dollar amount is the MAXIMUM PROBABLE LOSS (MPL) of ...

Dwelling insurance is how it’s called the most obvious coverage type under the homeowner’s insurance umbrella. It deals with the damages done to the physical structure of the ...

Limited pay whole life policy under which all premium payments have been made. For example, a 20 pay policy is completely paid for after 20 payments; no future premiums have to be made, and ...

Type of excess of loss reinsurance in which the insurance company (cedent) is guaranteed reinsurance for future covered losses once they exceed a specified amount on either a per loss, per ...

Same as term Coinsurance: ...

Statement prepared by an inspection bureau for a life or health insurance company that summarizes information about an applicant for a policy, including financial standing, morals, physical ...

Person who enters property without the right to do so. For liability purposes, it has been held that property owners are not responsible for trespassers as long as they do not intentionally ...

An exception to section 101 (a) (1) OF THE INTERNAL REVENUE CODE tax-exempt Status Of the DEATH BENEFIT in a life insurance policy where the transfer of the interest in the policy by the ...