Definition of "Barratry"
Violation of duty in marine insurance, such as acts of the master and crew of a ship that result in damage to the vessel including purposefully running it aground, diverting it from its true course of travel, stealing of its cargo, and abandoning the vessel.
Popular Insurance Terms
Donation of amount "A," made by donor X to a charity. The charity agrees to pay donor X an amount ("B") for the rest of donor X's life. Since the donation is used to fund an annuity, only a ...
Premiums paid out of funds borrowed from the cash value of a life insurance policy. ...
Medical check of an applicant for life or health insurance by a medical professional who is not a physician. ...
Dollar limitations under the Internal Revenue Service code as follows: The elective annual deferral limit is $10,000. A highly compensated employee's annual compensation limit is $80,000. ...
End of a sales presentation designed to prompt the prospect to purchase the insurance product. ...
Transfer of rights under an insurance policy to another person or business. For example, to secure a debt, it is not uncommon for the policyowner to transfer to the creditor his rights to ...
Insurance company that specializes in underwriting casualty insurance. ...
Five-year nonrenewable term life insurance policy for veterans who were covered by servicemens group life insurance (SEGLI) while on active duty in the U.S. uniformed forces. At the end of ...
Coverage for an employer against liability for property damage or physical injury caused by an employee operating a personally owned vehicle for the business firm. Employers can be held ...
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