Concealment
Intention to withhold or secrete information. If an insured withholds information on a material fact, about which the insurance company has no knowledge, the company has grounds to void the contract. For example, the insured neglects to tell the company that, within a week of the policy issue date, the manufacture of gunpowder in the insured business's building will commence. If an explosion related to the gunpowder then occurs in the building the company has legal grounds for not paying for the property damage.
Popular Insurance Terms
Attachment to a property insurance policy to protect the interest of the mortgagee in the mortgaged property. If the property is damaged or destroyed, the mortgagee is indemnified up to his ...
Insurance company that sells property and casualty insurance only to industrial insureds. These companies are separately licensed and separately capitalized to market insurance to cover the ...
Surrender of rights by an insured against the third party to an insurance company that has paid a claim. ...
Type of policy with premiums that are fully paid up within a stated period. For example, a 20-payment life insurance policy has 20 annual premium payments, with no further premiums to be ...
Classification of occupations according to the degree of risk inherent in that occupation. ...
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
Historical mortality table that replaced the annuity table, 1949, used for the calculation of annuity rates with more-current mortality experience at that time. This table was subsequently ...
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 ...
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